Resultados preliminares no auditados del año completo 2023
UNIDADES ETF DE BAJO ÍNDICE DE CO2 DE DESJARDINS RI USA
$36.77
11:15 02/05/24
grupo animalcare plc
("Animalcare", la "Empresa" o el "Grupo")
Preliminary Unaudited Results for the year ended 31 December 2023 and Chair Succession
9 2024 abril. Animalcare Group plc (AIM: ANCR), el negocio internacional de salud animal, anuncia sus resultados preliminares no auditados para el año que finalizó el 31 de diciembre de 2023.
Aspectos financieros más destacados
- Revenues up 3.8% to £74.4m (2022: £71.6m) reflecting improved performance in the second half, with sales growth across all three product categories
- Gross margins improved by 1.5% to 58.3% as the Group continues to benefit from focus on larger-selling, more profitable brands
- Underlying* EBITDA grew by 1.5% to £13.3m as the Group continues to invest in developing the skills and talent base, alongside new product development
- El beneficio declarado antes de impuestos fue de 3.5 millones de libras esterlinas (2022: 2.5 millones de libras esterlinas)
- Underlying earnings per share of 10.9p, primarily reflecting a significant increase in the underlying effective tax rate; reported basic earnings per share of 2.0 pence (2022: 3.3 pence per share)
- Benefiting from improved cash conversion, net debt was £1.2m at year end (2022: £5.4m), further extending the Group's capacity and flexibility to invest in growth opportunities
- Board proposes an increased final dividend of 3.0 pence per share, giving a full year dividend of 5.0 pence per share (2022: 4.4 pence per share)
- Following the post year end disposal of Identicare, the Group's net cash position was around £27.0m at 28 February 2024
Aspectos destacados estratégicos y operativos
- Plaqtiv+ dental range continued to respond positively to sales and marketing activities across markets
- Daxocox recorded double-digit growth across direct sales territories
- Return of Danilon to the Group's sales and marketing control contributes to increased revenues
- The Group's operational capability has been reinforced by the organisational changes and investments in people
- Early-stage VHH antibody collaboration and licensing programme with Orthros Medical continues to advance and has been extended to cover equine conditions
- Majority stake in Identicare Ltd sold post year end for £24.9m
Silla de sucesión
- Senior Independent Director, Ed Torr to assume role of Non-Executive Chair at the conclusion of the AGM on 20 June 2024 following Jan Boone's decision to stand down from the Board post year end. Ed brings extensive knowledge of the Company and the veterinary pharmaceutical industry to the position
* Las Medidas Alternativas de Rendimiento (APM) se concilian con los resultados informados en la revisión del Director Financiero y dentro de las notas a los estados financieros consolidados no auditados.
Chief Executive Officer, Jenny Winter said: "A positive trading performance across our direct sales territories and market segments puts Animalcare in a strong position to deliver on our long-term strategic growth objectives.
"The Group's continued focus on larger-selling, more profitable brands in our portfolio contributed to growing revenues, expanding gross margins and improving cash generation over the period. Our strong financial platform received a material boost in February 2024 with the disposal of Identicare Ltd, a transaction which crystallised the value of a non-core asset, allowing us to focus on our animal health pharmaceuticals business. The Group is better placed than ever to pursue organic and inorganic growth opportunities that can accelerate future growth and increase the value that the Group creates over the medium to long-term.
"Operationally, we continued to invest in our people with particular attention on sales and marketing and business development capabilities, enabling us to identify opportunities and successfully bring them to our customers.
"I'd like to take this opportunity to thank Jan Boone for his support and wise counsel as Chair of the Animalcare Board. Jan's contribution to the Group's growth strategy has been vital and I am looking forward to building an equally positive partnership with Ed Torr when he takes on the role of Chair after our Annual General Meeting."
Webcast de analistas
A briefing for analysts will be held at 10:30 BST on 9 April 2024 via Zoom webcast. Analysts wishing to join should use the following link to register and receive access details.
https://stifel.zoom.us/webinar/register/WN_3SW_YDRqRqGinXhQcTolng
Una copia de la presentación del analista estará disponible en el sitio web del Grupo poco después del webcast.
Este anuncio contiene información privilegiada a los efectos del artículo 7 del Reglamento (UE) n.o 596/2014.
Acerca de Animalcare
Animalcare Group plc es una organización de marketing y ventas veterinarias internacionales que cotiza en AIM en el Reino Unido. Animalcare opera en siete países y exporta a aproximadamente 40 países en Europa y en todo el mundo. El Grupo se centra en llevar productos nuevos e innovadores al mercado a través de su propia línea de desarrollo, asociaciones y mediante adquisiciones.
Para obtener más información acerca de Animalcare, visite www.animalcaregroup.com o contacte:
grupo animalcare plc Jenny Winter, directora ejecutiva Chris Brewster, director financiero Relaciones con los medios/inversionistas
| 44 0 1904 487 687
|
Stifel Nicolaus Europa limitada ben madison Nick Adams Nicolás Harland francisco norte
| 44 0 20 7710 7600 |
panmure gordon (Articulación Broker) Finanzas Corporativas Freddy Crossley / Emma Earl Corretaje corporativo Rupert Dearden
| 44 0 20 7886 2500 |
Declaración del presidente
Animalcare Group performed strongly over the course of 2023 with a return to revenue growth, increased gross margins and a healthy balance sheet as we maintain focus on execution of our long-term growth strategy.
The animal health markets in which we operate continued to demonstrate their resilience and attractive fundamentals despite a normalisation in rates of demand and the effect of inflationary pressures. Total revenues increased by around 3.8% to £74.4m (2.5% at constant exchange rates).
Helping to drive this top line growth were recently launched products such as our Plaqtiv+ oral health range, which is proving popular with vets and pet owners alike, while Daxocox recorded double-digit growth across our direct sales operations. Additionally, the return of equine anti-infective Danilon to the Group's sales and marketing control also contributed to growth, as did the Identicare pet microchipping and consumer services business.
Gross margins expanded by 1.5% to 58.3% supported by our ongoing focus on the larger-selling, more profitable brands in our portfolio and the effects of targeted pricing measures to help offset the impact of inflation during the period. Underlying EBITDA was £13.3m reflecting investment in our business, chiefly in people-related overheads.
A cash conversion rate of approximately 86% supported the ongoing reduction in debt, arriving at a net cash position of £1.7m at the year end before accounting for IFRS 16 leases. Symbolically, this is an important achievement for the Group, but most significantly it equips us with additional flexibility and financial firepower to continue pursuit of investment opportunities that can grow our business.
Our balance sheet position was further strengthened in February 2024 when we announced the disposal of our majority stake in Identicare Ltd for a cash consideration of £24.9m. The sale of this non-core asset represents a significant crystallisation of value for the Group and its shareholders and validates the decisions taken by the Company to instil new leadership and with this, a strategic repositioning of the business to make it attractive to specialist investors. The disposal of Identicare significantly strengthens the balance sheet of the Group and enables us to accelerate our organic and inorganic growth initiatives and deliver long-term value creation for shareholders. Following the transaction, the Group's net cash position was around £27.0m.
In 2022 we reached an agreement with Netherlands-based Orthros Medical covering a licensing and collaboration deal to explore the utility of VHH antibody technology as an innovative treatment for canine osteoarthritis. The programme is progressing well and we are extending the scope of the work to explore the potential benefits in horses. While these are still early days for the collaboration, we believe this pipeline project represents an exciting and emerging area of science with real therapeutic promise.
In 2021 we shared specifics of our commitment to the environmental, social and governance (ESG) pillars of sustainable development. We believe that all organisations, large or small, have a duty to operate in a responsible manner in everything they do. The framework we laid out two years ago reflects the material needs and interests of our stakeholders and continues to guide us on our journey at the most senior levels of our Group as we grow our business.
Despite the current uncertain macroeconomic environment, we continue to be optimistic about the prospects of our business. The solid financial position of the Group, backed by a strong operational capability, give us the confidence to continue investing in our long-term growth strategy.
The Group's resilience, trading strength and solid financial position supports the Board's decision to propose a final dividend of 3.0 pence per share, increasing the full year dividend per share by 13.6% to 5.0 pence per share.
As you will have seen, my decision to retire from the Animalcare Board was announced today. It has been an honour to serve this Company as chair for the last seven years, but I believe that the time has come for me to pass the baton. At the conclusion of the 2024 Annual General Meeting and subject to shareholder approval of his re-election as a director, my responsibilities as Non-Executive Chair will transfer to Ed Torr, our Senior Independent Director.
Ed's extensive experience of the veterinary pharmaceutical industry combined with his proven senior leadership capabilities make him an ideal candidate for the role of Chair as the Group continues to focus on delivery of our growth strategy. Ed joined the Animalcare Board in 2017 after an impressive management career that incluido 13 years as Commercial Director on the Board of Dechra Pharmaceuticals plc where he was responsible for the integration of several major acquisitions and global licensing and launches of key brands. With Ed's knowledge of Animalcare and, more widely, of the veterinary pharmaceutical industry, the Group could not be in better hands as we continue to focus on delivery of our strategy.
There's no doubt that our people drive our success. The positive progress we made in 2023 was delivered through their efforts and it's important to recognise our colleagues for their hard work and commitment. I'd also like to thank you, our shareholders, for your continuing support as we grow our Company by striving for better animal health.
JAN BOONe
Silla no ejecutiva
9 de abril de 2024
Revisión del director ejecutivo
I'm pleased to report that 2023 was a positive year on several fronts for Animalcare. Over the 12-month period we delivered increased sales and gross margins across our operations while making progress against our strategic objectives. The Group is now better equipped than ever to drive growth over the long term, aided by a further strengthening of our balance sheet and growing organisational capabilities.
Fuerte rendimiento
Group revenues totalled £74.4m, up 3.8% at actual exchange rates (2.5% at CER). Among the key contributors to this top-line growth were new products, notably annualised growth from the recently launched Plaqtiv+ range, demand for Danilon, our equine anti-inflammatory that reverted to Animalcare sales and marketing control from the beginning of 2023, and sales generated by the Identicare business.
In recent years we have focused our commercial attention on the larger-selling, more profitable products in our portfolio. Combined with carefully targeted pricing measures, this has helped deliver a 1.5% improvement in gross margins over the previous year. That also contributed to underlying EBITDA of £13.3m, up from £13.1m in the prior year, as we continue to make SG&A investments, primarily in the development of our people.
Positive revenue and margin performance alongside an improved cash conversation rate of approximately 86% (2022: approximately 77%) resulted in a strengthening of our balance sheet to end the year in a net cash position before accounting for IFRS 16 leases of £1.7m. This milestone for the Company equips us with greater financial flexibility and firepower to accelerate our strategy including through the pursuit of organic and inorganic investment opportunities.
Cultivo orgánico
Much of our success has been built on the strategic commitment to develop and nurture brands that offer sustainable revenues with attractive margins, thereby maximising the value of what we possess and the opportunities to add to our portfolio.
Our top selling brands represent an engine of organic growth for Animalcare. Revenues in 2023 were boosted in no small part by an enthusiastic customer response to our Plaqtiv+ dental health range, the first products to result from our STEM joint venture. Daxocox also continued to make headway in a competitive and innovative market, achieving a double-digit sales increase across our direct sales territories.
Each of our market segments saw revenue growth. Companion Animals was again the main driver of sales in absolute terms, while Equine benefited from our decision to return Danilon to the Animalcare fold, a decision that gives us more control over sales and marketing of this anti-inflammatory treatment. Production Animals, which remains an important part of our overall business, was up marginally on the prior year.
Crecimiento inorgánico
Pursuing external opportunities to drive sustainable growth is a strategic priority for the Group. This is reflected in the level of senior management focus dedicated to the identification and assessment of value-creating deals. Inorganic opportunities can manifest as M&A, in-licensing or partnering with the objective of expanding the make-up and reach of our existing portfolio or adding innovative new pharmaceutical products to the pipeline.
At all times Animalcare takes a disciplined approach to acquisitions and continues to see scope for further expansion with several prospects in development. We continue to identify plenty of opportunities giving us the confidence that we can execute attractive external deals aided by our strong financial platform.
Desarrollo de nuevos productos
Innovation is a key driver of growth in our industry. That's why we are increasing our R&D focus and capability on investigative drugs that we believe have the potential to change veterinary practice.
In 2022 we took a significant step to strengthen our novel pipeline in a pre-clinical collaboration and licensing deal with Orthros Medical, a Netherlands-based research company specialising in VHH antibody technology. Initially focused on treatment of osteoarthritic pain in dogs, we are now extending the investigative programme to horses. Overall, the project is progressing well and we are excited about the future potential of this area of medical science. Our development pipeline also features potentially value-creating lifecycle projects that aim to expand and extend the reach of products in our existing portfolio.
Bases sólidas
Our future is being built on increasingly strong foundations. Financially, the reduction in our net debt from around £23.0m in 2019 to what was a net cash positive position of £1.7m at the 2023 year end, is a significant achievement and gives us more options as we continue to seek out value-creating opportunities.
Our balance sheet improved further in February 2024 with the disposal of UK-based Identicare Ltd. The sale of our majority stake in the non-core microchipping and pet owner-focused services company for £24.9m realised significant value for the Group and our shareholders. As a result, at the time of the announcement the Group's net cash position increased to around £27.0m.
I'm really proud of what we achieved after our decision to carve out the business under specialist leadership. The disposal was the logical next step for Animalcare, providing us with significant additional financial flexibility and resources as we concentrate on growing our pharmaceutical-centred animal health business.
The skills, attitudes and values our people bring to the table are critical for delivery of our strategy. We have consistently invested in core skills, particularly in sales and marketing, and have adjusted our leadership as our marketplace and organisational needs evolve. Most recently, we have reconfigured the senior management team with the creation of a Chief Operating Officer to oversee the Group's pharmaceutical activities supported by a Group Finance Director. Operationally, I believe we are better placed than ever to drive future growth; we possess mature capabilities that match and support our ambitions.
Resumen y perspectiva
In 2023 we delivered a strong set of results in line with the expectations of the market. Revenue growth, expanded gross margins and improved levels of cash conversion were all features of a positive performance for Animalcare.
Looking ahead to 2024, we will continue to push for profitable growth and cash generation in our existing operations as we focus on stepping up investment, whether inorganic or organic, to build our new product and R&D pipeline. With our strong balance sheet, significantly enhanced through the post year end sale of Identicare, the Group is better equipped than ever to accelerate growth in the future.
I'd like to thank our people for driving such a positive performance in 2023 while wishing the Identicare team every success in the exciting next step in their journey.
Finally, I would also like to recognise the contribution of Jan Boone who has decided to stand down as Chair of the Board after seven years in the role. His support, advice and encouragement have been hugely valuable in the shaping and pursuit of our long-term growth strategy. I'm very much looking forward to working more closely with Jan's successor, Ed Torr, who as Senior Independent Director on the Board since 2017, has ideal credentials to take on the role of Non-Executive Chair. Ed's leadership skills have been honed over many years in the international veterinary pharmaceutical industry, most notably at Dechra Pharmaceuticals plc where his responsibilities spanned commercial operations, product development, manufacturing, licensing and launching of innovative global brands as well as the integration of key acquisitions into the business.
JENNY WINTER
Director Ejecutivo
9 de abril de 2024
Revisión del director financiero
Resultados subyacentes y estatutarios
Para proporcionar comparabilidad entre los períodos de presentación de informes, el Grupo presenta sus resultados sobre una base subyacente y estatutaria (NIIF). Los Directores creen que presentar nuestros resultados financieros sobre una base subyacente, que excluye elementos no subyacentes, ofrece una imagen más clara del desempeño comercial. Los resultados de las NIIF incluyen estos elementos para proporcionar los resultados estatutarios. Todas las cifras se informan a tipos de cambio reales (AER) a menos que se indique lo contrario. Los comentarios incluirán referencias a tipos de cambio constantes (CER) para identificar el impacto de los movimientos de divisas. Al final de esta revisión financiera se proporciona una conciliación entre los resultados subyacentes y los estatutarios.
Descripción general de los resultados financieros subyacentes
2023 000 £ | 2022 000 £ | % Cambio en AER | |
Ingresos | 74,351 | 71,616 | 3.8% |
Beneficio bruto | 43,346 | 40,659 | 6.6% |
Margen bruto % | 58.3% | 56.8% | 1.5% |
Beneficio operativo subyacente | 9,807 | 9,753 | 0.6% |
EBITDA subyacente | 13,327 | 13,131 | 1.5% |
Margen EBITDA subyacente % | 17.9% | 18.3% | (0.4%) |
UPA básica subyacente (p) | 10.9p
| 12.6p | (13.5%) |
Overall trading activity in 2023 reflected a normalisation in the rates of demand growth across our markets due to the changing macroeconomic environment and country-specific dynamics. The Group delivered an improved financial performance during the second half, returning to revenue growth in line with market expectations following a more challenging first half against a tough comparator for the prior period.
Group revenues improved to £74.4m (2022: £71.6m), an increase of 3.8% at AER (2.5% at CER). An analysis by product category is shown in the table below:
2023 000 £ | 2022 000 £ | % Cambio en AER | |
Animales de compañía | 52,214 | 50,217 | 4.0% |
Animales de producción | 15,790 | 15,674 | 0.7% |
Equinos y otros | 6,347 | 5,725 | 10.9% |
Total | 74,351 | 71,616 | 3.8% |
Revenue in Companion Animals improved by 4.0% to £52.2m, benefiting from sales growth generated by new products, which contributed £1.9m (2022: £2.1m), approximately half driven by Plaqtiv+ following its successful launch during Q2 2022. Identicare, our UK-based pet microchipping and consumer-focused services business, continued the strong momentum from FY 2022, with sales increasing by 34% to £3.6m. The Group continues to invest in sales and marketing activities to drive Daxocox uptake in our direct sales markets, with the expanding prescriber base delivering 16.7% revenue growth versus the prior year. These positive contributions to revenue growth were partially offset by competitor dynamics against certain generic brands, cessation of distribution arrangements and disruption in supply of certain brands within the UK.
Production Animals revenues, which are chiefly generated by our Southern European and International Partners operations, were broadly in line with 2022 at £15.8m. The launch of a third-party distribution product in Spain, together with growth in a number of our larger-selling brands, were largely offset by phasing of orders and generic competition, notably within International Partners.
Equine and other revenues were £6.3m, with growth accelerating during the second half to 10.9%. This was principally driven by bringing Danilon, one of our largest products, back into the UK business in the second half of 2022, supported by focused sales and marketing resource.
The continuing commercial focus on our larger, higher-margin brands and services, together with a positive sales mix, are the key drivers of the 1.5% improvement in our gross margins. While the Group has been affected by input cost (COGS) and logistic price increases, the net impact on gross and EBITDA margins during the year has not been significant as we have taken mitigating pricing actions, where possible, while maintaining our competitiveness. However, we remain alert to the accelerating inflationary pressures, notably around people, impacting our overall cost base as we progress through 2024.
Underlying EBITDA increased to £13.3m (2022: £13.1m), with EBITDA margins moderating to 17.9%. Underlying overheads, defined as gross profit less underlying EBITDA, increased during the year to £30.0m (2022: £27.5m), representing 40.4% of revenue compared to 38.4% in the prior year. People costs remain the largest component of our SG&A expenses, which increased by £1.5m, of which around 40% is inflation related. We continue to invest in building the skills and talent base that will drive our business forward and, during the year, we further aligned internal resources to accelerate delivery of our key strategic objectives, primarily sales and marketing excellence and the identification of potential M&A opportunities and the building of commercial alliances. The balance of the increase in overheads largely relates to R&D (Orthros), regulatory, quality, professional fees and IT licensing expenses.
The underlying effective tax rate of 26.6% (2022: 16.4%) has significantly increased versus prior year primarily reflecting the geographic mix of operating profits, level of non-deductible items and the prior year one-off impact of the recognition of tax losses in the UK (a non-cash item). We continue to review and optimise our tax efficiency due to changes in regional profit mix and the innovation tax relief environment.
Reflecting the points noted above, underlying basic EPS decreased to 10.9 pence (2022: 12.6 pence).
Descripción general de los resultados financieros informados
Reported Group profit after tax for the year (after accounting for the non-underlying items shown in the table and discussed below) was £1.2m (2022: £2.0m), with reported earnings per share at 2.0 pence (2022: 3.3 pence per share).
2023 Underlying results 000 £ | Amortización y deterioro de intangibles 000 £ | Adquisición, reestructuración, integración y otros costes 000 £ | 2023 Reported results 000 £ | 2022 Reported results 000 £ | |
Ingresos | 74,351 | - | - | 74,351 | 71,616 |
Beneficio bruto | 43,346 | - | - | 43,346 | 40,659 |
Gastos de venta, generales y administrativos | (31,086) | (3,539) | (801) | (35,426) | (32,560) |
Gastos de investigación y desarrollo | (2,455) | (646) | - | (3,101) | (3,030) |
Otros ingresos/(gastos) operativos netos | 2 | (390) | (388) | (915) | |
Las pérdidas por deterioro | - | (22) | - | (22) | (918) |
Ganancia / (pérdida) operativa | 9,807 | (4,207) | (1,191) | 4,409 | 3,236 |
Gastos financieros netos | (744) | - | - | (744) | (642) |
Participación en la pérdida neta del negocio conjunto | (142) | - | - | (142) | (52) |
Beneficio / (pérdida) antes de impuestos | 8,921 | (4,207) | (1,191) | 3,523 | 2,542 |
Taxation | (2,376) | (207) | 259 | (2,324) | (577) |
Beneficio / (pérdida) del año | 6,545 | (4,414) | (932) | 1,199 | 1,965 |
Utilidad básica por acción (p) | 10.9p | - | - | 2.0p | 3.3p |
Non-underlying items totalling £5.4m (2022: £6.5m) relating to profit before tax have been incurred in the year, as set out in note 4. This principally comprises amortisation and impairment of acquisition-related intangibles of £4.2m (2022: £5.4m). The current year charge encompasses amortisation in relation to the reverse acquisition of Ecuphar NV and previous acquisitions made by Ecuphar NV of £4.2m. In the prior year, a non-cash impairment charge of £0.9m was incurred in relation to research and development assets that formed part of the acquired development pipeline, the principal driver of which was manufacturing challenges that impacted resumption of supply at appropriate commercial returns.
The balance of the non-underlying charge, totalling £1.2m (2022: £1.2m) includes share-based payments in respect of Identicare Ltd of £0.8m and costs relating to M&A and business development activities, including the disposal of Identicare post year end.
Dividendos
En noviembre de 2.0 se pagó un dividendo a cuenta de 2023 peniques por acción.
The Board is proposing a final dividend of 3.0 pence per share (2022: 2.4 pence per share). Subject to shareholder approval at the Annual General Meeting to be held on 20 June 2024, the final dividend will be paid on 19 July 2024 to shareholders whose names are on the Register of Members at close of business on Friday 21 June 2024. The ordinary shares will become ex-dividend on Thursday 20 June 2024. The deadline for the Dividend Re-Investment Programme (DRIP) election is Friday 28 June 2024.
The Board continues to closely monitor the dividend policy, recognising the Group's need for higher investment in organic and inorganic growth while maintaining dividend flow to deliver overall value to our shareholders.
Flujo de caja y deuda neta
The Group continues to generate strong cash flows, which we seek to reinvest into accelerating the strategy and delivering further value creation for shareholders.
Improved cash generation, ahead of the rate delivered in 2022, has further strengthened our balance sheet and with it our financial flexibility. The Group ended the financial year in a net cash position, pre IFRS 16 leases, of £1.7m (31 December 2022: £2.4m debt).
2023 000 £ | 2022 000 £ | |
EBITDA subyacente | 13,327 | 13,131 |
Movimiento de capital circulante | (1,323) | (1,904) |
Otro | (1,077) | (1,798) |
Flujo de efectivo neto de las operaciones | 10,927 | 9,429 |
Elementos no subyacentes | 498 | 847 |
Flujo de efectivo neto subyacente de las operaciones | 11,425 | 10,276 |
% de conversión de efectivo subyacente | 85.7% | 78.3% |
Underlying net cash flow generated by our operations increased to £11.4m (2022: £10.3m). Working capital increased by £1.3m in the year, the movement chiefly attributable to £3.3m decrease in payables offset by a higher than expected inventory reduction of £2.3m (2022: increase of £2.7m), driven by a combination of supply and sales phasing which we expect to normalise in the first half of 2024. Trade receivables were broadly in line with 2022.
We are again targeting a year-on-year improvement in cash conversion compared to 2023, in the range of 85%-90%, which takes into account the post year end disposal of Identicare. As in the prior year, we expect the profile of our operating cash conversion to be lower in the first half versus second half, the key driver of which is the normalisation of our inventory as noted above.
Net debt decreased by £4.2m to £1.2m over the period. The net debt to underlying EBITDA leverage ratio was approximately 0.1 times (2022: 0.4 times), well below the maximum target of two times, enabling the Group to pursue external investment opportunities in support of its growth strategy.
000 £ | |
Deuda neta a 1 de enero de 2023 | (5,402) |
Flujo de efectivo neto de las operaciones | 10,927 |
Gasto de capital neto | (2,553) |
Inversiones en empresas conjuntas | (306) |
Net financing cashflows | (1,700) |
Dividendos pagados | (2,644) |
Divisas en efectivo y préstamos | 376 |
Movimiento en pasivos por arrendamiento NIIF 16 | 68 |
Deuda neta a 31 de diciembre de 2023 | (1,234) |
Que comprende: | |
Efectivo neto en el banco | 1,709 |
NIIF 16 pasivo por arrendamiento | (2,943) |
We continue to invest in new product development to strengthen our pipeline through a balance of early and later-stage opportunities and lifecycle products. We are placing an increasing emphasis on innovation in Companion Animals, while at the same time we are reviewing opportunities for novel and innovative additions to our equine portfolio.
Capital expenditure of £2.6m (2022: £2.9m) largely comprises investment in our product development pipeline and licence milestone payments to Orthros Medical and STEM totalling £1.6m. The balance of expenditure relates chiefly to investment in our business systems, including CRM, ERP and IT infrastructure within Identicare.
Facilidades para empréstitos
As at 31 December 2023, the Group's total facilities of €51.5m, due to expire on 31 March 2025, consisted of a committed revolving credit facility (RCF) of €41.5m and a €10.0m acquisition line, the latter of which cannot be utilised to fund operations.
Net cash at the year end, pre IFRS 16 leases, was £1.7m (31 December 2022: £2.4 million debt) with the RCF unutilised, leaving headroom of £40.7m excluding the undrawn acquisition line.
As at 31 December 2023 and throughout the financial year, all covenant requirements were met with significant headroom across all measures.
We are currently in discussions with our four syndicate banks to increase our existing RCF from €41.5m to €44.0m with an extension of the maturity date to 31 March 2029. The acquisition line, which was drawn down by €3.4m at the year end, will be settled. We expect to complete the process by the end of April. The covenant requirements in the RCF will remain unchanged from the current RCF agreement, details of which are provided below.
El Grupo gestiona sus acuerdos bancarios de forma centralizada a través de la agrupación de efectivo entre divisas. Diariamente se transfieren fondos de sus diversas cuentas bancarias a cuentas del banco central para optimizar la posición neta de intereses a pagar del Grupo.
The facilities remain subject to the following covenants, which are in operation at all times:
• Razón de deuda neta a EBITDA subyacente de 3.5 veces;
• Relación EBITDA subyacente a interés de mínimo 4 veces; y
• Solvencia (activo total menos fondo de comercio/patrimonio total menos fondo de comercio) superior al 25%.
Preocupación continua
The Directors have prepared cash flow forecasts for a period of at least 12 months from the date of signing of these financial statements (the going concern assessment period). These forecasts indicate that the Group will have sufficient funds and liquidity to meet its obligations as they fall due, in particular when taking into consideration the Group's financial position following the post year end sale of Identicare for £24.9m and taking into account the potential impact of "severe but plausible" downside scenarios to factor in a range of downside revenue estimates and higher than expected inflation across our cost base, with corresponding mitigating actions. The output from these scenarios shows the Group has adequate levels of liquidity due to the cash proceeds received from the disposal of Identicare for the Directors to continue to adopt the going concern basis in preparing the financial statements without making assumptions concerning the extension of the RCF facility due to expire on 31 March 2025, and complies with all its banking covenants associated with the current committed facilities throughout the going concern assessment period.
Eventos subsecuentes
On 28 February 2024 we announced the disposal of our majority shareholding in Identicare to BG Bidco 21 Limited, a newly incorporated company owned by funds managed by Bridgepoint Advisors II Limited, for a cash consideration of £24.9m which was payable upon completion of this sale. This represents a significant crystallisation of value for the Group and with it, a significant further strengthening of our balance sheet.
Resumen y perspectiva
The Group has returned to revenue growth and delivered a solid set of results, in line with market expectations, with positive progress on gross margins and improved levels of cash conversion versus the prior year.
We will continue to drive profitable growth and cash flow in our existing operations while focusing on accelerating investment on developing and building our R&D and new product pipeline, underpinned by our confidence in our people, our strong operational and financial platform together with the resilience of the animal health sector in the light of continuing macroeconomic uncertainties across our markets.
With our strong balance sheet, significantly strengthened post year end through the disposal of Identicare, the Group is better placed than ever to accelerate growth in the future. Our capital allocation is closely aligned to our three strategic priorities. Alongside investment in organic growth, carefully selected and value-enhancing acquisitions and increasing the number of novel products in development are key factors in delivering the Group's long term growth strategy.
CHRIS BREWSTER
Director Financiero
9 de abril de 2024
Cuenta de resultados consolidada (no auditada)
Año terminado el 31 de diciembre de 2023
|
|
|
| Por el año terminado el 31 de diciembre |
| |||||||||||||
|
|
|
|
|
| Sin auditar |
|
|
|
|
|
|
|
| ||||
|
|
|
| Subyacente |
| No subyacente (nota 4) |
| Total |
| Subyacente | Non-under-lying (note 4) | Total | ||||||
2023 |
| 2023 |
| 2023 |
| 2022 | 2022 | 2022 | ||||||||||
Notas | 000 £ |
| 000 £ |
| 000 £ |
| 000 £ | 000 £ | 000 £ | |||||||||
|
|
|
|
|
| |||||||||||||
Ingresos | 5 | 74,351 |
| - |
| 74,351 | 71,616 | - | 71,616 | |||||||||
El costo de ventas | (31,005) |
| - |
| (31,005) | (30,957) | - | (30,957) | ||||||||||
Beneficio bruto | 43,346 |
| - |
| 43,346 |
| 40,659 | - | 40,659 | |||||||||
Gastos de investigación y desarrollo. | (2,455) |
| (646) |
| (3,101) | (2,363) | (667) | (3,030) | ||||||||||
Gastos de venta y comercialización. | (12,316) |
| - |
| (12,316) | (13,547) | - | (13,547) | ||||||||||
gastos generales y administrativos | (18,770) |
| (4,340) |
| (23,110) | (15,000) | (4,013) | (19,013) | ||||||||||
Otros (gastos)/ingresos operativos netos | 2 |
| (390) |
| (388) | 4 | (919) | (915) | ||||||||||
Las pérdidas por deterioro | - |
| (22) |
| (22) | - | (918) | (918) | ||||||||||
Beneficio operativo |
|
|
| 9,807 |
| (5,398) |
| 4,409 |
| 9,753 | (6,517) | 3,236 | ||||||
Costos financieros | 6 | (1,419) |
| - |
| (1,419) | (1,752) | - | (1,752) | |||||||||
Ingresos financieros | 7 | 675 |
| - |
| 675 | 1,110 | - | 1,110 | |||||||||
Costos financieros netos | (744) |
| - |
| (744) |
| (642) | - | (642) | |||||||||
Participación en la pérdida neta del negocio conjunto contabilizado utilizando el método de participación | 12 | (142) |
| - |
| (142) | (52) | - | (52) | |||||||||
Beneficio antes de impuestos |
|
|
| 8,921 |
| (5,398) |
| 3,523 |
| 9,059 | (6,517) | 2,542 | ||||||
Ingreso por gastos de impuesto | 8 | (2,376) |
| 52 |
| (2,324) | (1,487) | 910 | (577) | |||||||||
Beneficio del período | 6,545 |
| (5,346) |
| 1,199 |
| 7,572 | (5,607) | 1,965 | |||||||||
Beneficio neto atribuible a: |
|
|
|
|
| |||||||||||||
Los dueños del padre | 6,545 |
| (5,346) |
| 1,199 | 7,572 | (5,607) | 1,965 | ||||||||||
Utilidad por acción atribuible a los accionistas ordinarios de la Compañía: |
|
|
|
|
|
|
| |||||||||||
Ganancias básicas por acción | 9 | 10.9p |
| - |
| 2.0p | 12.6p |
| - |
| 3.3p | |||||||
Ganancias diluidas por acción | 9 | 10.8p |
| - |
| 2.0p | 12.5p |
| - |
| 3.2p | |||||||
Para facilitar la comprensión del rendimiento empresarial subyacente, los directores han presentado los resultados subyacentes antes del efecto de elementos excepcionales y de otro tipo. Estas partidas excepcionales y otras se clasifican como 'no subyacentes' y se analizan en detalle en la nota 4 a estos estados financieros. Las notas adjuntas forman parte integral de estos estados financieros consolidados no auditados.
Estado consolidado de resultados integrales (no auditado)
Año terminado el 31 de diciembre de 2023
|
| Por el año terminado el 31 de diciembre |
| ||||
Sin auditar 2023 | 2022 | ||||||
000 £ | 000 £ | ||||||
Profit |
| 1,199 | 1,965 | ||||
Otros (gastos) / ingresos integrales |
|
| |||||
Diferencias de cambio por conversión de operaciones extranjeras* | (290) | 488 | |||||
Otros (gastos) / ingresos integrales, neto de impuestos |
| (290) | 488 | ||||
Total (gasto) / ingreso integral del año, neto de impuestos |
| 909 | 2,453 | ||||
Resultado integral total atribuible a: |
| ||||||
Los dueños del padre | 909 | 2,453 | |||||
|
|
| |||||
* Puede ser reclasificado posteriormente a resultados |
|
| |||||
Estado consolidado de situación financiera (no auditado)
Año terminado el 31 de diciembre de 2023
|
|
|
| Por el año terminado el 31 de diciembre | |||
Notas |
Sin auditar 2023 |
|
2022 |
| |||
000 £ |
| 000 £ |
| ||||
Activos |
| ||||||
Activos no corrientes |
|
|
|
|
|
| |
Goodwill | 10 | 50,656 | 50,853 | ||||
Activos intangibles | 11 | 20,584 | 25,283 | ||||
Propiedad, planta y equipo | 403 | 448 | |||||
Activos por derecho de uso |
| 16 |
| 2,819 |
| 2,924 |
|
Inversiones en negocios conjuntos |
| 12 |
| 1,119 |
| 1,305 |
|
Activos por impuestos diferidos | 8 | 1,726 | 3,567 | ||||
Otros activos financieros | 70 | 70 | |||||
Total del activo no corriente | 77,377 |
| 84,450 |
| |||
Activos circulantes |
|
|
|
| |||
Los inventarios | 10,062 | 13,474 | |||||
Cuentas por cobrar comerciales |
|
| 13,294 |
| 13,568 | ||
Otros activos corrientes |
|
| 1,417 |
| 715 | ||
Efectivo y equivalentes de efectivo | 4,642 | 6,035 | |||||
Total de activos corrientes | 29,415 |
| 33,792 |
| |||
los activos totales | 106,792 |
| 118,242 |
| |||
Pasivos |
| ||||||
Pasivo circulante |
|
|
|
|
|
| |
Pasivos por arrendamiento | 16 | (914) | (852) | ||||
Comercio a pagar |
| (10,808) | (15,497) | ||||
Pasivos por impuestos corrientes | (125) | (623) | |||||
Cargos acumulados y obligaciones contractuales | 14 |
| (1,159) | (1,276) | |||
Otros pasivos corrientes | (5,412) | (4,027) | |||||
Total pasivo corriente | (18,418) |
| (22,275) |
| |||
Pasivos no corrientes |
| ||||||
Préstamos | 13 |
| (2,933) | (8,426) | |||
Pasivos por arrendamiento | 16 |
| (2,029) | (2,159) | |||
Pasivos por impuestos diferidos | 8 | (4,015) | (4,773) | ||||
Pasivos contractuales | 14 |
| (293) | (372) | |||
Provisiones | (160) | (340) | |||||
Otros pasivos no corrientes | (1,049) | (911) | |||||
Total pasivo no corriente | (10,479) |
| (16,981) | ||||
Responsabilidad total | (28,897) |
| (39,256) | ||||
Activos netos | 77,895 |
| 78,986 | ||||
Equidad |
|
|
|
| |||
Capital social | 15 | 12,022 | 12,019 | ||||
Compartir premium | 132,798 | 132,798 | |||||
Reserva de adquisición inversa | (56,762) | (56,762) | |||||
Perdidas acumuladas | (12,781) | (11,977) | |||||
Otras reservas | 2,618 | 2,908 | |||||
Patrimonio atribuible a los propietarios de la matriz | 77,895 | 78,986 | |||||
Equidad total | 77,895 |
| 78,986 |
|
Estado de cambios en el patrimonio neto consolidado (no auditado)
Año terminado el 31 de diciembre de 2023
| Atribuible a los dueños de los padres | |||||||||||
| Compartir |
| Compartir |
| Perdidas acumuladas |
| Reserva de adquisición inversa |
| Otra reserva |
| Total | |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | ||||||
Al 1 de enero de 2023 | 12,019 |
| 132,798 |
| (11,977) |
| (56,762) |
| 2,908 |
| 78,986 | |
Beneficio neto | - |
| - |
| 1,199 |
| - |
| - |
| 1,199 | |
Otro gasto integral | - |
| - |
| - |
| - |
| (290) |
| (290) | |
Total de ingresos integrales |
| - |
| - |
| 1,199 |
| - |
| (290) |
| 909 |
Dividendos pagados | - |
| - |
| (2,644) |
| - |
| - |
| (2,644) | |
Ejercicio de opciones sobre acciones | 3 |
| - |
| - |
| - |
| - |
| 3 | |
Pagos basados en acciones | - |
| - |
| 641 |
| - |
| - |
| 641 | |
A 31 de diciembre de 2023 (No auditado) |
| 12,022 |
| 132,798 |
| (12,781) |
| (56,762) |
| 2,618 |
| 77,895 |
| Atribuible a los dueños de los padres | ||||||||||||
| Compartir |
| Compartir |
| Perdidas acumuladas |
| Reserva de adquisición inversa |
| Otra reserva |
| Total |
| |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
| ||||||
Al 1 de enero de 2022 | 12,019 |
| 132,798 |
| (11,676) |
| (56,762) |
| 2,420 |
| 78,799 |
| |
Beneficio neto | - |
| - |
| 1,965 |
| - |
| - |
| 1,965 |
| |
Otro resultado integral | - |
| - |
| - |
| - |
| 488 |
| 488 |
| |
Total de ingresos integrales |
| - |
| - |
| 1,965 |
| - | 488 |
| 2,453 |
| |
Dividendos pagados | - |
| - |
| (2,644) |
| - |
| - |
| (2,644) |
| |
Pagos basados en acciones | - |
| - |
| 378 |
| - |
| - |
| 378 |
| |
Al 31 de diciembre de 2022 |
| 12,019 |
| 132,798 |
| (11,977) |
| (56,762) |
| 2,908 |
| 78,986 |
|
Reserva de adquisición inversa
La reserva de adquisición inversa representa la reserva que se ha creado tras la adquisición inversa de Animalcare Group plc.
Otra reserva
Otras reservas se relacionan principalmente con las diferencias de conversión de moneda. Estas diferencias de cambio surgen por la conversión de subsidiarias con moneda funcional diferente a la libra esterlina.
Estado de flujos de efectivo consolidado (no auditado)
Año terminado el 31 de diciembre de 2023
|
|
|
| Por el año terminado el 31 de diciembre | |||
Notas | Sin auditar 2023 | 2022 | |||||
000 £ | 000 £ | ||||||
Actividades de explotación |
| ||||||
Beneficio antes de impuestos | 3,523 | 2,542 | |||||
Ajustes no monetarios y operativos |
| ||||||
Participación en la pérdida neta del negocio conjunto | 12 | 142 | 52 | ||||
Depreciación de propiedades, planta y equipo | 1,092 | 1,118 | |||||
Amortización de activos intangibles | 11 | 6,613 | 6,685 | ||||
Deterioro de activos intangibles | 11 | 22 | 918 | ||||
Gastos de pago basados en acciones | 1,278 | 542 | |||||
Ganancia por enajenación de activos fijos | - | (146) | |||||
Movimiento no monetario en provisiones | (2) | 202 | |||||
Movement allowance for bad debt, inventories and provisions | 757 | 105 | |||||
Ingresos financieros | (675) | (260) | |||||
Gastos financieros | 1,419 | 1,001 | |||||
Impacto de las monedas extranjeras | - | (235) | |||||
Contraprestación contingente del ajuste del valor razonable | - | 140 | |||||
Gain from IFRS 16 lease modification | (9) | (6) | |||||
Ejercicio de opciones sobre acciones | 3 | - | |||||
Movimientos de capital circulante |
| ||||||
Aumento de las cuentas por cobrar comerciales | (319) | (5,875) | |||||
Disminución / (aumento) de inventarios | 2,257 | (2,735) | |||||
(Disminución) / aumento de las cuentas por pagar | (3,261) | 6,706 | |||||
Impuesto a las ganancias pagado | (1,913) | (1,325) | |||||
Flujo de efectivo neto de las actividades operativas | 10,927 | 9,429 | |||||
Actividades de inversión |
| ||||||
Compra de propiedad, planta y equipo | (52) | (407) | |||||
Compra de activos intangibles | (2,501) | (2,540) | |||||
Producto de la venta de activos intangibles | - | 153 | |||||
Aportación de capital en empresa conjunta | 12 | (306) | (325) | ||||
Flujo de efectivo neto utilizado en actividades de inversión | (2,859) | (3,119) | |||||
Actividades de financiación |
| ||||||
Reembolso de préstamos y empréstitos | (5,252) | (1,320) | |||||
Reembolso del pasivo por arrendamiento según la NIIF 16 | 16 | (955) | (996) | ||||
Dividendos pagados | 15 | (2,644) | (2,644) | ||||
Pago interesado | (646) | (444) | |||||
Otros gastos financieros | (99) | (292) | |||||
Flujo de caja neto utilizado en actividades de financiación |
|
|
| (9,596) | (5,696) | ||
Net (decrease)/increase of cash and cash equivalents |
|
|
| (1,528) | 614 | ||
Efectivo y equivalentes de efectivo al inicio del año | 6,035 | 5,633 | |||||
Diferencias de cambio de efectivo y equivalentes de efectivo | 135 | (212) | |||||
Efectivo y equivalentes de efectivo al final del año | 4,642 | 6,035 |
Conciliación del flujo de caja neto con el movimiento de la deuda neta |
|
|
|
| |||
(Disminución)/aumento neto de efectivo y equivalentes de efectivo en el año | (1,528) | 614 | |||||
Flujo de efectivo por disminución en el financiamiento de la deuda | 5,252 | 1,320 | |||||
Diferencias de cambio de moneda extranjera en efectivo y préstamos | 376 | (715) | |||||
Movimiento de la deuda neta durante el año |
|
|
| 4,100 | 1,219 | ||
Deuda neta al inicio del año | (5,402) | (5,330) | |||||
Movimiento de los pasivos por arrendamiento durante el año | 16 | 68 | (1,291) | ||||
Deuda neta al final del año |
|
|
| (1,234) | (5,402) |
Notas a los estados financieros consolidados no auditados
Año terminado el 31 de diciembre de 2023
1. Información financiera
The unaudited financial information set out above does not constitute the Company's statutory accounts for the years ended 31 December 2023 and 31 December 2022. The financial information for the year ended 31 December 2022 is derived from the statutory accounts for 2022 which have been delivered to the Registrar of Companies. The Auditor has reported on those accounts; their report was (i) unqualified, (ii) did not include references to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Information has been extracted from the draft statutory financial statements for the year ended 31 December 2023 which will be delivered to the Registrar of Companies in due course. Accordingly, the financial information for 2023 is presented unaudited in the preliminary announcement.
2. Base de preparación
The financial information has been prepared in accordance with UK-adopted international accounting standards ("IFRS") and the applicable legal requirements of the Companies Act 2006, except for the revaluation of certain financial instruments. They have also been prepared in accordance with the requirements of the AIM Rules.
3. Resumen de políticas contables importantes
Preocupación continua
As at 31 December 2023, the Group's total facilities of €51.5m, due to expire 31 March 2025, consisted of a committed revolving credit facility (RCF) of €41.5m and a €10.0m acquisition line, the latter of which cannot be utilised to fund operations.
We are currently in discussions with our four syndicate banks to increase our existing RCF from €41.5m to €44.0m with an extension of the maturity date to 31 March 2029. The acquisition line, which was drawn down by €3.4m at the year end, will be settled. We expect to complete the process by the end of April. The covenant requirements in the RCF will remain unchanged from the current RCF agreement, details of which are provided below.
Net debt to underlying EBITDA ratio of 3.5x; underlying EBITDA to interest ratio of minimum 4x; and solvency (total assets less goodwill/total equity less goodwill) greater than 25%. As at 31 December 2023 and throughout the financial year, all covenant requirements were met with significant headroom across all three measures. The principal risks and uncertainties facing the Group are set out in the Strategic Report.
The Directors have prepared cash flow forecasts for a period of at least 12 months from the date of signing of these financial statements (the going concern assessment period). These forecasts indicate that the Group will have sufficient funds and liquidity to meet its obligations as they fall due, in particular when taking into consideration the Group's financial position following the post year end sale of Identicare for £24.9m and taking into account the potential impact of "severe but plausible" downside scenarios to factor in a range of downside revenue estimates and higher than expected inflation across our cost base, with corresponding mitigating actions. The output from these scenarios shows the Group has adequate levels of liquidity due to the cash proceeds received from the disposal of Identicare for the Directors to continue to adopt the going concern basis in preparing the financial statements without making assumptions concerning the extension of the RCF facility due to expire on 31 March 2025, and complies with all its banking covenants associated with the current committed facilities throughout the going concern assessment period.
4. Elementos no subyacentes
|
|
| Para el año terminado | ||
Sin auditar 2023 |
| 2022 | |||
000 £ |
| 000 £ | |||
Amortización y deterioro de intangibles relacionados con adquisiciones |
|
|
|
| |
Clasificados dentro de los gastos de investigación y desarrollo | 646 | 667 | |||
Clasificados dentro de los gastos generales y administrativos | 3,539 | 3,794 | |||
Las pérdidas por deterioro | 22 | 895 | |||
Amortización total y deterioro de intangibles relacionados con adquisiciones |
|
| 4,207 |
| 5,356 |
Costos de reestructuración | 14 | 282 | |||
Costos de adquisición e integración | - | 335 | |||
Deterioro de intangibles | - | 23 | |||
Desinversiones y enajenaciones de empresas | - | (146) | |||
COVID-19 | - | 2 | |||
Long-term incentive plan Identicare Ltd | 801 | 220 | |||
Costes de reubicación de oficinas en el Reino Unido y España | 5 | 182 | |||
Expenses related to M&A and business development activities | 193 | - | |||
Otros elementos no subyacentes | 178 | 263 | |||
Total de partidas no subyacentes antes de impuestos |
|
| 5,398 |
| 6,517 |
Impacto fiscal | (52) | (910) | |||
Total de partidas no subyacentes después de impuestos |
|
| 5,346 |
| 5,607 |
La siguiente tabla muestra el desglose de los elementos no subyacentes antes de impuestos por categoría para 2023 y 2022:
|
| Para el año terminado |
|
| |||
| Sin auditar 2023 |
| 2022 |
| |||
| 000 £ |
| 000 £ |
| |||
|
|
|
| ||||
| Clasificados dentro de los gastos de investigación y desarrollo | 646 |
| 667 | |||
Clasificados dentro de los gastos generales y administrativos | 4,340 | 4,013 | |||||
Classified within net other operating expense/(income) | 390 | 919 | |||||
Las pérdidas por deterioro | 22 | 918 | |||||
Total de partidas no subyacentes antes de impuestos | 5,398 | 6,517 | |||||
El año actual £ 4,340k general and administrative expenses principally encompass amortisation and impairment of acquisition related intangibles of £ 3,539k and a share based payment charge of £ 801k of which £637k is related to the cash settled portion of the share based payment arrangement of Identicare Ltd.
Non-underlying items totalling £ 5,398k (2022: £ 6,517k) relating to profit before tax incurred in the year principally comprise:
- Amortisation and impairment of acquisition-related intangibles of £4,207k (2022: £5,356k). The current year charge comprises amortisation in relation to the reverse acquisition of Ecuphar NV and previous acquisitions made by Ecuphar NV of £4,185k (2022: £4,461k) and a non-cash impairment charge of in-process R&D assets £22k (2022: £895k) that formed part of the acquired development pipeline. The principal driver for the prior year charge was manufacturing challenges that significantly impacted the timing and costs to resume supply with appropriate commercial returns. This brand has subsequently been withdrawn from the market.
- Restructuring costs of £14k (2022: £282k) primarily relate to costs associated with the reorganisation of our Benelux operations.
- Los costos asociados con la reubicación de nuestras operaciones en España y el Reino Unido por un total de £5 (2022: £182) incluyen costos únicos de mudanza y provisiones por dilapidación.
- Expenses relating to M&A and business development activities of £193k (2022: £nil) represent legal and professional fees incurred on these activities, including the disposal of Identicare post year end.
- Other non-underlying items largely relating to legal costs.
5. Información por segmentos
The pharmaceutical segment is active in the development and marketing of innovative pharmaceutical products that provide significant benefits to animal health.
The measurement principles used by the Group in preparing this segment reporting are also the basis for segment performance assessment. The Board of Directors of the Group acts as the chief operating decision maker. As a performance indicator, the chief operating decision maker controls performance by the Group's revenue, gross margin, underlying EBITDA and EBITDA. EBITDA is defined by the Group as net profit plus finance expenses, less finance income, plus income taxes and deferred taxes, plus depreciation, amortisation and impairment and is an alternative performance measure. Underlying EBITDA equals EBITDA plus non-underlying items and is an alternative performance measure. EBITDA and underlying EBITDA are reconciled to statutory measures below.
The following table summarises the segment reporting from continuing operations for 2023 and 2022. As management's internal reporting structure is principally revenue and profit-based, the reporting information does not include assets and liabilities by segment and is as such not presented per segment.
Por el año terminado el 31 de diciembre | |||||
Sin auditar 2023 |
2022 | ||||
000 £ | 000 £ |
| |||
Ingresos | 74,351 | 71,616 | |||
Beneficio bruto | 43,346 | 40,659 | |||
Beneficio bruto % | 58 | 57 | |||
EBITDA subyacente del segmento | 13,327 | 13,131 | |||
Segmento EBITDA subyacente % | 18 | 18 | |||
EBITDA del segmento | 12,136 | 11,993 | |||
Segmento EBITDA % | 16 | 17 |
The underlying and segment EBITDA is reconciled with the consolidated net profit for the year as follows:
Por el año terminado el 31 de diciembre |
| ||||
Sin auditar 2023 | 2022 | ||||
000 £ | 000 £ | ||||
EBITDA subyacente | 13,327 | 13,131 | |||
Gastos no recurrentes (excluyendo amortización y deterioro) | (1,191) | (1,138) | |||
Comparable | 12,136 |
| 11,993 |
| |
Depreciación, amortización y deterioro | (7,727) | (8,757) | |||
Beneficio operativo | 4,409 | 3,236 | |||
Costos financieros | (1,419) | (1,752) | |||
Ingresos financieros | 675 | 1,110 | |||
Participación en la pérdida neta del negocio conjunto contabilizado utilizando el método de participación | (142) | (52) | |||
Impuestos sobre la renta | (1,258) | (1,637) | |||
Impuestos diferidos | (1,066) | 1,060 | |||
Beneficio del período | 1,199 |
| 1,965 |
|
Los activos del segmento excluyendo los activos por impuestos diferidos ubicados en Bélgica, España, Portugal, Reino Unido y otras geografías son los siguientes:
|
| Por el año terminado el 31 de diciembre |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Bélgica | 9,484 | 7,510 | |||
España | 3,458 | 3,695 | |||
Portugal | 4,080 | 4,234 | |||
UK | 56,252 | 59,184 | |||
Otro | 2,377 | 6,260 | |||
Activos no corrientes excluidos los activos por impuestos diferidos | 75,651 | 80,883 |
Ingresos por categoría de producto
|
| Por el año terminado el 31 de diciembre |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Animales de compañía | 52,214 | 50,217 | |||
animales de produccion | 15,790 | 15,674 | |||
Equino | 6,339 | 5,698 | |||
Otro | 8 | 27 | |||
Total | 74,351 | 71,616 |
Ingresos por área geográfica
|
| Por el año terminado el 31 de diciembre |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Bélgica | 3,560 | 3,354 | |||
Países Bajos | 2,115 | 1,627 | |||
Reino Unido | 16,860 | 15,257 | |||
Alemania | 10,045 | 10,056 | |||
España | 20,419 | 19,724 | |||
Italia | 8,785 | 8,404 | |||
Portugal | 4,357 | 4,215 | |||
Unión Europea - otros | 6,875 | 7,199 | |||
Asia | 490 | 494 | |||
Oriente Medio y África | 12 | 17 | |||
Otro | 833 | 1,269 | |||
Total | 74,351 | 71,616 |
Ingresos por categoría
|
| Por el año terminado el 31 de diciembre | ||
Sin auditar 2023 | 2022 | |||
000 £ | 000 £ | |||
Venta de productos | 71,411 | 69,642 | ||
Venta de servicios | 2,940 | 1,974 | ||
Total | 74,351 | 71,616 |
Los ingresos por productos se reconocen cuando la obligación de desempeño se satisface en un momento determinado. Los ingresos por servicios se reconocen por referencia al grado de avance.
6. Costos financieros
Los costos financieros incluyen los siguientes elementos:
|
| Por el año terminado el 31 de diciembre |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Gastos por intereses | 646 | 444 | |||
Pérdidas de moneda extranjera | 456 | 985 | |||
Unwind of discount on other liabilities | 104 | 124 | |||
Otros costos financieros | 213 | 199 | |||
Total | 1,419 | 1,752 |
7. Ingresos financieros
Los ingresos financieros incluyen los siguientes elementos:
|
| Por el año terminado el 31 de diciembre | ||
Sin auditar 2023 | 2022 | |||
000 £ | 000 £ | |||
Ganancias de cambio de moneda extranjera | 501 | 1,060 | ||
Ingresos de activos financieros | 124 | 39 | ||
Otros ingresos financieros | 50 | 11 | ||
Total | 675 | 1,110 |
8. Impuesto sobre la renta
Pasivos por impuestos corrientes
Current tax liabilities solely relate to income taxes of £ 125k (2022: £ 623k).
El siguiente cuadro muestra el desglose del gasto por impuesto para los ejercicios 2023 y 2022:
|
| Por el año terminado el 31 de diciembre |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Cargo fiscal actual | (1,354) | (1,685) | |||
Ajustes fiscales respecto de ejercicios anteriores | 96 | 48 |
| ||
Cargo fiscal actual total | (1,258) | (1,637) |
| ||
Impuesto diferido - origen y reversión de diferencias temporarias | (945) | 774 |
| ||
Impuesto diferido - ajustes respecto a ejercicios anteriores | (121) | 286 |
| ||
Impuesto (cargo) / crédito diferido total | (1,066) | 1,060 |
| ||
Gasto fiscal total del año | (2,324) | (577) |
|
El gasto fiscal total se puede conciliar con la utilidad contable de la siguiente manera:
|
| Por el año terminado el 31 de diciembre |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Beneficio antes de impuestos | 3,523 | 2,542 | |||
Participación en la pérdida neta de negocios conjuntos | 142 | 52 |
| ||
Profit before tax, excl. share in net loss of joint venture | 3,665 | 2,594 |
| ||
Impuesto al 23.5% (2022: 19.0%) | (861) | (493) |
| ||
Efecto de: |
| ||||
Tasas de impuestos en el extranjero | (66) | (389) |
| ||
Gastos no deducibles | (432) | (99) |
| ||
Utilización de pérdidas fiscales no reconocidas anteriormente | - | (24) |
| ||
Cambios en la tasa impositiva promulgada por ley | (1,001) | 93 |
| ||
Ajustes fiscales con respecto al año anterior | (25) | 334 |
| ||
No reconocimiento de impuesto diferido sobre pérdidas del ejercicio en curso | (15) | (21) |
| ||
Non-recognised deferred tax assets on timing differences | 108 | 15 |
| ||
Alivio de I+D | - | 53 |
| ||
Otro | (32) | (46) |
| ||
Gasto por impuesto sobre beneficios informado en la cuenta de pérdidas y ganancias consolidada | (2,324) | (577) |
|
El crédito fiscal de £ 52k (2022: credit of £ 910k) shown within "Non-underlying items" on the face of the consolidated income statement, which forms part of the overall tax charge of £ 2,324k (2022: £ 577k), relates to the items in note 4.
Las tasas impositivas utilizadas para la 2023 y 2022 reconciliation above are the corporate tax rates of 25.0% (Belgium), 19.0% (the Netherlands), 30.7% (Germany), 33.0% (France), 25.0% (Spain), 24.0% (Italy), 21.0% (Portugal) and 23.5% (the United Kingdom rate representing a blended rate of 19.0% up until 1 April 2023 then 25.0% thereafter). These taxes are payable by corporate entities in the above-mentioned countries on taxable profits under tax law in that jurisdiction.
Los impuestos diferidos a la fecha del balance general se midieron utilizando la tasa impositiva promulgada en el Reino Unido, que es del 25 % a partir del 1 de abril de 2023.
Impuesto diferido
(a) Activos y pasivos por impuestos diferidos reconocidos
|
| Activos |
| Pasivos |
| Total | ||||||
Sin auditar 2023 | 2022 |
| Sin auditar 2023 |
| 2022 |
| Sin auditar 2023 |
| 2022 | |||
000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |||||||
Goodwill | - | - | (1,444) | (1,290) | (1,444) | (1,290) | ||||||
Activos intangibles | 335 | 329 | (2,860) | (2,722) | (2,525) | (2,393) | ||||||
Propiedad, planta y equipo. | - | - | (645) | (707) | (645) | (707) | ||||||
Activos fijos financieros | 1 | 1 | - | - | 1 | 1 | ||||||
Inventario | - | - | (54) | (54) | (54) | (54) | ||||||
Clientes y otras cuentas por cobrar/(cuentas por pagar) | 30 | 71 | - | - | 30 | 71 | ||||||
Préstamos | 580 | 565 | - | - | 580 | 565 | ||||||
Provisiones | - | 4 | - | - | - | 4 | ||||||
Cuentas de regularización | 132 | 32 | - | - | 132 | 32 | ||||||
Pérdidas fiscales arrastradas | 1,636 | 2,565 | - | - | 1,636 | 2,565 | ||||||
Total | 2,714 | 3,567 | (5,003) | (4,773) | (2,289) | (1,206) |
The table above presents deferred tax assets and liabilities on a gross basis prior to allowable offsetting within tax jurisdictions as presented on the face of the Consolidated statement of financial position.
(b) Movimientos durante el año
Movimiento de impuestos diferidos durante 2023:
|
|
|
|
|
|
|
|
|
Saldo al 1 de enero de 2023 | Reconocido en ingresos |
| Ajustes cambiarios |
| Saldo al 31 de diciembre No auditado 2023 | |||
000 £ | 000 £ |
| 000 £ |
| 000 £ | |||
Goodwill | (1,290) | (181) | 27 | (1,444) | ||||
Activos intangibles | (2,393) | (125) | (7) | (2,525) | ||||
Propiedad, planta y equipo. | (707) | 48 | 14 | (645) | ||||
Activos fijos financieros | 1 | - | - | 1 | ||||
Inventario | (54) | - | - | (54) | ||||
Clientes y otras cuentas por cobrar/(cuentas por pagar) | 71 | (28) | (13) | 30 | ||||
Cuentas de regularización | 32 | 100 | - | 132 | ||||
Préstamos | 565 | 26 | (11) | 580 | ||||
Provisiones | 4 | - | (4) | - | ||||
Bases imponibles negativas y otros beneficios fiscales | 2,565 | (906) | (23) | 1,636 | ||||
Impuesto diferido neto |
| (1,206) |
| (1,066) |
| (17) |
| (2,289) |
Movimiento de impuestos diferidos durante 2022:
Saldo al 1 de enero de 2022 | Reconocido en ingresos |
| Ajustes cambiarios |
| Saldo al 31 de diciembre de 2022 | |||
000 £ | 000 £ | 000 £ | 000 £ | |||||
Goodwill | (1,048) | (176) | (66) | (1,290) | ||||
Activos intangibles | (3,192) | 782 | 17 | (2,393) | ||||
Propiedad, planta y equipo. | (381) | (296) | (30) | (707) | ||||
Activos fijos financieros | 1 | - | - | 1 | ||||
Inventario | (51) | - | (3) | (54) | ||||
Clientes y otras cuentas por cobrar/(cuentas por pagar) | 153 | (62) | (20) | 71 | ||||
Cuentas de regularización | 53 | (23) | 2 | 32 | ||||
Préstamos | 405 | 133 | 27 | 565 | ||||
Provisiones | 3 | - | 1 | 4 | ||||
Bases imponibles negativas y otros beneficios fiscales | 1,749 | 702 | 114 | 2,565 | ||||
Impuesto diferido neto |
| (2,308) | 1,060 | 42 | (1,206) |
Pérdidas fiscales
El Grupo tiene pérdidas fiscales no utilizadas, créditos fiscales y deducciones de intereses nocionales disponibles por un importe de £6,549k para 2023 (2022: £11,361k). The tax losses carry forward indefinitely, as there is no expiration date prescribed for their utilisation.
Se han reconocido activos por impuestos diferidos sobre las pérdidas fiscales disponibles transferidas para algunas entidades legales, lo que resulta en montos reconocidos de £ 1,636k (2022: £ 2,565k). This was based on management's estimate that sufficient positive taxable profits will be generated in the near future for the related legal entities with fiscal losses. It is expected that £325k of the deferred tax asset will be recovered within the next 12 months and the remaining £1,311k of the deferred tax asset will be recovered after 12 months.
The non-recognised deferred tax assets of Ecuphar NV on temporary differences decreased by £ 108k in 2023 (2022: £ 15k). The total unrecognised tax losses as at 31 December 2023 were £2,497k (2022: £2,605k).
9. Beneficio por acción
Los montos de las ganancias por acción diluidas se calculan dividiendo la utilidad neta atribuible a los accionistas ordinarios de la Compañía matriz entre el número promedio ponderado de acciones ordinarias en circulación durante el año más el número promedio ponderado de acciones ordinarias que se emitirían en la conversión de todas las acciones potenciales. acciones ordinarias dilutivas.
Los siguientes datos de ingresos y acciones se utilizaron en los cálculos de ganancias por acción:
Profit before continuing operations
|
|
| ||||
Por el año terminado el 31 de diciembre |
| |||||
Sin auditar 2023 | 2022 | Sin auditar 2023 | 2022 | |||
Subyacente | Subyacente | Total | Total | |||
000 £ | 000 £ | 000 £ | 000 £ | |||
Beneficio neto del año | 6,545 | 7,572 | 1,199 | 1,965 | ||
Net profit attributable to ordinary equity | 6,545 | 7,572 | 1,199 | 1,965 | ||
Número medio de acciones (básicas y diluidas)
|
| Por el año terminado el 31 de diciembre | |||||||
Sin auditar 2023 | 2022 | Sin auditar 2023 | 2022 | ||||||
Numero de veces compartido | Subyacente | Subyacente |
| Total | Total | ||||
Número medio ponderado de acciones ordinarias | 60,231,020 | 60,175,407 |
| 60,231,020 | 60,175,407 | ||||
Opciones sobre acciones ordinarias potenciales dilusivas | 423,222 | 629,087 |
| 423,222 | 629,087 | ||||
Número medio ponderado de acciones ordinarias | 60,654,242 | 60,804,494 |
| 60,654,242 | 60,804,494 | ||||
Ganancias básicas por acción
|
| Por el año terminado el 31 de diciembre | ||||||
Sin auditar 2023 | 2022 | Sin auditar 2023 | 2022 | |||||
Subyacente | Subyacente | Total | Total | |||||
en peniques | en peniques | en peniques | en peniques | |||||
De operaciones atribuibles a los ordinarios | 10.9 | 12.6 | 2.0 | 3.3 | ||||
Total de ganancias básicas por acción atribuibles a |
| 10.9 | 12.6 |
| 2.0 | 3.3 |
Ganancias diluidas por acción
|
| Por el año terminado el 31 de diciembre | ||||||
Sin auditar 2023 | 2022 | Sin auditar 2023 | 2022 | |||||
Subyacente | Subyacente | Total | Total | |||||
en peniques | en peniques | en peniques | en peniques | |||||
De operaciones atribuibles a los ordinarios | 10.8 | 12.5 | 2.0 | 3.2 | ||||
Total de ganancias por acción diluidas atribuibles |
| 10.8 | 12.5 |
| 2.0 | 3.2 |
10. Fondo de comercio
On acquisition, goodwill acquired in a business combination is allocated to the cash-generating units ("CGUs") which are expected to benefit from that business combination. This CGU corresponds to the nature of the business, being pharmaceuticals. The goodwill has been allocated to the CGU as follows:
|
| Por el año terminado el 31 de diciembre |
|
| |||
Sin auditar 2023 | 2022 | ||||||
000 £ | 000 £ |
| |||||
|
| ||||||
UGE: Farmacéutica | 50,656 | 50,853 | |||||
Total |
| 50,656 | 50,853 |
| |||
Los cambios en el valor en libros del crédito mercantil se pueden presentar como sigue para los años 2023 y 2022:
Total | ||
000 £ | ||
A 1 de enero de 2022 |
| 50,337 |
Conversión de moneda | 516 | |
A 31 de diciembre de 2022 |
| 50,853 |
A 1 de enero de 2023 |
| 50,853 |
Conversión de moneda | (197) | |
A 31 de diciembre de 2023 |
| 50,656 |
Goodwill allocated to the pharmaceuticals CGU includes goodwill recognised as a result of past business combinations of Esteve, Equipharma NV, Ecuphar BV, Cardon Pharmaceuticals NV and more significantly following the reverse acquisition of Animalcare Group plc in 2017 which gave rise to goodwill of £41,048k.
La tasa de descuento y la tasa de crecimiento (a perpetuidad) utilizadas para los cálculos del valor en uso son las siguientes:
Sin auditar 2023 |
2022 | ||
Tasa de descuento (antes de impuestos) % | 13.3 | 14.2 | |
Tasa de crecimiento (a perpetuidad) % | 2.0 | 2.0 |
Cash flow forecasts are prepared using the current operating budget approved by the Directors, which covers a five-year period and an appropriate extrapolation of cash flows, using the long-term growth rate, beyond this. The cash flow forecasts assume revenue and profit growth in line with our strategic priorities. Further, we have assessed the potential impact of climate change, with reference to our principal risks and the environmental disclosures made in the Sustainability Report and consider that the impact on the valuation of goodwill is limited.
La revisión del deterioro del Grupo es sensible al cambio en los supuestos utilizados, más notablemente las tasas de descuento y las tasas de crecimiento a perpetuidad.
Un aumento del 1.0% en las tasas de descuento haría que el valor en uso de la UGE se redujera en £18.0 millones, pero no daría lugar a un deterioro. Una reducción del 1.0% en las tasas de crecimiento a perpetuidad haría que el valor en uso de la UGE se redujera en £13.7 millones, pero no daría lugar a un deterioro.
11. Activos intangibles
Los cambios en el valor en libros de los activos intangibles se pueden presentar como sigue para los años 2023 y 2022:
activos de I+D | Patentes, derechos de distribución y licencias | Carteras de productos y costos de desarrollo de productos | software capitalizado | Activos intangibles en construcción |
| |
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ |
Valor/costo de adquisición |
| |||||
Al 1 de enero de 2022 | 12,446 | 18,248 | 39,567 | 3,090 | 494 | 73,845 |
Adiciones | 719 | - | 603 | 1,218 | - | 2,540 |
Disposiciones | (982) | - | (90) | (55) | (4) | (1,131) |
Mudanzas | 375 | - | - | - | (375) | - |
Conversión de moneda | 241 | 760 | 978 | 146 | 12 | 2,137 |
A 31 de diciembre de 2022 | 12,799 | 19,008 | 41,058 | 4,399 | 127 | 77,391 |
Adiciones | 294 | 29 | 452 | 889 | 427 | 2,091 |
Disposiciones | (52) | - | - | (261) | - | (313) |
Mudanzas | (204) | 31 | 485 | 37 | (349) | - |
Conversión de moneda | (94) | (291) | (372) | (61) | (2) | (820) |
A 31 de diciembre de 2023 (No auditado) | 12,743 | 18,777 | 41,623 | 5,003 | 203 | 78,349 |
Amortización |
| |||||
Al 1 de enero de 2022 | (4,955) | (14,374) | (22,417) | (1,886) | - | (43,632) |
Amortización | (1,239) | (1,325) | (3,233) | (888) | - | (6,685) |
Disposiciones | 676 | - | 89 | 61 | - | 826 |
Deficiencias | (868) | - | (32) | (18) | - | (918) |
Conversión de moneda | (151) | (693) | (753) | (102) | - | (1,699) |
A 31 de diciembre de 2022 | (6,537) | (16,392) | (26,346) | (2,833) | - | (52,108) |
Amortización | (1,019) | (1,061) | (3,209) | (1,324) | - | (6,613) |
Disposiciones | 52 | - | - | 261 | - | 313 |
Deficiencias | (22) | - | - | - | - | (22) |
Conversión de moneda | 58 | 268 | 297 | 42 | - | 665 |
A 31 de diciembre de 2023 | (7,468) | (17,185) | (29,258) | (3,854) | - | (57,765) |
Valor neto contable |
| |||||
A 31 de diciembre de 2023 | 5,275 | 1,592 | 12,365 | 1,149 | 203 | 20,584 |
Al 31 de diciembre de 2022 | 6,262 | 2,616 | 14,712 | 1,566 | 127 | 25,283 |
|
R&D relates to acquired development projects as part of the Esteve business combination in 2015, the reverse acquisition of Animalcare Group plc in 2017 and external and internal R&D costs for which the capitalisation criteria are met. Patents, distribution rights and licenses include amounts paid for exclusive distribution rights as well as distribution rights acquired as part of the Esteve business combination in 2015 and the reverse acquisition of Animalcare Group plc in 2017.
Las carteras de productos y los costos de desarrollo de productos se relacionan con los montos pagados por las marcas adquiridas, así como los costos de desarrollo de productos externos e internos capitalizados en los proyectos de desarrollo en trámite para los cuales se cumplen los criterios de capitalización.
The net book value of non-commercialised development projects is £2,047k (2022: £1,513k) and is allocated to R&D assets for £1,613k and Product Portfolios and product development costs for £434k. No amortisation was charged.
El software capitalizado incluye TI impulsada por la inversión acelerada en software CRM y el desarrollo de plataformas y sitios web relacionados con Identicare Ltd.
El cargo de amortización total de 2023 is £ 6,613k (2022: £ 6,685k), which is included in lines R&D expenses, selling and marketing expenses and general and administrative expenses of the consolidated income statement. Included in the total amortisation charge is £4,185k (2022: £4,461k) relating to acquisition-related intangibles and £2,428k (2022: £2,224k) relating to other intangibles.
A total impairment charge of £ 22k (2022: £ 918k) was recorded during the financial year. Thereof £22k (2022: £895k) is related to a non-cash impairment charge of acquisition-related intangibles of R&D assets. In 2023, Animalcare Group plc invested £ 2,091k (2022: £ 2,540k) in intangible assets.
On 24 March 2022 the Group entered into two early-stage agreements with Netherlands-based Orthros Medical, a company focused on the research and early development of VHH antibodies, also known as small single-chain antibody fragments. Under the terms of the deal, Animalcare has made upfront payments to Orthros Medical totalling €400k in the prior year, and €200k during the period. Of which €530k is recognised as intangible asset under "Product portfolios and product development costs". As the two licensed preclinical candidates progress, Orthros Medical may receive development, regulatory and commercial milestone payments up to a total value of €11m, a significant proportion of which are linked to successful commercialisation. In addition, single digit royalties will be due on the net sales of the products. These payments are expected to be paid out of the Group's operating cash flow.
The transfers of intangible assets under construction involves the allocation of internally generated assets to various R&D projects, including those relating to patents, distribution rights, licences, as well as product portfolios and development costs. Transfers from R&D assets to product portfolios and development costs occur when an R&D project advances to a stage where it is ready for commercialisation. Subsequently, the transferred value of these assets initiates depreciation in accordance with their remaining useful life.
12. Investments in joint ventures
On 28 September 2020 the Group announced that it has entered into an agreement with Canada-based biotech company Kane Biotech Inc. under which the parties formed STEM Animal Health Inc. ("STEM"), a company dedicated to treating biofilm-related ailments in animals. The Group acquired, via its 100% subsidiary Ecuphar NV, 33.34% in STEM for a cash consideration of CAD$3m, of which CAD$2.0m was paid in prior years, CAD$0.5m (£306k) during the financial year and CAD$0.5m payable in September 2024. Both the remaining equity investment in STEM and the licensing fee are expected to be paid from existing cash resources.
The Group has a call option, for a period until 28 September 2026, to acquire an additional 18% stake in STEM for CAD$4m. Based on the existing voting rights (33.34%) and other contractual arrangements, the Group does not have power over the investee. Accordingly, the investment in STEM is accounted for through the equity method in the consolidated financial statements.
Separately, the Group also entered into a licensing agreement, under which it will invest a further CAD$2m, consisting of an initial payment along with a series of potential payments linked to various milestones, for rights to commercialise products in global veterinary markets outside the Americas.
Se espera que tanto la inversión de capital restante en STEM como la tarifa de licencia se paguen con los recursos de efectivo existentes.
The Group has made license payments totalling CAD$1.2m, of which CAD$0.7m was paid during the current financial year. The first sales-related milestone is expected to be paid in 2024, resulting in a short-term payment of CAD$387k or £229k. The second and final sales-related milestone is due after 2024, hence considered as a long-term payable, the expected settlement amount of which is CAD$361k or £214k.
Further, for the capital contribution, the outstanding short-term liability is £297k (2022: £292k), shown in the balance sheet as other current liability.
Nombre de la entidad | Lugar de negocios/ | % de participación en la propiedad | Naturaleza de la relación | Método de medida | Importe en libros | ||
2023 | 2022 | Sin auditar 2023 | 2022 | ||||
000 £ | 000 £ | ||||||
STEM Salud Animal Inc. | Ubicación: Canadá | 33.34% | 33.34% | Joint Venture | Método de la equidad | 1,119 | 1,305 |
Las siguientes tablas proporcionan información financiera resumida para la empresa conjunta en STEM Animal Health Inc., que es importante para el grupo. La información revelada refleja primero los montos presentados en los estados financieros de la empresa conjunta relevante, seguido por la participación de Animalcare en esos montos.
Sin auditar Para el año terminado |
Para el año terminado | |||
000 £ | 000 £ | |||
Activos no corrientes | 94 | 321 | ||
Activos circulantes | 1,459 | 1,511 | ||
los activos totales | 1,553 | 1,832 | ||
|
| |||
Pasivo circulante | 865 | 825 | ||
Pasivos totales | 865 | 825 | ||
|
| |||
Activos netos | 688 | 1,007 | ||
Compartir grupo | 229 | 336 | ||
Goodwill | 570 | 561 | ||
Intangibles identificados a valor razonable | 435 | 555 | ||
Pasivo por impuestos diferidos | (115) | (147) | ||
Valor de inversión en empresa conjunta | 1,119 | 1,305 |
Estado resumido de resultados integrales:
Sin auditar Para el año terminado | Para el año terminado | |
000 £ | 000 £ | |
Ventas | 1,576 | 1,581 |
Los gastos de explotación | (1,872) | (1,651) |
Resultado financiero, neto | 12 | 65 |
Pérdida neta del año | (284) | (5) |
Participación del grupo en la pérdida neta del año | (95) | (2) |
Depreciación por ajustes de valor razonable en activos fijos intangibles (neto de impuestos diferidos) | (47) | (50) |
Participación total del Grupo en la pérdida neta del año | (142) | (52) |
Otros (gastos) / ingresos integrales | (44) | 67 |
Group share in total comprehensive (expense)/income | (186) | 15 |
Conciliación de la información financiera antes mencionada con el valor neto en libros de la inversión de STEM Animal Health Inc. en los estados financieros consolidados:
Sin auditar Para el año terminado |
Para el año terminado | |
000 £ | 000 £ | |
Al 1 de enero | 1,305 | 1,290 |
Participación del grupo en la pérdida neta del año | (142) | (52) |
Diferencias de conversión de moneda extranjera | (44) | 67 |
Al 31 de diciembre | 1,119 | 1,305 |
13. Préstamos
Los préstamos y empréstitos incluyen lo siguiente:
|
|
|
|
|
| Para el año terminado |
| ||
Interés | Madurez | Sin auditar 2023 |
|
2022 |
| ||||
000 £ | 000 £ | ||||||||
Facilidades de crédito rotatorio | Euribor +1.50% | Marzo 25 | - | 4,435 | |||||
Préstamo de adquisición | Euribor +1.75% | Marzo 25 | 2,933 | 3,991 | |||||
Pasivos por arrendamiento | Ver nota 16 | 2,943 | 3,011 | ||||||
Total préstamos y empréstitos | 5,876 |
| 11,437 |
| |||||
De los cuales |
| ||||||||
No corriente | 4,962 | 10,585 | |||||||
Current | 914 | 852 |
Facilidades para empréstitos
As at 31 December 2023, the Group had total facilities of €51.5m, due to expire 31 March 2025, provided by a syndicate of four banks, comprising a committed revolving credit facility (RCF) of €41.5m and a €10.0m acquisition line, the latter of which cannot be utilised to fund operations.
The loans have a variable, Euribor-based interest rate, increased with a margin of 1.50% or 1.75%. The revolving credit facilities and the acquisition financing had a bullet maturity in March 2025.
We are currently in discussions with our four syndicate banks to increase our existing RCF from €41.5m to €44.0m with an extension of the maturity date to 31 March 2029. The acquisition line, which was drawn down by €3.4m at the year end, will be settled. We expect to complete the process by the end of April. The covenant requirements in the RCF will remain unchanged from the current RCF agreement, details of which are provided below.
El Grupo gestiona sus acuerdos bancarios de forma centralizada a través de la agrupación de efectivo entre divisas. Diariamente se transfieren fondos de sus diversas cuentas bancarias a cuentas del banco central para optimizar la posición neta de intereses a pagar del Grupo.
Las instalaciones quedan sujetas a los siguientes convenios que se encuentran en funcionamiento en todo momento:
- Net debt to underlying EBITDA ratio of 3.5x;
- Underlying EBITDA to interest ratio of minimum 4x; and
- Solvencia (activo total menos fondo de comercio/patrimonio total menos fondo de comercio) superior al 25%.
Net cash at the year end, pre IFRS16 leases, was £1.7m (31 December 2022: £2.4 million debt) with the RCF unutilised, leaving headroom of £40.7m excluding the undrawn acquisition line.
Al 31 de diciembre de 2023 y durante todo el año fiscal, se cumplieron todos los requisitos de convenio con un margen de maniobra significativo en las tres medidas.
Conciliación de deuda neta
|
| Al 31 de diciembre |
| ||
Sin auditar 2023 | 2022 | ||||
000 £ | 000 £ |
| |||
Deuda neta |
| ||||
Efectivo y equivalentes de efectivo | 4,642 | 6,035 | |||
Préstamos | (2,933) | (8,426) | |||
Pasivos por arrendamiento | (2,943) | (3,011) | |||
Total |
| (1,234) | (5,402) |
|
|
| Pasivos por actividades de financiación |
|
| Otros activos |
|
|
| |||
Préstamos |
| Arrendamientos |
|
| efectivo |
| Total |
| |||
000 £ |
| 000 £ |
|
| 000 £ |
| 000 £ |
| |||
Deuda neta a 1 de enero de 2022 | (9,244) | (1,720) | 5,633 | (5,331) | |||||||
Financiamiento de flujos de efectivo | 1,320 | 1,086 | 614 | 3,020 | |||||||
Nuevos arrendamientos | - | (2,142) | - | (2,142) | |||||||
Ajustes cambiarios | (148) | (145) | (212) | (506) | |||||||
Gastos por intereses | (354) | (90) | - | (444) | |||||||
Deuda neta al 31 de diciembre de 2022 |
| (8,426) |
| (3,011) |
|
| 6,035 |
|
| (5,402) |
|
Financiamiento de flujos de efectivo | 5,780 | 1,073 | (1,528) | 5,325 | |||||||
Nuevos arrendamientos | - | (941) | - | (941) | |||||||
Ajustes cambiarios | 241 | 54 | 135 | 430 | |||||||
Gastos por intereses | (528) | (118) | - | (646) | |||||||
Deuda neta a 31 de diciembre de 2023 (No auditado) |
| (2,933) |
| (2,943) |
|
| 4,642 |
|
| (1,234) |
14. Accrued charges and contract liabilities
Los cargos acumulados y pasivos por contratos se componen de lo siguiente:
|
| Para el año terminado |
| ||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Cargos acumulados | 286 | 777 | |||
Pasivos del contrato - con vencimiento dentro de un año | 873 | 512 | |||
Otro | - | (13) | |||
Total adeudado dentro de un año | 1,159 | 1,276 | |||
Pasivos del contrato - con vencimiento después de un año | 293 | 372 |
Accrued charges of £ 286k (2022: £ 777k) mainly include Ecuphar NV (£89k), Belphar (£20k) and UK (£166k) and are mostly related to payroll and accrued bank interest costs.
Los pasivos contractuales son pasivos que surgen de ciertos servicios vendidos por la subsidiaria del Grupo, Identicare Limited.
Historically, and in return for a single upfront payment, Identicare Limited committed to providing certain database, pet reunification and other support services to customers over the life of the pet. There is no contractual restriction on the number of times the customer makes use of the services. At the commencement of the contract, it is not possible to determine how many times the customer will make use of the services, nor does historical evidence provide indications of any future pattern of use. As such, income is recognised evenly over the term of the contract, currently between five and 14 years.
A lo largo de 2023, Identicare Limited also operated both monthly and annual subscription-based services to pet owners, with income recognised accordingly over the period of the subscription.
Movimientos en las tablas de pasivos por contratos del Grupo pendientes:
Por el año terminado el 31 de diciembre | ||||
Sin auditar 2023 | 2022 | |||
000 £ | 000 £ | |||
Saldo a principios de año | 884 | 843 | ||
Obligaciones contractuales a los años siguientes | 815 | 418 | ||
Liberación de pasivos contractuales de años anteriores | (533) | (377) | ||
Saldo al final del año |
| 1,166 | 884 |
Los pasivos del contrato vencen de la siguiente manera:
Por el año terminado el 31 de diciembre |
| ||||
Sin auditar 2023 | 2022 |
| |||
000 £ | 000 £ |
| |||
Dentro de un año | 873 | 512 | |||
Después de un año | 293 | 372 | |||
Saldo al final del año | 1,166 | 884 |
15. Equidad
Capital social
| Para el año terminado | |||||
Numero de veces compartido | Sin auditar 2023 | 2022 | ||||
Allotted, called up and fully paid ordinary shares of 20 pence each | 60,107,926 | 60,092,161 |
Para el año terminado | ||||||
Sin auditar 2023 | 2022 | |||||
000 £ | 000 £ | |||||
Allotted, called up and fully paid ordinary shares of 20 pence each | 12,022 | 12,019 |
Las siguientes transacciones de acciones han tenido lugar durante el año terminado el 31 de diciembre de 2023:
Para el año terminado | ||||||
Numero de veces compartido | 000 £ | |||||
Al 1 de enero de 2023 | 60,092,161 | 12,019 | ||||
Ejercicio de opciones sobre acciones |
|
| 15,765 | 3 | ||
A 31 de diciembre de 2023 (No auditado) |
|
| 60,107,926 | 12,022 |
Dividendos
Para el año terminado | ||||
|
| Sin auditar 2023 | 2022 | |
|
| 000 £ | 000 £ | |
Ordinary final dividend as at 31 December 2021 of 2.4 pence per share | - | 1,442 | ||
Ordinary interim dividend paid as at 31 December 2022 of 2.0 pence per share | - | 1,202 | ||
Ordinary final dividend as at 31 December 2022 of 2.4 pence per share | 1,442 | - | ||
Ordinary interim dividend paid as at 31 December 2023 of 2.0 pence per share | 1,202 | - | ||
|
| 2,644 | 2,644 |
The interim dividend of 2.0 pence per share was paid in November 2023.
El Consejo propone un dividendo complementario de 3.0 peniques por acción (2022: 2.4 peniques por acción). Sujeto a la aprobación de los accionistas en la Asamblea General Anual que se llevará a cabo el 20 de junio de 2024, el dividendo definitivo se pagará el 19 de julio de 2024 a los accionistas cuyos nombres estén en el Registro de Miembros al cierre de operaciones el 21 de junio de 2024. Las acciones ordinarias se convertirse en ex-dividendo el 20 de junio de 2024.
16. IFRS 16 Leases
El balance muestra los siguientes importes relativos a arrendamientos a 31 de diciembre de 2023:
Sin auditar Al 31 de diciembre de 2023 |
Al 31 de diciembre de 2022 | ||
000 £ | 000 £ | ||
Edificios | 1,585 | 1,639 | |
Vehículos | 1,220 | 1,257 | |
Otro | 14 | 28 | |
Activos totales por derecho de uso | 2,819 | 2,924 | |
| |||
Pasivos corrientes por arrendamiento | 914 | 852 | |
Pasivos por arrendamiento no corrientes | 2,029 | 2,159 | |
Pasivos totales por arrendamiento | 2,943 | 3,011 |
A continuación se detallan los valores en libros de los activos por derecho de uso reconocidos y los movimientos durante el ejercicio:
Tierra y edificios | Vehículos |
| Otro |
| Total | ||
000 £ | 000 £ | 000 £ | 000 £ | ||||
Valor/costo de adquisición |
|
|
|
| |||
Al 1 de enero de 2022 | 1,527 | 2,290 | 16 | 3,833 | |||
Adiciones | 1,343 | 678 | 30 | 2,051 | |||
Disposiciones | (855) | (415) | (14) | (1,284) | |||
Conversión de moneda | 104 | 128 | 1 | 233 | |||
Modificaciones de contrato | (5) | 75 | - | 70 | |||
Al 31 de diciembre de 2022 | 2,114 | 2,756 | 33 | 4,903 | |||
Adiciones | - | 678 | 4 | 682 | |||
Disposiciones | - | (682) | (4) | (686) | |||
Conversión de moneda | (41) | (50) | - | (91) | |||
Modificaciones de contrato | 287 | (5) | (14) | 268 | |||
Al 31 de diciembre de 2023 (sin auditar) | 2,360 | 2,697 | 19 | 5,076 | |||
|
|
|
| ||||
Depreciación |
|
|
|
| |||
Al 1 de enero de 2022 | (948) | (1,211) | (16) | (2,175) | |||
Cargo por depreciación del año | (358) | (662) | (3) | (1,023) | |||
Disposiciones | 855 | 415 | 14 | 1,284 | |||
Modificaciones de contrato | - | 27 | - | 27 | |||
Conversión de moneda | (24) | (68) | - | (92) | |||
Al 31 de diciembre de 2022 | (475) | (1,499) | (5) | (1,979) | |||
Cargo por depreciación del año | (310) | (687) | (4) | (1,001) | |||
Disposiciones | - | 682 | 4 | 686 | |||
Conversión de moneda | 10 | 27 | - | 37 | |||
Al 31 de diciembre de 2023 (sin auditar) | (775) | (1,477) | (5) | (2,257) | |||
|
|
|
| ||||
Valor neto contable |
|
|
|
| |||
Al 31 de diciembre de 2022 | 1,585 | 1,220 | 14 | 2,819 |
A continuación se muestran los valores de los movimientos del pasivo por arrendamiento durante el año:
Responsabilidad por arrendamiento | ||
000 £ | ||
Al 1 de enero de 2023 | 3,011 | |
Adiciones | 677 | |
Gastos por intereses | 118 | |
Pagos | (1,073) | |
Modificaciones | 264 | |
Ajuste de conversión de moneda | (54) | |
Al 31 de diciembre de 2023 (sin auditar) | 2,943 |
Los siguientes importes se reconocen en la cuenta de pérdidas y ganancias:
| Sin auditar Por el año terminado el 31 de diciembre de 2023 |
000 £ | |
Gasto por depreciación de activos por derecho de uso | (1,001) |
Gastos por intereses sobre pasivos por arrendamiento | (118) |
Gain on IFRS 16 modification | 9 |
Gastos relacionados con arrendamientos a corto plazo y activos de bajo valor | (180) |
Importe total reconocido en la cuenta de pérdidas y ganancias | (1,290) |
Los flujos de efectivo relacionados con los arrendamientos se presentan a continuación:
· Pagos en efectivo por la porción principal de los pasivos por arrendamiento como flujos de efectivo de las actividades de financiación;
· Pagos en efectivo por la porción de interés consistente con la presentación de pagos de interés elegida por el Grupo; y
· Pagos por arrendamiento a corto plazo, pagos por arrendamiento de activos de bajo valor y pagos por arrendamiento variables que no se incluyen en la medición de los pasivos por arrendamiento como flujos de efectivo de las actividades de operación. In the current and prior year, the cashflow for these items equalled the charge to the income statement.
17. Contingent liability relating to the sale of Medini NV
On 3 September 2018 Ecuphar NV sold the wholesale business Medini NV to Vetdis Holding NV (Vetdis) under a Share Purchase Agreement ("SPA"). In June 2019 Vetdis sent a letter to Ecuphar claiming that Ecuphar had breached the SPA. Ecuphar disputes the majority of the claim; however, Ecuphar considers it likely that a part of the claim, amounting to €157,988 (£139,988), may be valid. Following various discussions and correspondence, during which the parties were unable to reach any agreement, Vetdis issued formal court papers on 29 May 2020. A full court hearing to consider the case took place in the Commercial Court in Bruges on 2 March 2021. The court did not decide on the merits of the claim; instead it appointed an expert auditor to examine the documents and advise the court on the claim. The court, however ordered Vetdis to pay the current account debt plus interest at 8%, and on 4 May 2021, Vetdis made a payment of €432,762 (£383,824). The process involving the expert auditor is now complete. We expect the court to hold another hearing and make its decision in summer 2024. Other than the €157,836 (£139,988), which may be valid, and is written off from the outstanding other receivable from Vetdis, no further provision in respect of this matter has been included in the consolidated financial statements.
18. Acontecimientos posteriores
On 28 February 2024 we announced the disposal of our majority shareholding in Identicare to BG Bidco 21 Limited, a newly incorporated company owned by funds managed by Bridgepoint Advisors II Limited, for a cash consideration of £24.9m which was payable upon completion of this sale. This represents a significant crystallisation of value for the Group and with it, a significant further strengthening of our balance sheet.
The disposal was assessed against the criteria of IFRS 5 Non-Current Assets Held for Sale and Discontinued Operations and was found to not meet the criteria for an asset held for sale at the date of the statement of financial position due to not being assessed as highly probable at that date as due diligence activities did not commence until post year end.
19. Annual Report
This unaudited preliminary financial information is not being sent to shareholders. A further announcement will be made when the Annual Report and Accounts for the year ended 31 December 2023 will be made available on the Company's website and copies sent to shareholders.
Habrá más copias disponibles para descargar en el sitio web de la Compañía en: www.animalcaregroup.com y también estarán disponibles en la dirección del domicilio social de la Compañía: Moorside, Monks Cross, York, YO32 9LB, Reino Unido.
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.