Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
|
||
Yes___X___
|
No_______
|
|
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
|
||
Yes______
|
No___X___
|
|
Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
|
||
Yes______
|
No___X___
|
|
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934.
|
||
Yes______
|
No___X___
|
|
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82 N/A
|
Exhibit | Description |
99.1 | ICON plc IFRS Annual Report |
ICON plc
|
|
Date: May 18, 2012
|
/s/ Brendan Brennan
|
Brendan Brennan
|
|
Chief Financial Officer
|
Contents
|
Page
|
Directors and Other Information
|
2
|
Directors’ Report
|
3
|
Operating and Financial Review
|
7
|
Board of Directors and Senior Management
|
16
|
Compensation and Organisation Committee Report
|
18
|
Corporate Governance Report
|
28
|
Statement of Directors’ Responsibilities
|
37
|
Independent Auditor’s Report
|
39
|
Statement of Accounting Policies
|
41
|
Consolidated Income Statement
|
54
|
Consolidated Statement of Comprehensive Income
|
55
|
Consolidated Statement of Financial Position
|
56
|
Consolidated Statement of Changes in Equity
|
57
|
Consolidated Statement of Cash Flows
|
59
|
Notes to Consolidated Financial Statements
|
60
|
Company Statement of Financial Position
|
127
|
Company Statement of Changes in Equity
|
128
|
Company Statement of Cash Flows
|
130
|
Notes to Company Financial Statements
|
131
|
Reconciliation between IFRS and US Accounting Principles
|
140
|
Appendix A: Risk Factors
|
144
|
Directors
|
Dr. Bruce Given (American - Chairman of the Board) (2) (3) (4)
|
Peter Gray (Irish – Vice Chairman of the Board)
|
|
Ciaran Murray (Irish – Chief Executive Officer) (4)
|
|
Dr. John Climax (Irish – Non-Executive) (5)
|
|
Dr. Ronan Lambe (Irish – Non-Executive) (5)
|
|
Thomas Lynch (British – Non-Executive) (1) (2) (3)
|
|
Prof. Dermot Kelleher (Irish – Non-Executive) (1) (5)
|
|
Declan McKeon (Irish – Non-Executive) (1) (2)
|
|
Cathrin Petty (British – Non-Executive) (3)
|
|
(1) Member of Audit Committee
|
|
(2) Member of Compensation and Organisation Committee
|
|
(3) Member of Nominating and Governance Committee
|
|
(4) Member of Execution Committee
|
|
(5) Member of Quality Committee
|
|
Company secretary
|
Diarmaid Cunningham
|
Registered office
|
South County Business Park
|
Leopardstown
|
|
Dublin 18
|
|
Auditors
|
KPMG
|
Chartered Accountants
|
|
1 Stokes Place
|
|
St. Stephens Green
|
|
Dublin 2
|
|
Solicitors
|
A & L Goodbody
|
25 – 28 North Wall Quay
|
|
IFSC
|
|
Dublin 1
|
|
Cahill Gordon Reindel LLP
|
|
80 Pine Street
|
|
NY10005
|
|
USA
|
|
Registrars
|
Computershare Investor Services (Ireland) Limited
|
Herron House
|
|
Corrig Road
|
|
Sandyford Industrial Estate
|
|
Dublin 18
|
|
Bankers
|
|
Citibank
|
|
Canada Square Canary Warf
|
|
London E14 5LB
|
|
United Kingdom
|
|
PNC Bank
|
|
1035 Virginia Drive
|
|
Fort Washington
|
|
PA 19034
|
|
USA
|
Name
|
%
|
Number of Shares
|
Artisan Partners Limited Partnership
|
11.7
|
7,034,020
|
Neuberger Berman LLC
|
8.2
|
4,924,701
|
Fidelity Management & Research
|
7.1
|
4,279,501
|
Wellington Management Company LLP
|
6.2
|
3,707,566
|
Earnest Partners, LLC
|
5.9
|
3,539,476
|
Wasatch Advisors, Inc.
|
5.9
|
3,531,918
|
All Directors and Officers as a group
|
4.9
|
2,935,852
|
Kornitzer Capital Management Inc.
|
3.8
|
2,282,925
|
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
Year ended
|
Year ended
|
||
31 December
2011
|
31 December
2010
|
||
As a percentage of net revenue
|
Percentage change
in period
|
||
Net revenue
|
100%
|
100%
|
5.1%
|
Direct costs (excluding exceptional items)
|
64.7%
|
60.1%
|
13.1%
|
Other operating expenses (excluding exceptional items)
|
31.2%
|
29.6%
|
10.5%
|
Operating profit (excluding exceptional items)
|
4.1%
|
10.2%
|
(57.7%)
|
Exceptional items
|
1.0%
|
-
|
100%
|
Operating profit
|
3.1%
|
10.2%
|
(68.4%)
|
Salary
|
Bonus
|
Pension
contribution*
|
All other compensation
|
Subtotal
|
Subtotal
|
Director
Fees
|
Share-
based****
compensation
|
Total
compensation
|
|
€’000
|
€’000
|
€’000
|
€’000
|
€’000
|
$’000
|
$’000
|
$’000
|
$’000
|
|
Executive Director &
Key Executive Officers
|
|||||||||
Peter Gray
|
533
|
187
|
57
|
37
|
814
|
1,139
|
-
|
741
|
1,880
|
Ciaran Murray**
|
458
|
300
|
46
|
22
|
826
|
1,155
|
-
|
626
|
1,781
|
991
|
487
|
103
|
59
|
1,640
|
2,294
|
-
|
1,367
|
3,661
|
|
Non-executive Directors
|
|||||||||
Bruce Given
|
-
|
-
|
-
|
-
|
-
|
-
|
317
|
31
|
348
|
John Climax
|
-
|
-
|
-
|
-
|
-
|
-
|
48
|
12
|
60
|
Ronan Lambe
|
-
|
-
|
-
|
-
|
-
|
-
|
53
|
19
|
72
|
Thomas Lynch
|
-
|
-
|
-
|
-
|
-
|
-
|
71
|
19
|
90
|
Dermot Kelleher
|
-
|
-
|
-
|
-
|
-
|
-
|
73
|
25
|
98
|
Anthony Murphy***
|
-
|
-
|
-
|
-
|
-
|
-
|
78
|
16
|
94
|
Declan McKeon
|
-
|
-
|
-
|
-
|
-
|
-
|
61
|
17
|
78
|
Cathrin Petty
|
-
|
-
|
-
|
-
|
-
|
-
|
59
|
15
|
74
|
-
|
-
|
-
|
-
|
-
|
-
|
760
|
154
|
914
|
|
Total
|
991
|
487
|
103
|
59
|
1,640
|
2,294
|
760
|
1,521
|
4,575
|
Salary
|
Bonus
|
Pension
contribution*
|
All other compensation
|
Subtotal
|
Subtotal
|
Director
Fees
|
Share-
based***
compensation
|
Total
compensation
|
|
€’000
|
€’000
|
€’000
|
€’000
|
€’000
|
$’000
|
$’000
|
$’000
|
$’000
|
|
Executive Director &
Key Executive Officers
|
|||||||||
Peter Gray
|
525
|
105
|
53
|
37
|
720
|
958
|
-
|
761
|
1,719
|
Ciaran Murray
|
400
|
100
|
38
|
18
|
556
|
739
|
-
|
219
|
958
|
925
|
205
|
91
|
55
|
1,276
|
1,697
|
-
|
980
|
2,677
|
|
Non-executive Directors
|
|||||||||
Bruce Given
|
-
|
-
|
-
|
-
|
-
|
-
|
317
|
31
|
348
|
John Climax**
|
-
|
-
|
-
|
53
|
53
|
68
|
48
|
7
|
123
|
Ronan Lambe
|
-
|
-
|
-
|
-
|
-
|
-
|
52
|
21
|
73
|
Thomas Lynch
|
-
|
-
|
-
|
-
|
-
|
-
|
78
|
23
|
101
|
Edward Roberts
|
-
|
-
|
-
|
-
|
-
|
-
|
17
|
44
|
61
|
Dermot Kelleher
|
-
|
-
|
-
|
-
|
-
|
-
|
65
|
30
|
95
|
Anthony Murphy
|
-
|
-
|
-
|
-
|
-
|
-
|
75
|
14
|
89
|
Declan McKeon
|
-
|
-
|
-
|
-
|
-
|
-
|
40
|
12
|
52
|
Cathrin Petty
|
-
|
-
|
-
|
-
|
-
|
-
|
12
|
2
|
14
|
-
|
-
|
-
|
53
|
53
|
68
|
704
|
184
|
956
|
|
Total
|
925
|
205
|
91
|
108
|
1,329
|
1,765
|
704
|
1,164
|
3,633
|
*
|
Pension contributions above represent contributions paid by the Company to a defined contribution pension scheme.
|
**
|
Further information is set out in the Directors’ and Key Executive Officers service agreements and letters of engagement section on pages 19 to 21 of this report.
|
***
|
Represents the current year amortisation of the grant-date fair value of share options. The grant date fair value is calculated using a binomial lattice model and is amortised to the Consolidate Income statement over the period of vesting of the related option.
|
Interest at
30 April 2012
|
Interest at
31 December 2011
|
Interest at
31 December 2010
|
|||||
Name
|
Name of company and description of shares
|
Number of shares
|
Options
|
Number of shares
|
Options
|
Number of shares
|
Options
|
Dr. Bruce Given
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
500
|
28,000
|
500
|
24,000
|
500
|
20,000
|
|
Peter Gray
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
300,080
|
288,000
|
300,080
|
288,000
|
376,288
|
238,000
|
|
Ciaran Murray
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
-
|
345,000
|
-
|
295,000
|
-
|
115,000
|
|
Brendan Brennan*
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
-
|
34,100
|
-
|
14,100
|
-
|
9,100
|
|
Dr. John Climax
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
1,607,568
|
90,000
|
1,607,568
|
88,000
|
1,607,568
|
106,000
|
|
Dr. Ronan Lambe
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
400
|
20,000
|
400
|
18,000
|
400
|
22,000
|
|
Thomas Lynch
|
ICON plc
|
||||||
|
Ordinary Shares €0.06
|
1,204
|
22,000
|
1,204
|
20,000
|
1,204
|
18,000
|
Prof. Dermot Kelleher
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
-
|
14,000
|
-
|
12,000
|
-
|
10,000
|
|
Declan McKeon
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
-
|
7,000
|
-
|
5,000
|
-
|
3,000
|
|
Cathrin Petty
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
-
|
7,000
|
-
|
5,000
|
-
|
3,000
|
|
Diarmaid Cunningham**
|
ICON plc
|
||||||
Ordinary Shares €0.06
|
-
|
22,000
|
-
|
7,000
|
-
|
2,000
|
Name
|
Options
|
Exercise
price
|
Grant date
|
Expiry date
|
|
Dr. Bruce Given
|
4,000
4,000
4,000
2,000
2,000
4,000
4,000
4,000
|
$8.60
$11.00
$21.25
$35.33
$22.26
$24.46
$20.28
$22.30
|
24 February 2005
3 February 2006
16 February 2007
26 February 2008
25 February 2009
4 March 2010
3 March 2011
27 April 2012
|
24 February 2013
3 February 2014
16 February 2015
26 February 2016
25 February 2017
4 March 2018
3 March 2019
27 April 2020
|
|
Peter Gray
|
12,000
12,000
14,000
50,000
150,000
50,000
|
$11.00
$21.25
$35.33
$15.84
$24.25
$20.28
|
3 February 2006
16 February 2007
26 February 2008
30 April 2009
8 March 2010
3 March 2011
|
3 February 2014
16 February 2015
26 February 2016
30 April 2017
8 March 2018
3 March 2019
|
|
Ciaran Murray
|
20,000
18,000
16,000
14,000
17,000
30,000
30,000
150,000
50,000
|
$10.42
$11.00
$21.25
$35.33
$22.26
$24.46
$20.28
$16.80
$22.30
|
17 January 2006
3 February 2006
16 February 2007
26 February 2008
25 February 2009
4 March 2010
3 March 2011
31 October 2011
27 April 2012
|
17 January 2014
3 February 2014
16 February 2015
26 February 2016
25 February 2017
4 March 2018
3 March 2019
31 October 2019
27 April 2020
|
|
Brendan Brennan
|
2,000
2,000
2,100
3,000
5,000
20,000
|
$21.25
$35.33
$22.26
$24.46
$20.28
$20.59
|
16 February 2007
26 February 2008
25 February 2009
4 March 2010
3 March 2011
22 February 2012
|
16 February 2015
26 February 2016
25 February 2017
4 March 2018
3 March 2019
22 February 2020
|
|
Dr. John Climax
|
12,000
12,000
10,000
50,000
2,000
2,000
2,000
|
$11.00
$21.25
$35.33
$15.84
$24.46
$20.28
$22.30
|
3 February 2006
16 February 2007
26 February 2008
30 April 2009
4 March 2010
3 March 2011
27 April 2012
|
3 February 2014
16 February 2015
26 February 2016
30 April 2017
4 March 2018
3 March 2019
27 April 2020
|
|
Name
|
Options
|
Exercise
price
|
Grant date
|
Expiry date
|
|
Dr. Ronan Lambe
|
4,000
4,000
2,000
2,000
2,000
2,000
2,000
2,000
|
$8.60
$11.00
$21.25
$35.33
$22.26
$24.46
$20.28
$22.30
|
24 February 2005
3 February 2006
16 February 2007
26 February 2008
25 February 2009
4 March 2010
3 March 2011
27 April 2012
|
24 February 2013
3 February 2014
16 February 2015
26 February 2016
25 February 2017
4 March 2018
3 March 2019
27 April 2020
|
|
Thomas Lynch
|
2,400
2,400
3,200
4,000
2,000
2,000
2,000
2,000
2,000
|
$8.88
$8.60
$11.00
$21.25
$35.33
$22.26
$24.46
$20.28
$22.30
|
4 February 2004
24 February 2005
3 February 2006
16 February 2007
26 February 2008
25 February 2009
4 March 2010
3 March 2011
27 April 2012
|
4 February 2012
24 February 2013
3 February 2014
16 February 2015
26 February 2016
25 February 2017
4 March 2018
3 March 2019
27 April 2020
|
|
Prof. Dermot Kelleher
|
6,000
2,000
2,000
2,000
2,000
|
$36.04
$22.26
$24.46
$20.28
$22.30
|
27 May 2008
25 February 2009
4 March 2010
3 March 2011
27 April 2012
|
27 May 2016
25 February 2017
4 March 2018
3 March 2019
27 April 2020
|
|
Declan McKeon
|
3,000
2,000
2,000
|
$29.45
$20.28
$22.30
|
29 April 2010
3 March 2011
27 April 2012
|
29 April 2018
3 March 2019
27 April 2020
|
|
Cathrin Petty
|
3,000
2,000
2,000
|
$19.45
$20.28
$22.30
|
26 October 2010
3 March 2011
27 April 2012
|
26 October 2018
3 March 2019
27 April 2020
|
|
Diarmaid Cunningham
|
2,000
5,000
15,000
|
$24.46
$20.28
$20.59
|
4 March 2010
3 March 2011
22 February 2012
|
4 March 2018
3 March 2019
22 February 2020
|
Share options exercised
|
|||
Name
|
Number of
share options
|
Average
exercise
price
|
Market
price on date of
exercise
|
Dr. John Climax
|
20,000
|
$8.88
|
$16.45
|
Dr. Ronan Lambe
|
6,000
|
$8.88
|
$16.12
|
Shares purchased/(sold)
|
||||
Name
|
Number of
shares
|
Average
purchase
price/exercise
price
|
Number of
shares
|
Average market
price of shares
sold
|
Dr. John Climax
|
-
|
-
|
(76,208)
|
$17.00
|
Dr. John Climax
|
-
|
-
|
(20,000)
|
$16.45
|
Dr. Ronan Lambe
|
-
|
-
|
(6,000)
|
$16.12
|
|
(i)
|
the Directors have built up significant knowledge relating to the nature of the Group’s business, it’s long term and strategic relationships with customers and the development of the Company’s strategy against the background of significant change in the pharmaceutical and biotechnology industries, which together mean that it is important for the Company not to be exposed to losing more than one third of Directors in 2012,
|
|
(ii)
|
the Board has already undergone significant change and refreshment in the previous two years with two Directors (Mr Anthony Murphy and Mr Ted Roberts) retiring and the appointment of three new Directors (Mr Ciaran Murray, Ms Cathrin Petty and Mr Declan McKeon)
|
|
(i)
|
the granting of share options to them which is considered appropriate given;
|
|
a.
|
the work that they undertake on behalf of the Company;
|
|
b.
|
their value to the Company;
|
|
c.
|
the fact that each Director receives a relatively small number of options each year;
|
|
d.
|
the fact that it is usual for a non-executive Director of a NASDAQ company to be granted options and;
|
|
e.
|
the fact that the Company’s primary listing is on the NASDAQ (as NASDAQ rules do not prevent non-Executive Directors from receiving share options).
|
|
The Company acknowledges that the UK Code recommends that non-Executive Directors should not receive share options but the Company feels that, based on the reasons above, it is appropriate for share options to be granted to Non-executive Directors; and
|
|
(ii)
|
in the case of Thomas Lynch, that he has served as a non-Executive Director for more than 9 years. (The reasons for this are set out in the Compliance Statement on page 35).
|
Board committee membership and dates of appointment
|
|||||
Audit
|
Compensation and Organisation
|
Nominating and Governance
|
Execution
|
Quality
|
|
Dr. Bruce Given
|
-
|
23 Sept 2004
|
23 Sept 2004
|
23 Feb 2010
|
-
|
Mr Peter Gray
|
-
|
-
|
-
|
-
|
-
|
Mr Ciaran Murray
|
-
|
-
|
-
|
23 Feb 2010
|
-
|
Mr Brendan Brennan
|
-
|
-
|
-
|
13 Feb 2012
|
-
|
Dr Ronan Lambe
|
-
|
-
|
-
|
-
|
23 Feb 2010
|
Dr John Climax
|
-
|
-
|
-
|
-
|
20 April 2012
|
Mr Thomas Lynch
|
17 July 1998
|
17 July 1998
|
22 July 2004
|
-
|
-
|
Prof. Dermot Kelleher
|
28 April 2008
|
-
|
-
|
-
|
23 Feb 2010
|
Mr Declan McKeon
|
19 April 2010
|
13 Feb 2012
|
-
|
-
|
-
|
Ms Cathrin Petty
|
-
|
-
|
13 Feb 2012
|
-
|
-
|
Directors’ Attendance Table
|
||||||
Board
|
Audit
|
Compensation
and
Organisation
|
Nominating
and
Governance
|
Execution
|
Quality
|
|
Director
|
Number of meetings attended / number of meetings eligible to attend
|
|||||
Dr. Bruce Given
|
4/4
|
-
|
4/4
|
4/4*
|
4/4
|
-
|
Peter Gray
|
4/4
|
-
|
-
|
-
|
4/4
|
-
|
Mr Ciaran Murray
|
1/1
|
-
|
-
|
-
|
4/4*
|
-
|
Dr. Ronan Lambe
|
4/4
|
-
|
-
|
-
|
-
|
4/4
|
Dr. John Climax
|
4/4
|
-
|
-
|
-
|
-
|
-
|
Thomas Lynch
|
4/4
|
4/4
|
3/4*
|
4/4
|
-
|
-
|
Prof. Dermot Kelleher
|
4/4
|
3/4
|
-
|
-
|
-
|
4/4*
|
Dr. Anthony Murphy
|
4/4
|
-
|
4/4
|
4/4
|
-
|
-
|
Mr Declan McKeon
|
4/4
|
4/4*
|
-
|
-
|
-
|
-
|
Ms Cathrin Petty
|
4/4
|
4/4
|
-
|
-
|
-
|
-
|
|
·
|
A clear focus on business objectives is established by the Board having considered the risk profile of the Group;
|
|
·
|
The organisation structure of the Group under the day-to-day direction of its Chief Executive Officer is clear. Defined lines of responsibility and delegation of authority have been established within which the Group’s activities can be planned, executed, controlled and monitored in order to achieve the strategic objectives which the Board has adopted for the Group;
|
|
·
|
A process of hierarchical reporting has been established which provides for a documented and auditable trail of accountability. These procedures are relevant across Group operations and provide for successive assurances to be given at increasingly higher levels of management and, finally, to the Board.
|
|
·
|
The Board has reviewed the process for identifying and evaluating the significant risks affecting the business and the policies and procedures by which these risks are managed. The executive Director’s report to the Board significant changes in the business and external environment which affect the significant risks identified
|
|
·
|
The Company has a comprehensive process for reporting financial information to the Board including a budget process which is approved annually by the Board. The Chief Financial Officer provides the Board with quarterly financial information which includes key performance indicators.
|
|
·
|
The Group has a formal system of management and financial reporting, treasury management and capital project appraisal. This reporting system includes reporting on trading activities, operational issues, financial performance, working capital, cash flow and asset management. All material commitments are subject to Board approval.
|
·
|
A formal policy for regular evaluation of the Board Committees, individual Directors and the Chairman was not in place during 2011 but has since been put in place during 2012,
|
·
|
Non Executive Directors received share options during 2011 (without shareholder approval) which was deemed appropriate by the Board (as it is allowed by the NASDAQ listing rules where the Company has its primary listing), and
|
·
|
The Company did not apply annual re-election of all of the Directors or all Directors that have served on the Board for more than 9 years in 2011. In addition, the Company does not intend to apply annual re-election of all Director’s in 2012 (as outlined on page 29) and instead intends to seek the re-election of three of the Directors in accordance with the Company’s Articles of Association.
|
·
|
The Company did not carry out an independent evaluation of the Board; however it should be noted that an independent evaluation is only required once every 3 years.
|
·
|
The UK Code requires that the membership of the Compensation & Organisation Committee of the Company (as the Company is regarded as equivalent to a FTSE 350 company) is comprised of at least three independent non-executive Directors. In addition, the Chairman of the Board may also be a member. During 2011, there were three members of the Compensation and Organisation Committee (Dr. Anthony Murphy (Chairman of the Committee and who retired from the Board in December 2011), Dr. Bruce Given (Board Chairman) and Thomas Lynch (independent non-executive Director). Accordingly, there were only two independent non-executive Directors on the Committee which did not meet the UK Code requirement of at least 3 independent non-executive Directors. However, the Board is satisfied that both the membership during 2011, and the current membership of the Committee, is appropriate but will continue to monitor the composition of this Committee.
|
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
·
|
select suitable accounting policies and then apply them consistently;
|
·
|
make judgments and estimates that are reasonable and prudent;
|
·
|
state that the financial statements comply with the IFRSs as adopted by the EU, and in the case of the Company, as applied in accordance with the Companies Acts 1963 to 2009; and
|
·
|
prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Group and Company will continue in business.
|
·
|
the Group financial statements, prepared in accordance with IFRSs as adopted by the EU, give a true and fair view of the assets, liabilities and financial position of the Group at 31 December 2011 and its profit for the year then ended;
|
·
|
the Company financial statements, prepared in accordance with IFRSs as adopted by the EU and as applied in accordance with the Companies Acts 1963 to 2009, give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2011; and
|
·
|
the Directors’ report contained in the Annual Report includes a fair view of the development and performance of the business and the position of the Group and Company, together with a description of the principal risks and uncertainties that they face.
|
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
·
|
the Consolidated financial statements give a true and fair view, in accordance with IFRSs as adopted by the EU, of the state of the Group’s affairs as at 31 December 2011and of its profit for the year then ended;
|
·
|
the Company financial statements give a true and fair view, in accordance with IFRSs as adopted by the EU and as applied in accordance with the provisions of the Companies Acts 1963 to 2009, of the state of the Company’s affairs as at 31 December 2011;
|
·
|
the Consolidated financial statements have been properly prepared in accordance with the Companies Acts 1963 to 2009 and Article 4 of the IAS Regulation; and
|
·
|
the Company financial statements have been properly prepared in accordance with the Companies Acts 1963 to 2009.
|
|
·
|
IAS 24 Related Party Disclosures (amendment) effective 1 January 2011
|
|
·
|
IAS 32 Financial Instruments: Presentation – Classification of Rights Issues (amendment) effective 1 February 2010
|
|
·
|
IFRIC 14 Prepayments of a Minimum Funding Requirement (amendment) effective 1 January
|
|
·
|
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments effective 1 July 2010
|
|
·
|
Improvements to IFRSs (May 2010) – amendments applying in respect of the 2011 financial year-end
|
|
·
|
IAS 12 Income Taxes (amendment) effective 1 January 2012
|
|
·
|
IAS 19 Employee benefits (amendment) effective 1 January 2013
|
|
·
|
IFRS 10 Consolidated Financial Statements effective 1 January 2013
|
|
·
|
IFRS 11 Joint Arrangements effective 1 January 2013
|
|
·
|
IFRS 12 Disclosure of Interests in Other Entities effective 1 January 2013
|
|
·
|
IFRS 13 Fair Value Measurement effective 1 January 2013
|
|
·
|
IFRIC Interpretation 20 Stripping Costs in the Production Phase effective 1 January 2013
|
Average
|
Year end
|
|||
Year to
31 December
2011
|
Year to
31 December
2010
|
31 December
2011
|
31 December
2010
|
|
Euro 1:$
|
1.3991
|
1.3204
|
1.2961
|
1.3377
|
Pound Sterling 1:$
|
1.6050
|
1.5420
|
1.5413
|
1.5599
|
Years
|
|
Buildings
|
40
|
Computer equipment
|
4
|
Office furniture and fixtures
|
8
|
Laboratory equipment
|
5
|
Motor vehicles
|
5
|
Years
|
|
Computer software
|
4-8
|
Customer relationships
|
3-11
|
Volunteer list
|
6
|
Order backlog
|
3
|
Technology Asset
|
7.5
|
Tradename
|
4.5
|
Year ended
|
Year ended
|
Year ended
|
Year ended
|
|||||||||||||||||
31 December
|
31 December
|
31 December
|
31 December
|
|||||||||||||||||
Note
|
2011
|
2011
|
2011
|
2010
|
||||||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||||||
Excluding
|
Including
|
|||||||||||||||||||
Exceptional items
|
Exceptional items
|
Exceptional items
|
||||||||||||||||||
Gross revenue
|
1,296,509 | - | 1,296,509 | 1,263,147 | ||||||||||||||||
Reimbursable expenses
|
(350,780 | ) | - | (350,780 | ) | (363,103 | ) | |||||||||||||
Net revenue
|
1 | 945,729 | - | 945,729 | 900,044 | |||||||||||||||
Direct costs
|
7 | (612,038 | ) | (5,838 | ) | (617,876 | ) | (541,407 | ) | |||||||||||
Other operating expenses
|
7 | (294,850 | ) | (3,979 | ) | (298,829 | ) | (266,751 | ) | |||||||||||
Operating profit
|
38,841 | (9,817 | ) | 29,024 | 91,886 | |||||||||||||||
Financing income
|
3 | 2,335 | - | 2,335 | 2,741 | |||||||||||||||
Financing expense
|
4 | (2,573 | ) | - | (2,573 | ) | (1,878 | ) | ||||||||||||
Profit before taxation
|
2 | 38,603 | (9,817 | ) | 28,786 | 92,749 | ||||||||||||||
Income tax expense
|
5,7 | (10,787 | ) | 1,231 | (9,556 | ) | (6,577 | ) | ||||||||||||
Profit for the financial year
|
27,816 | (8,586 | ) | 19,230 | 86,172 | |||||||||||||||
Attributable to:
|
||||||||||||||||||||
Equity holders of the Company
|
24 | 27,816 | (8,586 | ) | 19,230 | 86,172 | ||||||||||||||
Earnings per ordinary share
|
||||||||||||||||||||
Basic
|
6 | 0.46 | (0.14 | ) | 0.32 | 1.44 | ||||||||||||||
Diluted
|
6 | 0.45 | (0.14 | ) | 0.31 | 1.41 |
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
Year ended
|
Year ended
|
|||||||||||
31 December
|
31 December
|
|||||||||||
Note
|
2011
|
2010
|
||||||||||
$’000 | $’000 | |||||||||||
Other Comprehensive Income
|
||||||||||||
Currency translation differences
|
24 | (11,348 | ) | (9,701 | ) | |||||||
Currency impact on long-term intercompany funding
|
24 | (802 | ) | (1,080 | ) | |||||||
Tax on currency impact on long-term funding
|
24 | 294 | (198 | ) | ||||||||
Unrealised capital loss on investments
|
24 | (622 | ) | - | ||||||||
Deferred tax movement on unexercised options
|
5 | - | (2,865 | ) | ||||||||
Tax benefit excess on exercised options
|
24 | 681 | 2,345 | |||||||||
Actuarial loss recognised on defined benefit pension scheme
|
9 | (4,365 | ) | (1,209 | ) | |||||||
Net loss recognised directly within other comprehensive income
|
(16,162 | ) | (12,708 | ) | ||||||||
Profit for the financial year
|
19,230 | 86,172 | ||||||||||
Total comprehensive income for the financial year
|
3,068 | 73,464 | ||||||||||
Attributable to:
|
||||||||||||
Equity holders of the Company
|
3,068 | 73,464 | ||||||||||
Total comprehensive income for the financial year
|
3,068 | 73,464 |
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
31 December
|
31 December
|
|||||||||||
Note
|
2011
|
2010
|
||||||||||
ASSETS
|
$’000 | $’000 | ||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
11 | 129,389 | 140,100 | |||||||||
Intangible assets – goodwill and other
|
12 | 334,736 | 228,914 | |||||||||
Other non-current assets
|
16 | 10,601 | 10,598 | |||||||||
Deferred tax assets
|
5 | 4,610 | 1,862 | |||||||||
Total non-current assets
|
479,336 | 381,474 | ||||||||||
Current assets
|
||||||||||||
Inventories
|
14 | 2,787 | 3,792 | |||||||||
Accounts receivable
|
15 | 201,338 | 164,907 | |||||||||
Unbilled revenue
|
126,850 | 101,431 | ||||||||||
Other current assets
|
16 | 26,409 | 23,005 | |||||||||
Current taxes receivable
|
18,455 | 19,446 | ||||||||||
Current asset investments
|
17 | 54,940 | - | |||||||||
Cash and cash equivalents
|
18 | 119,237 | 255,706 | |||||||||
Total current assets
|
550,016 | 568,287 | ||||||||||
Total assets
|
1,029,352 | 949,761 | ||||||||||
EQUITY
|
||||||||||||
Share capital
|
23 | 5,055 | 5,063 | |||||||||
Share premium
|
160,090 | 155,537 | ||||||||||
Share based payment reserve
|
24 | 39,429 | 31,478 | |||||||||
Capital redemption reserve
|
24 | 44 | - | |||||||||
Other reserves
|
24 | 7,422 | 7,422 | |||||||||
Foreign currency translation reserve
|
24 | (11,507 | ) | 349 | ||||||||
Current asset investment - fair value reserve
|
24 | (622 | ) | - | ||||||||
Retained earnings
|
24 | 491,937 | 483,896 | |||||||||
Total equity attributable to equity holders
|
691,848 | 683,745 | ||||||||||
LIABILITIES
|
||||||||||||
Non-current liabilities
|
||||||||||||
Non-current other liabilities
|
19 | 9,486 | 6,129 | |||||||||
Non-current provisions
|
20 | 11,903 | - | |||||||||
Deferred tax liabilities
|
5 | 5,155 | 1,295 | |||||||||
Total non-current liabilities
|
26,544 | 7,424 | ||||||||||
Current liabilities
|
||||||||||||
Accounts payable
|
5,340 | 12,314 | ||||||||||
Payments on account
|
150,792 | 134,240 | ||||||||||
Accrued and other liabilities
|
19 | 104,478 | 96,172 | |||||||||
Provisions
|
20 | 41,489 | 3,027 | |||||||||
Current tax payable
|
8,861 | 12,839 | ||||||||||
Total current liabilities
|
310,960 | 258,592 | ||||||||||
Total liabilities
|
337,504 | 266,016 | ||||||||||
Total equity and liabilities
|
1,029,352 | 949,761 |
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
Number
|
Share
|
Share
|
Capital
|
Share Based
|
Other
|
Currency
|
Current Asset Investment
|
Retained
|
||||||||||||||||||||||
of shares
|
Capital
|
Premium
|
Redemption
Reserve
|
Payment Reserve
|
Reserves
|
Reserve
|
Fair value
Reserve
|
Earnings
|
Total
|
|||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||
Balance at 1 January 2011
|
60,247,092 | 5,063 | 155,537 | - | 31,478 | 7,422 | 349 | - | 483,896 | 683,745 | ||||||||||||||||||||
Total comprehensive income for the year:
|
||||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | - | - | 19,230 | 19,230 | ||||||||||||||||||||
Other Comprehensive Income:
|
||||||||||||||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | - | (11,348 | ) | - | - | (11,348 | ) | ||||||||||||||||||
Currency impact on long-term funding
|
- | - | - | - | - | - | (802 | ) | - | - | (802 | ) | ||||||||||||||||||
Tax on currency impact of long term funding
|
- | - | - | - | - | - | 294 | - | - | 294 | ||||||||||||||||||||
Unrealised capital loss on investments
|
- | - | - | - | - | - | - | (622 | ) | - | (622 | ) | ||||||||||||||||||
Tax benefit excess on exercise of options
|
- | - | - | - | 681 | - | - | - | - | 681 | ||||||||||||||||||||
Employee benefits
|
- | - | - | - | - | - | - | - | (4,365 | ) | (4,365 | ) | ||||||||||||||||||
Total other comprehensive income
|
- | - | - | - | 681 | - | (11,856 | ) | (622 | ) | (4,365 | ) | (16,162 | ) | ||||||||||||||||
Total comprehensive income for the year
|
- | - | - | - | 681 | - | (11,856 | ) | (622 | ) | 14,865 | 3,068 | ||||||||||||||||||
Transactions with owners, recorded directly in equity
|
||||||||||||||||||||||||||||||
Share-based payment
|
- | - | - | - | 9,564 | - | - | - | - | 9,564 | ||||||||||||||||||||
Exercise of share options
|
430,340 | 36 | 4,629 | - | - | - | - | - | - | 4,665 | ||||||||||||||||||||
Issue of shares arising from issue of restricted share units
|
3,768 | - | - | - | - | - | - | - | - | - | ||||||||||||||||||||
Share issue costs
|
- | - | (76 | ) | - | - | - | - | - | - | (76 | ) | ||||||||||||||||||
Repurchase of ordinary shares
|
(545,597 | ) | (44 | ) | - | 44 | - | - | - | - | (9,005 | ) | (9,005 | ) | ||||||||||||||||
Share repurchase costs
|
- | - | - | - | - | - | - | - | (113 | ) | (113 | ) | ||||||||||||||||||
Transfer of exercised and expired share–based awards
|
- | - | - | - | (2,294 | ) | - | - | - | 2,294 | - | |||||||||||||||||||
Total contributions by and distributions to owners
|
(111,489 | ) | (8 | ) | 4,553 | 44 | 7,270 | - | - | - | (6,824 | ) | 5,035 | |||||||||||||||||
Total transactions with owners
|
(111,489 | ) | (8 | ) | 4,553 | 44 | 7,270 | - | - | - | (6,824 | ) | 5,035 | |||||||||||||||||
Balance at 31 December 2011
|
60,135,603 | 5,055 | 160,090 | 44 | 39,429 | 7,422 | (11,507 | ) | (622 | ) | 491,937 | 691,848 |
Share Based
|
||||||||||||||||||||||||
Number
of shares
|
Share
Capital
|
Share
Premium
|
Payment Reserve
|
Other
Reserve
|
Currency
Reserve
|
Retained
Earnings
|
Total
|
|||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||
Balance at 1 January 2010
|
59,007,565 | 4,965 | 142,518 | 31,017 | 7,422 | 11,328 | 392,531 | 589,781 | ||||||||||||||||
Total comprehensive income for the year:
|
||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 86,172 | 86,172 | ||||||||||||||||
Other Comprehensive Income:
|
||||||||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | (9,701 | ) | - | (9,701 | ) | ||||||||||||||
Currency impact on long-term funding
|
- | - | - | - | - | (1,080 | ) | - | (1,080 | ) | ||||||||||||||
Tax on currency impact on long term funding
|
- | - | - | - | - | (198 | ) | - | (198 | ) | ||||||||||||||
Deferred tax movement on unexercised options
|
- | - | - | (2,865 | ) | - | - | - | (2,865 | ) | ||||||||||||||
Tax benefit excess on exercise of options
|
- | - | - | 2,345 | - | - | - | 2,345 | ||||||||||||||||
Employee benefits
|
- | - | - | - | - | - | (1,209 | ) | (1,209 | ) | ||||||||||||||
Total other comprehensive income
|
- | - | - | (520 | ) | - | (10,979 | ) | (1,209 | ) | (12,708 | ) | ||||||||||||
Total comprehensive income for the year
|
- | - | - | (520 | ) | - | (10,979 | ) | 84,963 | 73,464 | ||||||||||||||
Transactions with owners, recorded directly in equity
|
||||||||||||||||||||||||
Share-based payment
|
- | - | - | 7,383 | - | - | - | 7,383 | ||||||||||||||||
Exercise of share options
|
1,237,015 | 98 | 13,070 | - | - | - | - | 13,168 | ||||||||||||||||
Issue of shares arising from issue of restricted share units
|
2,512 | - | - | - | - | - | - | - | ||||||||||||||||
Share issue costs
|
- | - | (51 | ) | - | - | - | - | (51 | ) | ||||||||||||||
Transfer of exercised and expired share–based awards
|
- | - | - | (6,402 | ) | - | - | 6,402 | - | |||||||||||||||
Total contributions by and distributions to owners
|
1,239,527 | 98 | 13,019 | 981 | - | - | 6,402 | 20,500 | ||||||||||||||||
Total transactions with owners
|
1,239,527 | 98 | 13,019 | 981 | - | - | 6,402 | 20,500 | ||||||||||||||||
Balance at 31 December 2010
|
60,247,092 | 5,063 | 155,537 | 31,478 | 7,422 | 349 | 483,896 | 683,745 |
Note
|
Year ended
|
Year ended
|
|||||||||
31 December
|
31 December
|
||||||||||
2011
|
2010
|
||||||||||
$’000 | $’000 | ||||||||||
Profit for the financial year
|
19,230 | 86,172 | |||||||||
Adjustments to reconcile net income to net cash generated from operating activities
|
|||||||||||
Loss on disposal of property, plant and equipment
|
135 | 136 | |||||||||
Depreciation
|
11 | 23,169 | 25,869 | ||||||||
Amortisation of intangible assets
|
12 | 15,513 | 8,004 | ||||||||
Amortisation of grants
|
(115 | ) | (220 | ) | |||||||
Share based payment
|
10 | 9,564 | 7,383 | ||||||||
Financing income
|
3 | (2,335 | ) | (2,741 | ) | ||||||
Financing expense
|
4 | 2,573 | 1,878 | ||||||||
Defined benefit pension service costs
|
9 | 212 | 184 | ||||||||
Income tax expense
|
5 | 9,556 | 6,577 | ||||||||
Operating cash inflow before changes in working capital
|
77,502 | 133,242 | |||||||||
(Increase)/decrease in accounts receivable
|
(32,083 | ) | 18,267 | ||||||||
Increase in unbilled revenue
|
(27,164 | ) | (4,887 | ) | |||||||
Increase in other current assets
|
(4,017 | ) | (81 | ) | |||||||
Increase in other non current assets
|
(233 | ) | (1,273 | ) | |||||||
Decrease/(increase) in inventory
|
1,005 | (233 | ) | ||||||||
(Decrease)/increase in accounts payable
|
(8,652 | ) | 647 | ||||||||
Increase/(decrease) in payments on account
|
9,494 | (29,191 | ) | ||||||||
Increase/(decrease) in accrued and other liabilities and provisions
|
27,379 | (15,904 | ) | ||||||||
(Decrease)/increase in non current other liabilities and provisions
|
(613 | ) | 999 | ||||||||
Cash provided by operations
|
42,618 | 101,586 | |||||||||
Income taxes paid
|
(22,723 | ) | (14,634 | ) | |||||||
Employer contribution defined benefit pension scheme
|
9 | (273 | ) | (293 | ) | ||||||
Interest received
|
958 | 1,602 | |||||||||
Interest paid
|
(388 | ) | (833 | ) | |||||||
Net cash inflow from operating activities
|
20,192 | 87,428 | |||||||||
Investing activities
|
|||||||||||
Purchase of property, plant and equipment
|
(14,440 | ) | (18,990 | ) | |||||||
Purchase of intangible assets
|
(20,844 | ) | (11,962 | ) | |||||||
Purchase of subsidiary undertakings
|
(69,836 | ) | (3,693 | ) | |||||||
Cash acquired with subsidiary undertakings
|
8,300 | - | |||||||||
Sale of current asset investments
|
438 | 79,487 | |||||||||
Purchase of current asset investments
|
(56,000 | ) | (30,260 | ) | |||||||
Net cash (used in)/provided by investing activities
|
(152,382 | ) | 14,582 | ||||||||
Financing activities
|
|||||||||||
Tax benefit from the exercise of share options
|
681 | 2,345 | |||||||||
Proceeds from exercise of share options
|
4,665 | 13,168 | |||||||||
Share issuance costs
|
(76 | ) | (51 | ) | |||||||
Repurchase of ordinary shares
|
(9,005 | ) | - | ||||||||
Share repurchase costs
|
(113 | ) | - | ||||||||
Repayment of lease liabilities
|
- | (166 | ) | ||||||||
Net cash (used in)/provided by financing activities
|
(3,848 | ) | 15,296 | ||||||||
Net (decrease)/increase in cash and cash equivalents
|
(136,038 | ) | 117,306 | ||||||||
Effect of exchange rate changes
|
(431 | ) | (6,401 | ) | |||||||
Cash and cash equivalents at start of year
|
255,706 | 144,801 | |||||||||
Cash and cash equivalents at end of year
|
119,237 | 255,706 |
(US GAAP)
|
(US GAAP)
|
(US GAAP)
|
(US GAAP)
|
|||||||||||||
Year ended
|
Year ended
|
Year ended
|
Year ended
|
|||||||||||||
31 December
|
31 December
|
31 December
|
31 December
|
|||||||||||||
2011
|
2011
|
2011
|
2010
|
|||||||||||||
US$’000
|
US$’000
|
US$’000
|
US$’000
|
|||||||||||||
Excluding
|
Including
|
|||||||||||||||
Exceptional items
|
Exceptional items
|
Exceptional items
|
||||||||||||||
Revenue
|
||||||||||||||||
Central laboratory
|
71,549 | - | 71,549 | 63,813 | ||||||||||||
Clinical research
|
874,180 | - | 874,180 | 836,231 | ||||||||||||
Total
|
945,729 | - | 945,729 | 900,044 | ||||||||||||
Income from Operations
|
||||||||||||||||
Central laboratory
|
(661 | ) | (1,545 | ) | (2,206 | ) | (12,759 | ) | ||||||||
Clinical research
|
39,921 | (8,272 | ) | 31,649 | 104,854 | |||||||||||
Total
|
39,260 | (9,817 | ) | 29,443 | 92,095 |
(US GAAP)
|
(US GAAP)
|
|||||||
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
US$’000
|
US$’000
|
|||||||
Depreciation and Amortisation
|
||||||||
Central laboratory
|
3,721 | 4,888 | ||||||
Clinical research
|
34,961 | 28,985 | ||||||
38,682 | 33,873 | |||||||
Share based payment
|
||||||||
Central laboratory
|
539 | 487 | ||||||
Clinical research
|
8,816 | 6,921 | ||||||
Total
|
9,355 | 7,408 | ||||||
Interest Income
|
||||||||
Central laboratory
|
18 | 20 | ||||||
Clinical research
|
1,176 | 1,741 | ||||||
Total
|
1,194 | 1,761 | ||||||
Interest Expense
|
||||||||
Central laboratory
|
22 | - | ||||||
Clinical research
|
1,620 | 1,132 | ||||||
Total
|
1,642 | 1,132 | ||||||
Provision for income taxes
|
||||||||
Central laboratory
|
(175 | ) | (2,858 | ) | ||||
Clinical research
|
6,290 | 8,511 | ||||||
Total
|
6,115 | 5,653 | ||||||
Total assets
|
||||||||
Central laboratory
|
55,184 | 60,004 | ||||||
Clinical research
|
980,283 | 889,534 | ||||||
Total
|
1,035,467 | 949,538 |
(US GAAP)
|
(US GAAP)
|
|||||||
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
US$’000
|
US$’000
|
|||||||
Total liabilities
|
||||||||
Central laboratory
|
13,330 | 14,677 | ||||||
Clinical research
|
340,593 | 264,865 | ||||||
Total
|
353,923 | 279,539 | ||||||
Capital expenditure
|
||||||||
Central laboratory
|
1,449 | 3,991 | ||||||
Clinical research
|
34,556 | 27,602 | ||||||
Total
|
36,005 | 31,593 |
(EU IFRS)
|
(EU IFRS)
|
|||||||
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
US$’000
|
US$’000
|
|||||||
External revenue
|
||||||||
Ireland
|
88,869 | 128,790 | ||||||
Rest of Europe
|
348,492 | 292,567 | ||||||
United States
|
393,957 | 381,196 | ||||||
Rest of World
|
114,411 | 97,491 | ||||||
Total
|
945,729 | 900,044 | ||||||
Non-current assets
|
||||||||
Ireland
|
174,443 | 109,919 | ||||||
Europe
|
130,545 | 91,226 | ||||||
United States
|
160,910 | 165,464 | ||||||
Rest of World
|
13,438 | 14,865 | ||||||
Total
|
479,336 | 381,474 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Client A
|
13 | % | * |
Year ended 31 December 2011
|
Year ended 31 December 2010
|
|||||||||||||||||||||||
Group
auditor
|
Affiliated
firms
|
Total
|
Group
auditor
|
Affiliated
firms
|
Total
|
|||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||
Auditors’ remuneration:
|
||||||||||||||||||||||||
Audit fees (1) (2)
|
1,113 | 385 | 1,498 | 1,075 | 370 | 1,445 | ||||||||||||||||||
Other assurance fees (3)
|
22 | 109 | 131 | 11 | 108 | 119 | ||||||||||||||||||
Tax advisory fees (4)
|
457 | 205 | 662 | 893 | 165 | 1,058 | ||||||||||||||||||
Other non-audit fees (5)
|
160 | - | 160 | 80 | - | 80 | ||||||||||||||||||
Total fees
|
1,752 | 699 | 2,451 | 2,059 | 643 | 2,702 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Directors’ emoluments
|
||||||||
Fees
|
760 | 704 | ||||||
Other emoluments and benefits in kind
|
1,357 | 956 | ||||||
Pension contributions
|
103 | 70 | ||||||
Share based payment
|
1,219 | 945 | ||||||
Total Directors’ emoluments
|
3,439 | 2,675 | ||||||
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Depreciation and amortisation
|
||||||||
Depreciation of property, plant and equipment
|
23,169 | 25,869 | ||||||
Amortisation of intangible assets
|
15,513 | 8,004 | ||||||
Total depreciation and amortisation
|
38,682 | 33,873 | ||||||
Operating lease rentals
|
||||||||
Premises
|
41,784 | 37,421 | ||||||
Motor vehicles
|
8,427 | 6,553 | ||||||
Plant and equipment
|
2,028 | 2,046 | ||||||
Total operating lease rentals
|
52,239 | 46,020 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Interest receivable
|
1,194 | 1,761 | ||||||
Defined benefit pension – expected return on plan assets
|
1,141 | 980 | ||||||
2,335 | 2,741 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Interest on bank overdraft and credit facilities
|
877 | 1,107 | ||||||
Finance cost on acquisition contingent consideration
|
763 | - | ||||||
Finance lease interest
|
2 | 25 | ||||||
Defined benefit pension-interest cost
|
931 | 746 | ||||||
2,573 | 1,878 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Current tax expense
|
||||||||
Current year
|
11,997 | 3,754 | ||||||
Under/(over) provided in prior years
|
239 | (435 | ) | |||||
12,236 | 3,319 | |||||||
Deferred tax charge/(credit)
|
||||||||
Origination and reversal of temporary differences
|
(2,359 | ) | 3,107 | |||||
(Over)/under provided in prior years
|
(321 | ) | 151 | |||||
(2,680 | ) | 3,258 | ||||||
Total income tax expense in the Consolidated income statement
|
9,556 | 6,577 | ||||||
Current tax recognised in equity
|
||||||||
Share based payment
|
(681 | ) | (2,345 | ) | ||||
Tax on currency impact on long term funding
|
(294 | ) | 198 | |||||
Total current tax recognised in equity
|
(975 | ) | (2,147 | ) |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Profit before tax
|
28,786 | 92,749 | ||||||
Irish standard tax rate
|
12.5 | % | 12.5 | % | ||||
Taxes at Irish standard tax rate
|
3,598 | 11,593 | ||||||
Reversal of prior year over provision in respect of
|
||||||||
current foreign taxes
|
(83 | ) | (285 | ) | ||||
Foreign and other income taxed at higher rates
|
11,727 | 5,845 | ||||||
Recognition of previously unrecognised tax benefits for uncertain tax positions
|
(2,913 | ) | (9,689 | ) | ||||
Non taxable income and non tax deductible expenses
|
(588 | ) | 97 | |||||
Losses for which no benefit has been recognised
|
4,362 | 822 | ||||||
Research and development tax incentives
|
(6,341 | ) | (1,927 | ) | ||||
Other
|
(206 | ) | 121 | |||||
Tax expense on profit for the year
|
9,556 | 6,577 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Deferred taxation assets
|
||||||||
Net operating losses carried forward
|
5,791 | 3,878 | ||||||
Accrued expenses and payments on account
|
11,652 | 6,588 | ||||||
Property, plant and equipment
|
1,069 | 433 | ||||||
Deferred compensation
|
1,197 | 1,349 | ||||||
Share based payment
|
1,113 | 3,258 | ||||||
Other
|
207 | 91 | ||||||
Total deferred taxation assets
|
21,029 | 15,597 | ||||||
Less: offset against deferred tax liabilities
|
(16,419 | ) | (13,735 | ) | ||||
Deferred tax asset disclosed on Statement of financial position
|
4,610 | 1,862 | ||||||
Deferred taxation liabilities
|
||||||||
Property, plant and equipment
|
7,331 | 6,478 | ||||||
Goodwill and related assets
|
9,443 | 7,348 | ||||||
Other intangible assets
|
3,525 | 223 | ||||||
Other
|
90 | 149 | ||||||
Accruals to cash method adjustment
|
1,185 | 832 | ||||||
Total deferred taxation liabilities
|
21,574 | 15,030 | ||||||
Less: offset against deferred tax assets
|
(16,419 | ) | (13,735 | ) | ||||
Deferred tax liability disclosed on Statement of financial position
|
5,155 | 1,295 | ||||||
Net deferred taxation (liability)/asset
|
(545 | ) | 567 |
Balance
|
Balance
|
|||||||||||||||||||
1 January
|
Acquired
|
Recognised in
|
Recognised in
|
31 December
|
||||||||||||||||
2011
|
Income
|
Other Comprehensive Income
|
2011
|
|||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Deferred taxation assets
|
||||||||||||||||||||
Net operating loss carry forwards
|
3,878 | 439 | 1,498 | (24 | )* | 5,791 | ||||||||||||||
Accrued expenses and payments on account
|
6,588 | - | 5,084 | (20 | )* | 11,652 | ||||||||||||||
Property, plant and equipment
|
433 | 206 | 430 | - | 1,069 | |||||||||||||||
Deferred compensation
|
1,349 | - | (152 | ) | - | 1,197 | ||||||||||||||
Share based payment
|
3,258 | - | (2,145 | ) | - | 1,113 | ||||||||||||||
Other
|
91 | - | 116 | - | 207 | |||||||||||||||
Total deferred taxation assets
|
15,597 | 645 | 4,831 | (44 | ) | 21,029 | ||||||||||||||
Deferred taxation liabilities
|
||||||||||||||||||||
Property, plant and equipment
|
6,478 | - | 813 | 40 | * | 7,331 | ||||||||||||||
Goodwill on acquisition
|
7,348 | - | 2,095 | - | 9,443 | |||||||||||||||
Accruals to cash method adjustment
|
832 | - | 353 | - | 1,185 | |||||||||||||||
Other intangible assets
|
223 | 4,370 | (1,051 | ) | (17 | )* | 3,525 | |||||||||||||
Other
|
149 | - | (59 | ) | - | 90 | ||||||||||||||
Total deferred taxation liabilities
|
15,030 | 4,370 | 2,151 | 23 | 21,574 | |||||||||||||||
Net deferred taxation asset/(liability)
|
567 | (3,725 | ) | 2,680 | (67 | ) | (545 | ) |
Balance
|
Balance
|
|||||||||||||||||||
1 January
|
Acquired
|
Recognised in
|
Recognised in
|
31 December
|
||||||||||||||||
2010
|
Income
|
Other Comprehensive Income
|
2010
|
|||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Deferred taxation assets:
|
||||||||||||||||||||
Net operating loss carry forwards
|
2,133 | - | 1,710 | 35 | * | 3,878 | ||||||||||||||
Accrued expenses and payments on account
|
9,296 | - | (2,774 | ) | 66 | * | 6,588 | |||||||||||||
Property, plant and equipment
|
353 | - | 80 | - | 433 | |||||||||||||||
Deferred compensation
|
947 | - | 402 | - | 1,349 | |||||||||||||||
Share based payment
|
7,073 | - | (950 | ) | (2,865 | ) | 3,258 | |||||||||||||
Other
|
238 | - | (147 | ) | - | 91 | ||||||||||||||
Total deferred taxation assets
|
20,040 | - | (1,679 | ) | (2,764 | ) | 15,597 | |||||||||||||
Deferred taxation liabilities:
|
||||||||||||||||||||
Property, plant and equipment
|
5,873 | - | 605 | - | 6,478 | |||||||||||||||
Goodwill on acquisition
|
5,492 | - | 1,856 | - | 7,348 | |||||||||||||||
Accruals to cash method adjustment
|
12 | - | 808 | 12 | 832 | |||||||||||||||
Other intangible assets
|
1,312 | - | (1,089 | ) | - | 223 | ||||||||||||||
Other
|
750 | - | (601 | ) | - | 149 | ||||||||||||||
Total deferred taxation liabilities
|
13,439 | - | 1,579 | 12 | 15,030 | |||||||||||||||
Net deferred taxation asset
|
6,601 | - | (3,258 | ) | (2,776 | ) | 567 |
Year ended
|
Year ended
|
Year ended
|
Year ended
|
|||||||||||||
31 December
|
31 December
|
31 December
|
31 December
|
|||||||||||||
2011
|
2011
|
2011
|
2010
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
Excluding
|
Including
|
|||||||||||||||
Exceptional items
|
Exceptional items
|
Exceptional items
|
||||||||||||||
Numerator computations
|
||||||||||||||||
Basic and diluted earnings per share
|
||||||||||||||||
Profit for the year
|
27,816 | (8,586 | ) | 19,230 | 86,172 | |||||||||||
Profit attributable to equity holders
|
27,816 | (8,586 | ) | 19,230 | 86,172 | |||||||||||
Denominator computations
|
Number of Shares
|
|||||||||||||||
Weighted average number of ordinary shares outstanding – basic
|
60,379,338 | 60,379,338 | 60,379,338 | 59,718,934 | ||||||||||||
Effect of dilutive potential ordinary shares
|
757,377 | 757,377 | 757,377 | 1,195,381 | ||||||||||||
Weighted average number of ordinary shares outstanding - diluted
|
61,136,715 | 61,136,715 | 61,136,715 | 60,914,315 |
Year ended
31 December
|
Year ended
31 December
|
Year ended
31 December
|
Year ended
31 December
|
|||||||||||||
2011
|
2011
|
2011
|
2010
|
|||||||||||||
Excluding
|
Including
|
|||||||||||||||
Exceptional items
|
Exceptional items
|
Exceptional items
|
||||||||||||||
Earnings per Share
|
$ | $ | $ | $ | ||||||||||||
Basic earnings per ordinary share
|
0.46 | (0.14 | ) | 0.32 | 1.44 | |||||||||||
Diluted earnings per ordinary share
|
0.45 | (0.14 | ) | 0.31 | 1.41 | |||||||||||
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Restructuring charge
|
9,817 | - | ||||||
Income tax on restructuring charge
|
(1,231 | ) | - | |||||
Restructuring charge net of tax
|
8,586 | - |
Workforce
|
Office
|
|||||||||||
Reductions
|
Consolidations
|
Total
|
||||||||||
$’000 | $’000 | $’000 | ||||||||||
Initial provision recognised
|
7,836 | 1,981 | 9,817 | |||||||||
Cash payments
|
(5,438 | ) | (251 | ) | (5,689 | ) | ||||||
Property, plant and equipment write-off
|
- | (55 | ) | (55 | ) | |||||||
Foreign exchange movement
|
(164 | ) | (35 | ) | (199 | ) | ||||||
Closing provision
|
2,234 | 1,640 | 3,874 |
Note
|
Year ended
|
Year ended
|
||||||||||
31 December
|
31 December
|
|||||||||||
2011
|
2010
|
|||||||||||
$’000 | $’000 | |||||||||||
Wages and salaries
|
549,119 | 494,671 | ||||||||||
Social welfare costs
|
79,151 | 63,488 | ||||||||||
Pension costs for defined contribution pension schemes
|
23,708 | 20,808 | ||||||||||
Pension costs for defined benefit pension schemes
|
9 | 2 | (50 | ) | ||||||||
Termination payments
|
8,722 | - | ||||||||||
Share based payment*
|
10 | 9,564 | 7,383 | |||||||||
Total charge to income
|
670,266 | 586,300 | ||||||||||
Actuarial losses recognised on defined benefit pension scheme
|
9 | 4,365 | 1,209 | |||||||||
Total payroll and related benefit costs
|
674,631 | 587,509 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Marketing
|
247 | 218 | ||||||
Administration
|
1,128 | 1,102 | ||||||
Clinical research processing
|
6,311 | 5,836 | ||||||
Laboratory
|
406 | 424 | ||||||
Total
|
8,092 | 7,580 |
Name
|
Year
|
Salary
|
Company
pension
contribution*
|
Performance related compensation
|
All other compensation
|
Subtotal
|
Subtotal
|
Share-based
payments
|
Directors’ Fees
|
Total
compensation
|
€’000
|
€’000
|
€’000
|
€’000
|
€’000
|
$’000
|
$’000
|
$’000
|
$’000
|
||
Bruce Given
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
31
|
317
|
348
|
Peter Gray
|
2011
|
533
|
57
|
187
|
37
|
814
|
1,139
|
741
|
-
|
1,880
|
Ciaran Murray**
|
2011
|
134
|
17
|
75
|
7
|
233
|
321
|
324
|
-
|
645
|
John Climax
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
12
|
48
|
60
|
Ronan Lambe
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
19
|
53
|
72
|
Thomas Lynch
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
19
|
71
|
90
|
Dermot Kelleher
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
25
|
73
|
98
|
Anthony Murphy***
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
16
|
78
|
94
|
Declan McKeon
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
17
|
61
|
78
|
Cathrin Petty
|
2011
|
-
|
-
|
-
|
-
|
-
|
-
|
15
|
59
|
74
|
Total
|
2011
|
667
|
74
|
262
|
44
|
1,047
|
1,460
|
1,219
|
760
|
3,439
|
Name
|
Year
|
Salary
|
Company
pension
contribution*
|
Performance related compensation
|
All other compensation
|
Subtotal
|
Subtotal
|
Share-based
payments
|
Directors Fees
|
Total
compensation
|
€’000
|
€’000
|
€’000
|
€’000
|
$’000
|
$’000
|
$’000
|
$’000
|
|||
Bruce Given
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
31
|
317
|
348
|
Peter Gray
|
2010
|
525
|
53
|
105
|
37
|
720
|
958
|
761
|
-
|
1,719
|
John Climax**
|
2010
|
-
|
-
|
-
|
53
|
53
|
68
|
7
|
48
|
123
|
Ronan Lambe
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
21
|
52
|
73
|
Thomas Lynch
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
23
|
78
|
101
|
Edward Roberts
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
44
|
17
|
61
|
Dermot Kelleher
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
30
|
65
|
95
|
Anthony Murphy
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
14
|
75
|
89
|
Declan McKeon
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
12
|
40
|
52
|
Cathrin Petty
|
2010
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
12
|
14
|
Total
|
2010
|
525
|
53
|
105
|
90
|
773
|
1,026
|
945
|
704
|
2,675
|
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Discount rate
|
4.70 | % | 5.45 | % | ||||
Expected return on plan assets
|
5.80 | % | 7.10 | % | ||||
Inflation rate
|
3.00 | % | 3.55 | % | ||||
Future pension increases
|
2.90 | % | 3.45 | % | ||||
Future salary increases
|
3.50 | % | 4.05 | % |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Discount rate
|
5.45 | % | 5.70 | % | ||||
Expected return on plan assets
|
7.10 | % | 7.40 | % | ||||
Future salary increases
|
4.05 | % | 4.00 | % |
31 December
|
31 December
|
|||
2011
|
2010
|
|||
Male currently age 42
|
26.6 years
|
26.5 years
|
||
Female currently age 42
|
29.1 years
|
29.0 years
|
||
Male currently age 62
|
24.5 years
|
24.4 years
|
||
Female currently age 62
|
27.2 years
|
27.0 years
|
31 December
|
31 December
|
|||||
2011
|
2010
|
|||||
$’000
|
$’000
|
Projected benefit obligation at start of year
|
16,482 | 13,686 | ||||||
Current service cost
|
212 | 184 | ||||||
Interest cost
|
931 | 746 | ||||||
Plan participants’ contributions
|
135 | 133 | ||||||
Actuarial loss on benefit obligation
|
2,621 | 2,232 | ||||||
Benefits paid
|
(109 | ) | (54 | ) | ||||
Foreign exchange rate changes
|
(348 | ) | (445 | ) | ||||
Projected benefit obligation at end of year
|
19,924 | 16,482 |
Fair value of plan assets at start of year
|
15,499 | 13,573 | ||||||
Expected return on plan assets
|
1,141 | 980 | ||||||
Actuarial (loss)/gain on plan assets
|
(1,744 | ) | 1,023 | |||||
Employer contribution
|
273 | 293 | ||||||
Plan participants’ contributions
|
135 | 133 | ||||||
Benefit paid
|
(109 | ) | (54 | ) | ||||
Foreign exchange rate changes
|
(174 | ) | (449 | ) | ||||
Fair value of plan assets at end of year
|
15,021 | 15,499 |
Net benefit obligation*
|
(4,903 | ) | (983 | ) |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Accumulated other comprehensive income at start of year
|
305 | 1,514 | ||||||
Effect of changes in assumptions underlying the present value of benefit obligations
|
(2,621 | ) | (2,232 | ) | ||||
Experience adjustments on plan assets
|
(1,744 | ) | 1,023 | |||||
Accumulated other comprehensive income at end of year
|
(4,060 | ) | 305 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Current service cost
|
212 | 184 | ||||||
Interest cost
|
931 | 746 | ||||||
Expected (gain)/loss on plan assets *
|
(1,141 | ) | (980 | ) | ||||
Net periodic pension cost/(credit)
|
2 | (50 | ) |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Unit funds
|
15,021 | 15,499 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Equities
|
6.1 | % | 7.3 | % | ||||
Bonds
|
4.7 | % | 5.4 | % |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Equities
|
90 | % | 90 | % | ||||
Bonds
|
10 | % | 10 | % |
Other Liabilities/Non-current other liabilities
|
31 December
|
31December
|
31 December
|
31 December
|
31 December
|
|||||||||||||||
2011
|
2010
|
2009
|
2008
|
2007
|
||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Present value of benefit obligations
|
(19,924 | ) | (16,482 | ) | (13,686 | ) | (10,114 | ) | (15,216 | ) | ||||||||||
Fair value of plan assets
|
15,021 | 15,499 | 13,573 | 10,392 | 15,470 | |||||||||||||||
Present value of net (obligations)/assets*
|
(4,903 | ) | (983 | ) | (113 | ) | 278 | 254 | ||||||||||||
*Retirement plan net benefit obligation amounting to $1.0 million at 31 December 2010 has been reclassified from current accrued and other liabilities to non-current other liabilities due to the long term nature of these liabilities.
|
Other Comprehensive Income
|
31 December
|
31December
|
31 December
|
31 December
|
31 December
|
|||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Actuarial (loss)/gain on asset
|
(1,744 | ) | 1,023 | 1,460 | (2,923 | ) | 654 | |||||||||||||
Actuarial (loss)/gain on liability
|
(2,621 | ) | (2,232 | ) | (2,079 | ) | 1,968 | 4,722 | ||||||||||||
Total actuarial (loss)/gain
|
(4,365 | ) | (1,209 | ) | (619 | ) | (955 | ) | 5,376 |
Outstanding
|
Available to Grant
|
|||||||||||||||
31 December
|
31 December
|
31 December
|
31 December
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
1998 Long Term Incentive Plan
|
462,950 | 644,810 | - | - | ||||||||||||
2003 Stock Option Plan
|
3,184,985 | 3,454,472 | 379,130 | 408,829 | ||||||||||||
2008 Stock Option Plans
|
1,254,883 | 699,395 | 4,983,703 | 5,300,605 | ||||||||||||
Total
|
4,902,818 | 4,798,677 | 5,123,833 | 5,709,434 |
Number of
|
Weighted Average
|
||
Options
|
Exercise Price
|
||
Outstanding at 31 December 2009
|
5,408,222
|
$18.99
|
|
Granted
|
1,038,327
|
$24.34
|
|
Exercised
|
(1,237,015)
|
$10.64
|
|
Forfeited
|
(410,857)
|
$25.86
|
|
Outstanding at 31 December 2010
|
4,798,677
|
$21.71
|
|
Granted
|
989,449
|
$19.66
|
|
Exercised
|
(430,340)
|
$10.84
|
|
Forfeited
|
(454,968)
|
$25.77
|
|
Outstanding at 31 December 2011
|
4,902,818
|
$21.87
|
|
Exercisable at 31 December 2011
|
2,368,508
|
$20.35
|
Options Outstanding
|
Options Exercisable
|
||||
Range
Exercise
Price
|
Number of
Shares
|
Weighted
Average
Remaining
Contractual Life
|
Weighted
Average
Exercise Price
|
Number of
Shares
|
Weighted
Average
Exercise Price
|
$8.60
|
328,374
|
1.13
|
$8.60
|
328,374
|
$8.60
|
$8.88
|
17,000
|
0.09
|
$8.88
|
17,000
|
$8.88
|
$10.42
|
20,000
|
2.04
|
$10.42
|
20,000
|
$10.42
|
$11.00
|
455,653
|
2.09
|
$11.00
|
455,653
|
$11.00
|
$15.47
|
810
|
5.33
|
$15.47
|
270
|
$15.47
|
$15.84
|
103,000
|
5.33
|
$15.84
|
41,200
|
$15.84
|
$16.80
|
150,000
|
7.83
|
$16.80
|
-
|
$16.80
|
$17.17
|
30,000
|
7.85
|
$17.17
|
-
|
$17.17
|
$17.30
|
24,000
|
2.64
|
$17.30
|
24,000
|
$17.30
|
$18.00
|
70,000
|
2.83
|
$18.00
|
70,000
|
$18.00
|
$18.98
|
9,000
|
4.87
|
$18.98
|
5,400
|
$18.98
|
$19.45
|
33,000
|
6.82
|
$19.45
|
6,600
|
$19.45
|
$20.16
|
2,000
|
6.87
|
$20.16
|
400
|
$20.16
|
$20.28
|
749,339
|
7.17
|
$20.28
|
1,500
|
$20.28
|
$21.25
|
664,950
|
3.13
|
$21.25
|
523,894
|
$21.25
|
$21.76
|
1,000
|
3.31
|
$21.76
|
800
|
$21.76
|
$22.10
|
11,000
|
5.56
|
$22.10
|
4,400
|
$22.10
|
$22.26
|
574,818
|
5.15
|
$22.26
|
230,383
|
$22.26
|
$22.60
|
2,000
|
3.65
|
$22.60
|
1,600
|
$22.60
|
$22.93
|
10,000
|
7.56
|
$22.93
|
-
|
$22.93
|
$23.06
|
10,000
|
6.62
|
$23.06
|
2,000
|
$23.06
|
$23.20
|
4,000
|
6.70
|
$23.20
|
800
|
$23.20
|
$24.25
|
150,000
|
6.18
|
$24.25
|
-
|
$24.25
|
$24.46
|
651,264
|
6.17
|
$24.46
|
134,962
|
$24.46
|
$26.20
|
2,400
|
6.38
|
$26.20
|
480
|
$26.20
|
$26.27
|
2,000
|
4.81
|
$26.27
|
1,200
|
$26.27
|
$27.91
|
2,000
|
6.42
|
$27.91
|
400
|
$27.91
|
$29.45
|
8,000
|
6.33
|
$29.45
|
1,600
|
$29.45
|
$35.33
|
808,210
|
4.15
|
$35.33
|
489,292
|
$35.33
|
$36.05
|
6,000
|
4.40
|
$36.05
|
4,500
|
$36.05
|
$36.20
|
2,000
|
4.33
|
$36.20
|
1,200
|
$36.20
|
$41.25
|
1,000
|
4.67
|
$41.25
|
600
|
$41.25
|
$8.60 - $41.25
|
4,902,818
|
4.68
|
$21.87
|
2,368,508
|
$20.35
|
Grant Date
|
Number of
|
Weighted Average
|
Shares
|
exercise price
|
|
3-Mar-11
|
799,449
|
20.28
|
25-Jul-11
|
10,000
|
22.93
|
31-Oct-11
|
150,000
|
16.80
|
07-Nov-11
|
30,000
|
17.17
|
989,449
|
$19.66
|
Grant Date
|
Number of
|
Weighted Average
|
Shares
|
exercise price
|
|
4-Mar-10
|
816,927
|
$24.46
|
8-Mar-10
|
150,000
|
$24.25
|
29-Apr-10
|
8,000
|
$29.45
|
3-May-10
|
10,000
|
$29.38
|
20-May-10
|
2,400
|
$26.20
|
1-Jun-10
|
2,000
|
$27.91
|
16-Aug-10
|
10,000
|
$23.06
|
13-Sep-10
|
4,000
|
$23.20
|
26-Oct-10
|
33,000
|
$19.45
|
15-Nov-10
|
2,000
|
$20.16
|
1,038,327
|
$24.34
|
Year ended
31 December
|
Year ended
31 December
|
|
2011
|
2010
|
|
Weighted average share price
|
$19.66
|
$24.34
|
Weighted average exercise price
|
$19.66
|
$24.34
|
Expected volatility (1)
|
45-50%
|
45%
|
Expected dividend yield
|
-
|
-
|
Risk-free rate (2)
|
0.8%-1.8%
|
1.0%-1.2%
|
Rate of forced early exercise
|
10% p.a.
|
10% p.a.
|
Minimum gain for voluntary early exercise
|
33% of exercise price
|
33% of exercise price
|
Rate of voluntary early exercise at minimum gain
|
100% per annum
|
100% per annum
|
RSU’s Awarded
|
Date of Award
|
Vesting Date
|
Market Price on Date of Award
|
100,000*
|
10 February 2011
|
10 February 2016
|
$22.11
|
120,000**
|
3 March 2011
|
3 March 2014
|
$20.28
|
10,000
|
7 June 2011
|
7 June 2014
|
$24.60
|
100,000
|
1 October 2011
|
1 October 2014
|
$16.08
|
5,000
|
27 October 2011
|
27 October 2014
|
$17.65
|
30,000
|
7 November 2011
|
7 November 2014
|
$17.17
|
Year Ended
31 December
2011
|
Year Ended
31 December
2010
|
|||||||
$’000 | $’000 | |||||||
Direct costs
|
5,270 | 4,068 | ||||||
Other operating expenses
|
4,294 | 3,315 | ||||||
Total
|
9,564 | 7,383 |
Leasehold
|
Computer
|
Office
furniture &
|
Laboratory
|
Motor
|
||||||||||||||||||||||||||||
Land
|
Buildings
|
improvements
|
equipment
|
fixtures
|
equipment
|
vehicles
|
Total
|
|||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||||||||
Cost
|
||||||||||||||||||||||||||||||||
At 1 January 2011
|
4,113 | 75,511 | 26,186 | 74,557 | 56,444 | 23,320 | 44 | 260,175 | ||||||||||||||||||||||||
Additions
|
- | 205 | 1,728 | 7,977 | 3,185 | 1,568 | - | 14,663 | ||||||||||||||||||||||||
Disposals
|
- | - | (159 | ) | (992 | ) | (292 | ) | (57 | ) | - | (1,500 | ) | |||||||||||||||||||
Arising on acquisition
|
- | - | 278 | 455 | 277 | - | - | 1,010 | ||||||||||||||||||||||||
Foreign exchange movement
|
99 | (2,476 | ) | (691 | ) | (2,072 | ) | (1,518 | ) | (636 | ) | (1 | ) | (7,295 | ) | |||||||||||||||||
At 31 December 2011
|
4,212 | 73,240 | 27,342 | 79,925 | 58,096 | 24,195 | 43 | 267,053 | ||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||||||||||
At 1 January 2011
|
- | 12,993 | 13,996 | 54,827 | 24,572 | 13,665 | 22 | 120,075 | ||||||||||||||||||||||||
Reclassification
|
- | (5,146 | ) | - | 3 | 5,143 | - | - | - | |||||||||||||||||||||||
Reclassification to Intangible assets
|
- | (671 | ) | - | - | - | - | - | (671 | ) | ||||||||||||||||||||||
Charge for year
|
- | 1,972 | 3,517 | 8,417 | 6,072 | 3,186 | 5 | 23,169 | ||||||||||||||||||||||||
Eliminated on disposal
|
- | - | (136 | ) | (968 | ) | (91 | ) | (57 | ) | - | (1,252 | ) | |||||||||||||||||||
Foreign exchange movement
|
- | (480 | ) | (371 | ) | (1,546 | ) | (814 | ) | (445 | ) | (1 | ) | (3.657 | ) | |||||||||||||||||
At 31 December 2011
|
- | 8,668 | 17,006 | 60,733 | 34,882 | 16,349 | 26 | 137,664 | ||||||||||||||||||||||||
Net book value
|
||||||||||||||||||||||||||||||||
At 31 December 2011
|
4,212 | 64,572 | 10,336 | 19,192 | 23,214 | 7,846 | 17 | 129,389 | ||||||||||||||||||||||||
At 31 December 2010
|
4,113 | 62,518 | 12,190 | 19,730 | 31,872 | 9,655 | 20 | 140,100 | ||||||||||||||||||||||||
Leasehold
|
Computer
|
Office furniture &
|
Laboratory
|
Motor
|
||||||||||||||||||||||||||||
Land
|
Buildings
|
improvements
|
equipment
|
fixtures
|
equipment
|
vehicles
|
Total
|
|||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||||||||
Cost
|
||||||||||||||||||||||||||||||||
At 1 January 2010
|
3,979 | 80,309 | 24,762 | 66,022 | 54,311 | 21,828 | 43 | 251,254 | ||||||||||||||||||||||||
Additions
|
- | 362 | 2,569 | 11,064 | 3,973 | 1,905 | - | 19,873 | ||||||||||||||||||||||||
Disposals
|
- | - | (922 | ) | (1,048 | ) | (398 | ) | (16 | ) | - | (2,384 | ) | |||||||||||||||||||
Arising on acquisition
|
- | - | - | - | 107 | - | - | 107 | ||||||||||||||||||||||||
Foreign exchange movement
|
134 | (5,160 | ) | (223 | ) | (1,481 | ) | (1,549 | ) | (397 | ) | 1 | (8,675 | ) | ||||||||||||||||||
At 31 December 2010
|
4,113 | 75,511 | 26,186 | 74,557 | 56,444 | 23,320 | 44 | 260,175 | ||||||||||||||||||||||||
Depreciation
|
||||||||||||||||||||||||||||||||
At 1 January 2010
|
- | 6,032 | 10,736 | 46,395 | 24,861 | 10,387 | 18 | 98,429 | ||||||||||||||||||||||||
Charge for year
|
- | 7,564 | 4,047 | 10,414 | 305 | 3,534 | 5 | 25,869 | ||||||||||||||||||||||||
Eliminated on disposal
|
- | - | (876 | ) | (1,038 | ) | (203 | ) | (15 | ) | - | (2,132 | ) | |||||||||||||||||||
Foreign exchange movement
|
- | (603 | ) | 89 | (944 | ) | (391 | ) | (241 | ) | (1 | ) | (2,091 | ) | ||||||||||||||||||
At 31 December 2010
|
- | 12,993 | 13,996 | 54,827 | 24,572 | 13,665 | 22 | 120,075 | ||||||||||||||||||||||||
Net book value
|
||||||||||||||||||||||||||||||||
At 31 December 2010
|
4,113 | 62,518 | 12,190 | 19,730 | 31,872 | 9,655 | 20 | 140,100 | ||||||||||||||||||||||||
At 31 December 2009
|
3,979 | 74,277 | 14,026 | 19,627 | 29,450 | 11,441 | 25 | 152,825 | ||||||||||||||||||||||||
Computer Software
$’000
|
Customer Relationships
$’000
|
Volunteer List
$’000
|
Order Backlog
$’000
|
Technology
Asset
$’000
|
Tradename
$’000
|
Goodwill
$’000
|
Total
$’000
|
|||||||||||||||||||||||||
Cost
|
||||||||||||||||||||||||||||||||
At 1 January 2011
|
77,790 | 12,288 | 1,325 | 1,470 | - | - | 189,869 | 282,742 | ||||||||||||||||||||||||
Additions
|
20,844 | - | - | - | - | - | - | 20,844 | ||||||||||||||||||||||||
Disposal
|
(451 | ) | - | - | - | - | - | - | (451 | ) | ||||||||||||||||||||||
Arising on acquisition
|
35 | 11,891 | - | 1,790 | 11,169 | 1,357 | 83,656 | 109,898 | ||||||||||||||||||||||||
Foreign exchange movement
|
(2,741 | ) | (533 | ) | - | (109 | ) | (967 | ) | (118 | ) | (6,123 | ) | (10,591 | ) | |||||||||||||||||
31 December 2011
|
95,477 | 23,646 | 1,325 | 3,151 | 10,202 | 1,239 | 267,402 | 402,442 | ||||||||||||||||||||||||
Amortisation
|
||||||||||||||||||||||||||||||||
At 1 January 2011
|
47,027 | 5,194 | 624 | 983 | - | - | - | 53,828 | ||||||||||||||||||||||||
Reclassification from Property, Plant and Equipment
|
671 | - | - | - | - | - | - | 671 | ||||||||||||||||||||||||
Amortised in the year
|
10,866 | 2,483 | 217 | 1,139 | 672 | 136 | - | 15,513 | ||||||||||||||||||||||||
Disposal
|
(411 | ) | - | - | - | - | - | - | (411 | ) | ||||||||||||||||||||||
Foreign exchange movement
|
(1,747 | ) | (51 | ) | - | (38 | ) | (49 | ) | (10 | ) | - | (1,895 | ) | ||||||||||||||||||
At 31 December 2011
|
56,406 | 7,626 | 841 | 2,084 | 623 | 126 | - | 67,706 | ||||||||||||||||||||||||
Net book value
|
||||||||||||||||||||||||||||||||
At 31 December 2011
|
39,071 | 16,020 | 484 | 1,067 | 9,579 | 1,113 | 267,402 | 334,736 | ||||||||||||||||||||||||
At 31 December 2010
|
30,763 | 7,094 | 701 | 487 | - | - | 189,869 | 228,914 |
Computer Software
$’000
|
Customer Relationships
$’000
|
Volunteer List
$’000
|
Order Backlog
$’000
|
Technology
Asset
$’000
|
Tradename
$’000
|
Goodwill
$’000
|
Total
$’000
|
|||||||||||||||||||||||||
Cost
|
||||||||||||||||||||||||||||||||
At 1 January 2010
|
68,746 | 11,644 | 1,325 | 1,470 | - | - | 187,577 | 270,762 | ||||||||||||||||||||||||
Additions
|
11,962 | - | - | - | - | - | 11,962 | |||||||||||||||||||||||||
Disposal
|
(78 | ) | - | - | - | - | - | - | (78 | ) | ||||||||||||||||||||||
Arising on acquisition
|
- | 770 | - | - | - | - | 3,505 | 4,275 | ||||||||||||||||||||||||
Prior period acquisition
|
- | - | - | - | - | - | 2,539 | * | 2,539 | |||||||||||||||||||||||
Foreign exchange movement
|
(2,840 | ) | (126 | ) | - | - | - | - | (3,752 | ) | (6,718 | ) | ||||||||||||||||||||
At 31 December 2010
|
77,790 | 12,288 | 1,325 | 1,470 | - | - | 189,869 | 282,742 | ||||||||||||||||||||||||
Amortisation
|
||||||||||||||||||||||||||||||||
At 1 January 2010
|
43,282 | 3,581 | 407 | 493 | - | - | - | 47,763 | ||||||||||||||||||||||||
Amortised in the year
|
5,550 | 1,747 | 217 | 490 | - | - | - | 8,004 | ||||||||||||||||||||||||
Disposal
|
(78 | ) | - | - | - | - | - | - | (78 | ) | ||||||||||||||||||||||
Foreign exchange movement
|
(1,727 | ) | (134 | ) | - | - | - | - | - | (1,861 | ) | |||||||||||||||||||||
At 31 December 2010
|
47,027 | 5,194 | 624 | 983 | - | - | - | 53,828 | ||||||||||||||||||||||||
Net book value
|
||||||||||||||||||||||||||||||||
At 31 December 2010
|
30,763 | 7,094 | 701 | 487 | - | - | 189,869 | 228,914 | ||||||||||||||||||||||||
At 31 December 2009
|
25,464 | 8,063 | 918 | 977 | - | - | 187,577 | 222,999 |
31 December
2011
|
31 December
2010
|
|||||||
$’000 | $’000 | |||||||
Goodwill
|
||||||||
Clinical research
|
267,402 | 189,869 | ||||||
Central laboratory
|
- | - | ||||||
267,402 | 189,869 |
31 December
2011
|
31 December
2010
|
|||||||
Expected revenue growth rate
|
10 | % | 7 | % | ||||
Expected growth rate for operating costs
|
8 | % | 8 | % | ||||
Expected effective tax rate
|
18 | % | 18 | % | ||||
Expected movement in creditors
|
8 | % | 8 | % | ||||
Expected movement in debtors based on DSO*
|
50 days
|
40 days
|
||||||
Expected capital expenditure growth rate
|
8 | % | 8 | % |
31 December
2011
|
31 December
2010
|
|||||||
$’000 | $’000 | |||||||
Value-in use (present value of future cash flows)
|
1,920 | 1,248 | ||||||
Carrying amount of the Clinical research CGU
|
650 | 638 | ||||||
Excess of value-in-use over carrying value
|
1,270 | 610 |
31 December
2011
|
31 December
2010
|
|||||||
Expected revenue growth rate
|
5 | % | 3 | % | ||||
Expected growth rate for operating costs
|
3 | % | 3 | % | ||||
Expected capital expenditure growth rate
|
3 | % | 3 | % | ||||
Discount rate
|
13 | % | 15 | % |
31 December
2011
|
31 December
2010
|
|||||||
$’000 | $’000 | |||||||
Revised value-in use (present value of future cash flows)
|
920 | 812 | ||||||
Carrying amount of the Clinical research CGU
|
650 | 638 | ||||||
Revised excess of value-in-use over carrying value
|
270 | 174 |
Carrying
|
Fair Value
|
Fair Value
|
||||||||||
Amount
|
Adjustment
|
|||||||||||
$’000 | $’000 | $’000 | ||||||||||
Property, plant and equipment
|
687 | - | 687 | |||||||||
Goodwill
|
- | 48,073 | 48,073 | |||||||||
Intangible asset – technology asset
|
- | 11,169 | 11,169 | |||||||||
Intangible asset – customer relationships
|
- | 5,243 | 5,243 | |||||||||
Intangible asset – order backlog
|
- | 1,172 | 1,172 | |||||||||
Intangible asset - trade name
|
- | 1,357 | 1,357 | |||||||||
Cash and cash equivalents
|
1,965 | - | 1,965 | |||||||||
Other current assets
|
846 | - | 846 | |||||||||
Accounts Receivable
|
2,867 | - | 2,867 | |||||||||
Deferred tax liability
|
(2,367 | ) | - | (2,367 | ) | |||||||
Other liabilities
|
(2,521 | ) | - | (2,521 | ) | |||||||
Purchase price
|
68,491 |
Year Ended
|
Year Ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Net revenue
|
952,729 | 906,311 | ||||||
Profit for the year
|
24,181 | 85,228 |
Carrying
|
Fair Value
|
Fair Value
|
||||||||||
Amount
|
Adjustment
|
|||||||||||
$’000 | $’000 | $’000 | ||||||||||
Property, plant and equipment
|
490 | - | 490 | |||||||||
Goodwill
|
- | 35,583 | 35,583 | |||||||||
Intangible asset – customer relationships
|
- | 6,648 | 6,648 | |||||||||
Intangible asset – order backlog
|
- | 618 | 618 | |||||||||
Cash and cash equivalents
|
6,335 | - | 6,335 | |||||||||
Other current assets
|
1,354 | - | 1,354 | |||||||||
Accounts Receivable
|
5,438 | - | 5,438 | |||||||||
Deferred tax liability
|
(2,003 | ) | - | (2,003 | ) | |||||||
Current liabilities
|
(2,128 | ) | - | (2,128 | ) | |||||||
Purchase price
|
52,335 |
Year Ended
|
Year Ended
|
|||||||
31 December
|
31December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Net revenue
|
945,729 | 919,524 | ||||||
Profit for the year
|
21,210 | 90,625 |
Carrying
Amount
|
Fair Value Adjustment
|
Fair Value
|
||||||||||
$’000 | $’000 | $’000 | ||||||||||
Property, plant and equipment
|
107 | - | 107 | |||||||||
Goodwill
|
- | 3,505 | 3,505 | |||||||||
Intangible assets – customer relationships
|
- | 770 | 770 | |||||||||
Other current assets
|
160 | - | 160 | |||||||||
Current liabilities
|
(719 | ) | - | (719 | ) | |||||||
Purchase price
|
3,823 |
Year Ended
|
Year Ended
|
|||||||
31 December
|
31 December
|
|||||||
2010
|
2009
|
|||||||
$’000 | $’000 | |||||||
Net revenue
|
900,370 | 888,929 | ||||||
Profit for the year
|
86,647 | 96,675 |
Carrying
Amount
|
Fair Value
Adjustment
|
Fair Value
|
||||||||||
$’000 | $’000 | $’000 | ||||||||||
Property, plant and equipment
|
327 | - | 327 | |||||||||
Cash
|
5 | - | 5 | |||||||||
Other current assets
|
575 | - | 575 | |||||||||
Current liabilities
|
(1,951 | ) | - | (1,951 | ) | |||||||
Goodwill
|
- | 12,424 | 12,424 | |||||||||
Intangible assets – customer relationships
|
- | 1,565 | 1,565 | |||||||||
Intangible assets- volunteer list
|
- | 1,325 | 1,325 | |||||||||
Purchase Price
|
14,270 |
$’000 | ||||
Cash Payment
|
13,295 | |||
Acquisition Costs
|
975 | |||
Purchase Price
|
14,270 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Laboratory inventories
|
2,787 | 3,792 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Accounts receivable
|
206,864 | 168,191 | ||||||
Less amounts provided for doubtful debts
|
(5,526 | ) | (3,284 | ) | ||||
Accounts receivable, net
|
201,338 | 164,907 |
Gross
|
Net
|
Gross
|
Net
|
|||||||||||||||||||||
accounts receivable
|
Impairment
|
accounts receivable
|
accounts receivable
|
Impairment
|
accounts receivable
|
|||||||||||||||||||
2011
|
2011
|
2011
|
2010
|
2010
|
2010
|
|||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||
Not past due
|
146,421 | (290 | ) | 146,131 | 111,563 | (103 | ) | 111,460 | ||||||||||||||||
Past due 0 to 30 days
|
31,481 | (829 | ) | 30,652 | 28,511 | - | 28,511 | |||||||||||||||||
Past due 31 to 60 days
|
8,744 | - | 8,744 | 10,581 | - | 10,581 | ||||||||||||||||||
Past due 61+ days
|
20,218 | (4,407 | ) | 15,811 | 17,536 | (3,181 | ) | 14,355 | ||||||||||||||||
Accounts receivable
|
206,864 | (5,526 | ) | 201,338 | 168,191 | (3,284 | ) | 164,907 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Accounts receivable impairment provision
|
||||||||
Balance at start of year
|
3,284 | 5,209 | ||||||
Amounts used during the year
|
(945 | ) | (2,192 | ) | ||||
Amounts provided for during the year
|
4,190 | 3,415 | ||||||
Amounts released during the year
|
(1,003 | ) | (3,148 | ) | ||||
Balance at end of year
|
5,526 | 3,284 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Currency
|
$’000 | $’000 | ||||||
US Dollar
|
134,265 | 85,811 | ||||||
Euro
|
51,468 | 69,145 | ||||||
Sterling
|
10,873 | 7,987 | ||||||
Other currencies
|
4,732 | 1,964 | ||||||
201,338 | 164,907 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Other non-current assets
|
||||||||
Lease deposits
|
6,826 | 6,991 | ||||||
Deferred employee savings scheme assets
|
3,775 | 3,607 | ||||||
10,601 | 10,598 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Other current assets
|
||||||||
Personnel related prepayments
|
1,056 | 724 | ||||||
Facility and information system related prepayments
|
11,361 | 11,387 | ||||||
General overhead prepayments
|
3,872 | 2,249 | ||||||
Sales tax recoverable
|
5,588 | 4,133 | ||||||
Other receivables
|
4,532 | 4,512 | ||||||
Total
|
26,409 | 23,005 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
At start of year
|
- | 49,227 | ||||||
Additions
|
56,000 | - | ||||||
Disposals
|
(438 | ) | (49,227 | ) | ||||
Unrealised capital loss - investments
|
(622 | ) | - | |||||
At end of year
|
54,940 | - |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Cash at bank and in hand
|
58,823 | 54,319 | ||||||
Short term deposits
|
60,414 | 201,387 | ||||||
Cash and cash equivalents
|
119,237 | 255,706 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Non-current other liabilities
|
||||||||
Deferred government grants (note 21)
|
1,351 | 1,470 | ||||||
Retirement plan benefit net obligation*
|
4,903 | 983 | ||||||
Deferred employee savings scheme liabilities
|
3,232 | 3,676 | ||||||
Total
|
9,486 | 6,129 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Current accrued and other liabilities
|
||||||||
Personnel related liabilities
|
62,017 | 54,983 | ||||||
Facility and information system related liabilities
|
14,780 | 11,666 | ||||||
General overhead liabilities
|
24,520 | 24,052 | ||||||
Other liabilities
|
1,823 | 5,202 | ||||||
Short term government grants
|
79 | 111 | ||||||
Short term finance leases (note 26)
|
- | 158 | ||||||
Share Repurchase programme
|
1,259 | - | ||||||
Total
|
104,478 | 96,172 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Non-current provisions
|
||||||||
Acquisition consideration payable (note 13)
|
11,903 | - | ||||||
Total
|
11,903 | - |
31 December
|
31 December
|
||
2011
|
2010
|
||
$’000
|
$’000
|
||
Current provisions
|
|||
Restructuring provision (note 7)
|
3,874
|
315
|
|
Acquisition consideration payable (note 13)
|
37,615
|
2,712
|
|
Total
|
41,489
|
3,027
|
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
At beginning of year
|
1,581 | 1,909 | ||||||
Amortised during the year
|
(115 | ) | (220 | ) | ||||
Foreign exchange movement
|
(36 | ) | (108 | ) | ||||
At end of year
|
1,430 | 1,581 | ||||||
Current
|
79 | 111 | ||||||
Non-current
|
1,351 | 1,470 | ||||||
Total
|
1,430 | 1,581 |
Authorised share capital:
|
No. of Ordinary Shares | |||
Ordinary shares of par value €0.06
|
100,000,000 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Allotted, called up and fully paid
|
||||||||
60,135,603 (31 December 2010: 60,247,092) ordinary shares of €0.06 each
|
5,055 | 5,063 | ||||||
Issued, fully paid share capital
|
||||||||
At beginning of year
|
5,063 | 4,965 | ||||||
Employee share options exercised
|
36 | 98 | ||||||
Repurchase of ordinary shares
|
(44 | ) | - | |||||
At end of year
|
5,055 | 5,063 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Share based payment reserve
|
39,429 | 31,478 | ||||||
Capital redemption reserve
|
44 | - | ||||||
Other reserves
|
7,422 | 7,422 | ||||||
Foreign currency translation reserve
|
(11,507 | ) | 349 | |||||
Current asset investment – fair value reserve
|
(622 | ) | - | |||||
Retained earnings
|
491,937 | 483,896 | ||||||
Total
|
526,703 | 523,145 |
Accounts Receivable
|
Unbilled Revenue
|
|||||||||||||||
31 December
|
31 December
|
31 December
|
31 December
|
|||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
Europe
|
90,791 | 91,583 | 64,427 | 51,351 | ||||||||||||
United States
|
106,037 | 71,668 | 57,631 | 48,186 | ||||||||||||
Rest of World
|
4,510 | 1,656 | 4,792 | 1,894 | ||||||||||||
Total
|
201,338 | 164,907 | 126,850 | 101,431 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Current asset investments (note 17)
|
54,940 | - | ||||||
Cash and cash equivalents (note 18)
|
119,237 | 255,706 | ||||||
Total liquid resources
|
174,177 | 255,706 | ||||||
Shareholders’ Equity
|
691,848 | 683,743 |
Carrying
Amount
|
Contractual Cashflows
|
6 months
or less
|
6-12 months
|
1-2 years
|
2-5 years
|
More than
5 years
|
||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||
Non-current other liabilities
|
(3,232 | ) | (3,232 | ) | - | - | (3,232 | ) | - | - | ||||||||||||||||||
Non-current provisions
|
(11,903 | ) | (12,602 | ) | - | - | (12,602 | ) | - | - | ||||||||||||||||||
Accounts payable
|
(5,340 | ) | (5,340 | ) | (5,340 | ) | - | - | - | - | ||||||||||||||||||
Accrued and other liabilities
|
(104,399 | ) | (104,399 | ) | (104,399 | ) | - | - | - | - | ||||||||||||||||||
Provisions
|
(41,489 | ) | (41,974 | ) | (28,682 | ) | (13,292 | ) | - | - | - | |||||||||||||||||
(166,363 | ) | (167,547 | ) | (138,421 | ) | (13,292 | ) | (15,834 | ) | - | - |
Carrying
Amount
|
Contractual Cashflows
|
6 months
or less
|
6-12 months
|
1-2 years
|
2-5 years
|
More than
5 years
|
||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||
Non-current other liabilities
|
(3,676 | ) | (3,676 | ) | - | - | (3,676 | ) | - | - | ||||||||||||||||||
Accounts payable
|
(12,314 | ) | (12,314 | ) | (12,314 | ) | (80 | ) | - | - | - | |||||||||||||||||
Accrued and other liabilities
|
(96,061 | ) | (96,063 | ) | (95,983 | ) | - | - | - | - | ||||||||||||||||||
Current provisions
|
(3,027 | ) | (3,027 | ) | (3,027 | ) | - | - | - | - | ||||||||||||||||||
(115,078 | ) | (115,080 | ) | (111,324 | ) | (80 | ) | (3,676 | ) | - | - |
U.S. Dollar
|
Sterling
|
Euro
|
Other
|
Total
|
||||||||||||||||
2011
|
2011
|
2011
|
2011
|
2011
|
||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Accounts receivable
|
29,302 | 6,567 | 2,767 | 2,437 | 41,073 | |||||||||||||||
Unbilled revenue/payments on account
|
(17,499 | ) | (3,479 | ) | (2,760 | ) | 706 | (23,032 | ) | |||||||||||
Cash and cash equivalents
|
69,226 | 1,752 | 743 | 239 | 71,960 | |||||||||||||||
Other current assets
|
800 | 214 | 473 | 278 | 1,765 | |||||||||||||||
Other non-current assets
|
90 | - | 472 | 44 | 606 | |||||||||||||||
Accounts payable
|
1 | (345 | ) | (194 | ) | (119 | ) | (657 | ) | |||||||||||
Accrued and other liabilities
|
(17,645 | ) | (650 | ) | 131 | (159 | ) | (18,323 | ) | |||||||||||
Current tax payable
|
- | - | 130 | 4 | 134 | |||||||||||||||
Intergroup transactions
|
(53,954 | ) | (11,388 | ) | (5,078 | ) | (24,403 | ) | (94,823 | ) | ||||||||||
Total Transaction Risk
|
10,321 | (7,329 | ) | (3,316 | ) | (20,973 | ) | (21,297 | ) | |||||||||||
U.S. Dollar
|
Sterling
|
Euro
|
Other
|
Total
|
||||||||||||||||
2010
|
2010
|
2010
|
2010
|
2010
|
||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Accounts receivable
|
17,646 | 4,091 | 3,156 | 551 | 25,444 | |||||||||||||||
Unbilled revenue/payments on account
|
(49,816 | ) | (2,519 | ) | (2,429 | ) | 3,817 | (50,947 | ) | |||||||||||
Cash and cash equivalents
|
120,740 | 2,787 | 454 | 506 | 124,487 | |||||||||||||||
Other current assets
|
1,308 | 204 | 1,871 | 1,210 | 4,593 | |||||||||||||||
Other non-current assets
|
89 | - | 487 | 7 | 583 | |||||||||||||||
Accounts payable
|
(506 | ) | (288 | ) | (98 | ) | (385 | ) | (1,277 | ) | ||||||||||
Accrued and other liabilities
|
373 | (461 | ) | 139 | (132 | ) | (81 | ) | ||||||||||||
Current tax payable
|
- | - | 88 | - | 88 | |||||||||||||||
Intergroup transactions
|
(87,959 | ) | (10,023 | ) | (17,682 | ) | (24,134 | ) | (139,798 | ) | ||||||||||
Total Transaction Risk
|
1,875 | (6,209 | ) | (14,014 | ) | (18,560 | ) | (36,908 | ) | |||||||||||
Average Rate
|
Closing Rate
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Euro
|
1.3991 | 1.3240 | 1.2961 | 1.3377 | ||||||||||||
Pound Sterling
|
1.6050 | 1.5420 | 1.5413 | 1.5599 | ||||||||||||
Interest Income
|
Interest Expense
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
As reported
|
1,194 | 1,761 | - | - | ||||||||||||
1% Increase
|
3,280 | 3,943 | - | - | ||||||||||||
1% Decrease
|
- | - | - | - | ||||||||||||
Level 1:
|
Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
|
Level 2:
|
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
Level 3:
|
Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
|
31 December 2011
|
31 December 2011
|
31 December 2010
|
31 December 2010
|
|||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
Financial Assets
|
||||||||||||||||
Other non-current assets
|
10,601 | 10,601 | 10,598 | 10,598 | ||||||||||||
Accounts receivable
|
201,338 | 201,338 | 164,907 | 164,907 | ||||||||||||
Unbilled revenue
|
126,850 | 126,850 | 101,431 | 101,431 | ||||||||||||
Other current assets
|
26,409 | 26,409 | 23,005 | 23,005 | ||||||||||||
Current asset investments
|
54,940 | 54,940 | - | - | ||||||||||||
Cash and cash equivalents
|
119,237 | 119,237 | 255,706 | 255,706 | ||||||||||||
539,375 | 539,375 | 555,647 | 555,647 | |||||||||||||
Financial Liabilities
|
||||||||||||||||
Other non-current liabilities
|
(3,232 | ) | (3,232 | ) | (3,676 | ) | (4,659 | ) | ||||||||
Non-current provisions
|
(11,903 | ) | (12,603 | ) | - | - | ||||||||||
Accounts payable
|
(5,340 | ) | (5,340 | ) | (12,314 | ) | (12,314 | ) | ||||||||
Payments on account
|
(150,792 | ) | (150,792 | ) | (134,240 | ) | (134,240 | ) | ||||||||
Finance lease liabilities
|
- | - | (158 | ) | (158 | ) | ||||||||||
Accrued and other liabilities
|
(104,399 | ) | (104,399 | ) | (95,899 | ) | (98,884 | ) | ||||||||
Provisions
|
(41,489 | ) | (41,489 | ) | (3,027 | ) | (3,027 | ) | ||||||||
(317,155 | ) | (317,855 | ) | (249,314 | ) | (249,314 | ) |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Less than one year
|
36,927 | 39,405 | ||||||
Between one and two years
|
31,564 | 34,302 | ||||||
Between two and three years
|
26,582 | 30,191 | ||||||
Between three and four years
|
20,088 | 25,327 | ||||||
Between four and five years
|
16,681 | 18,986 | ||||||
More than five years
|
26,884 | 35,939 | ||||||
Total
|
158,726 | 184,150 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Contracted for
|
16,655 | 10,980 | ||||||
Not-contracted for
|
8,982 | 10,011 | ||||||
Total
|
25,637 | 20,991 |
|
-ICON Clinical Research Property Holdings (Ireland) Limited
|
|
-ICON Clinical Property Development (Ireland) Limited
|
|
-ICON Clinical Property Holdings Limited
|
|
-ICON Clinical Property Development Limited
|
|
-ICON Clinical Research Limited
|
|
-ICS (Ireland) Limited
|
|
-Firecrest Clinical Limited
|
Payments due by period
|
||||||||||||||||||||
Less than
|
1 to 3
|
3 to 5
|
More than
|
|||||||||||||||||
Total
|
1 year
|
years
|
years
|
5 years
|
||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||
Operating lease commitments
|
158,726 | 36,927 | 58,146 | 36,769 | 26,884 | |||||||||||||||
Share repurchase programme
|
10,000 | 10,000 | - | - | - | |||||||||||||||
Capital commitments
|
25,637 | 25,637 | - | - | - | |||||||||||||||
Total
|
194,363 | 72,564 | 58,146 | 36,769 | 26,884 |
Year ended
31 December
|
Year ended
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Salary and fees
|
2,145 | 1,933 | ||||||
Bonus
|
682 | 273 | ||||||
Other benefits
|
83 | 142 | ||||||
Pension contributions
|
144 | 121 | ||||||
Share based payment
|
1,521 | 1,164 | ||||||
Total
|
4,575 | 3,633 |
Name of Director/Key Executive Officer
|
Options
|
Exercise price
|
Grant date
|
Expiry date
|
|
Dr. Bruce Given
|
4,000
4,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
|
Peter Gray
|
150,000
50,000
|
$24.25
$20.28
|
8 March 2010
3 March 2011
|
8 March 2018
3 March 2019
|
|
Ciaran Murray
|
30,000
30,000
150,000
|
$24.46
$20.28
$16.80
|
4 March 2010
3 March 2011
31 October 2011
|
4 March 2018
3 March 2019
31 October 2019
|
|
Brendan Brennan
|
3,000
5,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
|
Dr. John Climax
|
2,000
2,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
|
Dr. Ronan Lambe
|
2,000
2,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
|
Thomas Lynch
|
2,000
2,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
|
Prof. Dermot Kelleher
|
2,000
2,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
Name of Director/Key Executive Officer
|
Options
|
Exercise price
|
Grant date
|
Expiry date
|
|
Declan McKeon
|
3,000
2,000
|
$29.45
$20.28
|
29 April 2010
3 March 2011
|
29 April 2018
3 March 2019
|
|
Cathrin Petty
|
3,000
2,000
|
$19.45
$20.28
|
26 October 2010
3 March 2011
|
26 October 2018
3 March 2019
|
|
Diarmaid Cunningham
|
2,000
5,000
|
$24.46
$20.28
|
4 March 2010
3 March 2011
|
4 March 2018
3 March 2019
|
Options exercised
|
||||||||||||
Name
|
Number of
share options
|
Average
exercise
price
|
Market
price on date
of exercise
|
|||||||||
Dr. John Climax
|
20,000 | $8.88 | $16.45 | |||||||||
Dr. Ronan Lambe
|
6,000 | $8.88 | $16.12 |
Shares purchased/(sold)
|
||||||||||||||||
Name
|
Number
of shares
|
Average purchase
price/exercise
price
|
Number
of shares
|
Average Market
Price of Shares
Sold
|
||||||||||||
Peter Gray
|
- | - | (76,208 | ) | $17.00 | |||||||||||
Dr. John Climax
|
- | - | (20,000 | ) | $16.45 | |||||||||||
Dr. Ronan Lambe
|
- | - | (6,000 | ) | $16.12 |
Carrying
|
Fair Value
|
Fair Value
|
||||||||||
Amount
|
Adjustment
|
|||||||||||
$’000 | $’000 | $’000 | ||||||||||
Property, plant and equipment
|
208 | - | 208 | |||||||||
Goodwill*
|
- | 53,336 | 53,336 | |||||||||
Cash and cash equivalents
|
2,311 | - | 2,311 | |||||||||
Accounts receivables
|
2,662 | - | 2,662 | |||||||||
Other current assets
|
1,292 | - | 1,292 | |||||||||
Non-current assets
|
60 | - | 60 | |||||||||
Current liabilities
|
(7,737 | ) | - | (7,737 | ) | |||||||
Total
|
52,132 |
Carrying
|
Fair Value
|
Fair Value
|
||||||||||
Amount
|
Adjustment
|
|||||||||||
$’000 | $’000 | $’000 | ||||||||||
Property, plant and equipment
|
137 | - | 137 | |||||||||
Goodwill
|
- | 15,139 | 15,139 | |||||||||
Cash and cash equivalents
|
587 | - | 587 | |||||||||
Accounts receivable
|
657 | - | 657 | |||||||||
Other current assets
|
443 | - | 443 | |||||||||
Non-current assets
|
83 | - | 83 | |||||||||
Current liabilities
|
(1,046 | ) | - | (1,046 | ) | |||||||
Total
|
16,000 |
Name
|
Registered Office
|
Proportion held by
group
|
ICON Clinical Research Limited
|
South County Business Park Leopardstown
Dublin 18
Republic of Ireland
|
100%*
|
ICON Clinical Research
Inc.
|
212 Church Road
North Wales
Pennsylvania
PA 19454
U.S.A.
|
100%
|
ICON Clinical Research
(UK) Limited
|
Concept House
6, Stoneycroft Rise
Chandlers Ford
Eastleigh
Hampshire, SO53 3LD
England
|
100%*
|
ICON Clinical Research
GmbH
|
Heinrich-Hertz Strasse 26
D-63225 Langen
Germany
|
100%*
|
ICON Clinical Research
SARL
|
20, rue Troyon
92310 Sevres
France
|
100%
|
ICON Clinical Research
Israel Limited
|
6 Haba’al Shem Tov st.
North Industrial Area Lod 71289
POB 1114 Lod 71100
Israel
|
100%
|
ICON Clinical Research
|
Calle Josep Pla, número 2
Torre Diagonal Mar
piso 11
módulo 1
08019 Barcelona
Spain
|
100%
|
ICON Clinical Research
Kft.
|
Szepvolgy ut 39
Szepvolgy Irodapark
1037 Budapest
Hungary.
|
100%
|
ICON Clinical Research
S.R.L.
|
3rd Floor
133-137 Calea Floreasca, 1st District
Bucharest
Romania
|
100%
|
Name
|
Registered Office
|
Proportion held by
group
|
ICON Clinical Research EOOD
|
4th floor, Saborna Str.
2a, Sredets Municipality
Sofia
Bulgaria
|
100%
|
ICON Research d.o.o
|
Radnička cesta 80
Zagreb
Croatia
|
100%
|
ICON Clinical Research LLC
|
Bulevar Zorana Djindjica 64a
11070 Belgrade
Serbia
|
100%
|
ICON Clinical Research LLC
|
4th Floor
St. Poleva, 24
Kiev
Ukraine, 03056
|
100%
|
ICON Holdings
|
South County Business Park Leopardstown
Dublin 18
Republic of Ireland
|
100%
|
ICON Holdings Clinical
Research International Limited
|
South County Business Park Leopardstown
Dublin 18
Republic of Ireland
|
100%
|
ICON Clinical Research S.R.O
|
V parku 2335/20,
Post Code 148 00
Prague 4
Czech Republic
|
100%
|
ICON Clinical Research
(Canada) Inc.
|
7405, Transcanada Highway
Suite 300
St.Laurent
Quebec (H4T 1Z2)
Canada
|
100%
|
ICON Clinical Research
Pty Limited
|
Level 2, Suite 201
2-4 Lyon Park Road
North Ryde
Sydney
N.S.W. 2113
Australia
|
100%*
|
Name
|
Registered Office
|
Proportion held by
group
|
ICON Clinical Research
(New Zealand) Limited
|
Plaza Level, AXA Centre
41 Shortland Street
Auckland 1010,
New Zealand
|
100%
|
ICON Japan K.K.
|
MD Kanda Building 6F-7F
Kanda-Mitoshirocho
Chiyoda-ku
Tokyo, 101-0053
Japan
|
100%*
|
ICON Clinical Research
Pte Limited
|
Raffles Place, #20-05
Clifford Centre
Singapore 048621
|
100%
|
ICON Clinical Research
Korea Yuhan Hoesa
|
18th Floor, Capital Tower
736-1, YeokSam-Dong
KangNam-Gu
Seoul, Korea 135-983
|
100%
|
ICON Clinical Research
India Private Limited
|
RMZ Millennia Business Park
Building 3A, 2nd Floor
143 Dr. M G R Road
Kandhanchavady
Chennai - 600 096
Tamil Nadu
India
|
100%
|
ICON Clinical Research
S.A.
|
Av. Fondo de la Legua 936/54
Edificio Lomas de San Isidro Plaza1 Martinez
Buenos Aires (B1640ED0)
Argentina
|
100%
|
ICON Pesquisas
Clinicas LTDA
|
Avenida Paulista
No. 2300
Andar Pilotis-sal 03100-300
Bela Vista
Sao Paulo
SP Brazil
|
100%
|
ICON Clinical Research
Mexico S.A. de CV
|
Barranca del Muerto 329 3rd Floor
Col. San José Insurgentes
03900 México D.F.
|
100%
|
ICON Chile Limitada
|
Huerfanos 770
piso 4
oficina 402,
Santiago,
Chile
|
100%
|
Name
|
Registered Office
|
Proportion held by
group
|
ICON Clinical Research
Peru SA
|
Edificio Real Seis
Av. Victor A. Belaunde 147
Via Principal 140-Piso
Ofs 713 y 715
San Isidro-Lima 27
Peru
|
100%
|
ICON Development
Solutions Limited
|
Skelton House, 1
Manchester Science Park
Lloyd Street North
Manchester M15 6SH
England
|
100%
|
DOCS Global Inc.
|
2 Grand Central Tower
140 East 45th Street
10017 NY
New York,
U.S.A
|
100%
|
DOCS International BV
|
Handelsweg 53
1181 ZA Amstelveen
The Netherlands
|
100%
|
ICON Development
Solutions, Inc.
|
7740 Milestone Parkway,
Suite 150
Hanover, MD 21076
U.S.A
|
100%
|
ICON Central
Laboratories, Inc.
|
123 Smith Street
Farmingdale
New York 11735
U.S.A
|
100%
|
Beacon Bioscience, Inc.
|
4259 W. Swamp Road
Suite 410
Doylestown, PA 18901-1033
U.S.A
|
100%
|
Healthcare Discoveries Inc
|
8307 Gault Lane
San Antonio
TX 78209
U.S.A
|
100%
|
Prevalere Life Sciences Inc
|
8282 Halsey Road
Whitsboro
NY 13492
U.S.A
|
100%
|
Name
|
Registered Office
|
Proportion held by
group
|
Icon Medical Imaging AG
|
Zeltweg 46
8032 Zurich
Switzerland
|
100%
|
ICON Clinical Research (Beijing) Co. Limited
|
Suite 1008, North Building,
Junefield Plaza,
No. 6 Xuabwumenwai Ave,
Beijing,
China, 100052
|
100%
|
ICON Clnical Research Services Philippines Inc.
|
28 Floor, Tower 2
The Enterprise Center
6766 Ayala Ave
Corner Paseo de Roxas
Makati City 1226
Philippines
|
100%
|
Oxford Outcomes Limited
|
Seacourt Tower
West Way
Oxford
OX2 OJJ
UK
|
100%
|
Oxford Outcomes Inc.
|
7315 Wisconsin Avenue, Suite 250, Bethesda,
MD 20814
U.S.A
|
100%
|
Oxford Outcomes (Canada) Ltd
|
Suite 450, 688 W. Hastings Street, Vancouver,
British Columbia,
Canada
|
100%
|
Firecrest Clinical Limited
|
Unit 1 Mary Rosse Centre,
Holland Road,
National Technology Park,
Limerick,
Republic of Ireland
|
100%
|
ICON Clinical Research Hong Kong Limited
|
Suite 503
5/F Chinachem Exchange Square
1 Hoi Wan Street
Quarry Bay
Hong Kong
China
|
100%
|
Name
|
Registered Office
|
Proportion held by
group
|
Icon Clinical Research spzoo
|
Al. Jerozolimskie 56C
00-803
Warsaw
Poland
|
100%
|
DOCS Insourcing BV
|
Handelsweg 53
1181 ZA Amstelveen
The Netherlands
|
100%
|
DOCS International Germany GMBH
|
An der Welle 4
60422 Frankfurt
Germany
|
100%
|
DOCS International UK Limited
|
Concept house 6
Stoneycroft Rise Chandlers Ford
Eastleigh
Hampshire SO53 3LD
UK
|
100%
|
DOCS International Poland sp.zoo
|
ul. Grojecka 5
Warsaw
Poland 02-019
|
100%
|
DOCS International Nordic Countries A/S
|
Tuborg Boulevard 12
2900 Hellerup
Denmark
|
100%
|
DOCS International Sweden AB
|
Solna Stranvag 78
17154 Solna
Sweden
|
100%
|
DOCS International Finland OY
|
Mannerheimintie 12B 5th Floor
FIN-00100 Helsinki
Finland
|
100%
|
DOCS International Switzerland GMBH
|
Steinengraben 40
c/0 Experfina AG
CH-4002 Basel
Switzerland
|
100%
|
DOCS International Belgium NV
|
Pegasuslaan 5
1831 Diegem
Belgium
|
100%
|
DOCS Italy
|
Via Washington n.70
Milan
Italy
|
100%
|
Name
|
Registered Office
|
Proportion held by
group
|
ICON Investments Ltd (Jersey)
|
PO Box 76
Kleinwort Benson House
Wests Centre
St Helier
JE4 8PQ,
Jersey
|
100%
|
Icon Clinical Property Development Limited
|
South County Business Park Leopardstown
Dublin 18
Republic of Ireland
|
100%
|
Icon Clinical Research Property Development Limited
|
South County Business Park Leopardstown
Dublin 18
Republic of Ireland
|
100%
|
DOCS International France SAS
|
20, Rue Troyon
Sevres
France, 92310
|
100%
|
ICON Luxembourg
|
2, Millewee
L-7257 Walferdange
Luxembourg
|
100%
|
PriceSpective LLC
|
Pricespective LLC
460 Norristown Rd, Suite 350
Blue Bell, PA 19422
U.S.A
|
100%
|
PriceSpective Limited
|
Pricespective Limited
22 Tudor Street
London
EC4Y 0AY
UK
|
100%
|
Beijing Wits Medical Consulting Co. Limited
|
Beijing Witts
Room 1502-05, Tower B,
Global Trade Center, No. 36 East Third Ring North Road
Dongcheng District,
Beijing, 100013
China
|
100%
|
Note
|
31 December
|
31 December
|
||||||||||
2011
|
2010
|
|||||||||||
$’000 | $’000 | |||||||||||
ASSETS
|
||||||||||||
Non-current assets
|
||||||||||||
Property, plant and equipment
|
1 | 1,472 | 1,823 | |||||||||
Intangible assets
|
2 | 690 | 361 | |||||||||
Investment in subsidiaries
|
3 | 305,164 | 336,136 | |||||||||
Deferred tax asset
|
4 | 666 | 1,071 | |||||||||
Total non-current assets
|
307,992 | 339,391 | ||||||||||
Current assets
|
||||||||||||
Other current assets
|
5 | 3,446 | 2,560 | |||||||||
Amounts due from subsidiary undertakings
|
82,529 | 785 | ||||||||||
Current taxes receivable
|
133 | - | ||||||||||
Cash and cash equivalents
|
3,729 | 2,314 | ||||||||||
Total current assets
|
89,837 | 5,659 | ||||||||||
Total assets
|
397,829 | 345,050 | ||||||||||
EQUITY
|
||||||||||||
Share capital
|
5,055 | 5,063 | ||||||||||
Share premium
|
160,090 | 155,537 | ||||||||||
Capital redemption reserve
|
44 | - | ||||||||||
Share based payment reserve
|
38,170 | 30,900 | ||||||||||
Other reserves
|
6,071 | 6,071 | ||||||||||
Functional currency translation reserve
|
(7,738 | ) | 13,997 | |||||||||
Retained earnings
|
186,461 | 124,867 | ||||||||||
Attributable to equity holders
|
388,153 | 336,435 | ||||||||||
Total equity
|
388,153 | 336,435 | ||||||||||
LIABILITIES
|
||||||||||||
Current liabilities
|
||||||||||||
Accounts payable
|
438 | 168 | ||||||||||
Accrued and other liabilities
|
6 | 9,238 | 8,386 | |||||||||
Current taxes payable
|
- | 61 | ||||||||||
Total current liabilities
|
9,676 | 8,615 | ||||||||||
Total liabilities
|
9,676 | 8,615 | ||||||||||
Total equity and liabilities
|
397,829 | 345,050 |
Dr. Bruce Given
|
Ciaran Murray
|
Director
|
Director
|
Number
|
Share
|
Share
|
Capital Redemption
|
Share Based Payment
|
Other
|
Currency
|
Retained
|
Total
|
||||||||||||||||||||||||||||
of shares
|
Capital
|
Premium
|
Reserve
|
Reserve
|
Reserves
|
Reserve
|
Earnings
|
Equity
|
||||||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||||||||||||
Balance at 1 January 2011
|
60,247,092 | 5,063 | 155,537 | - | 30,900 | 6,071 | 13,997 | 124,867 | 336,435 | |||||||||||||||||||||||||||
Total comprehensive income for the year
|
||||||||||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | - | 68,418 | 68,418 | |||||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | - | (21,735 | ) | - | (21,735 | ) | |||||||||||||||||||||||||
Total other comprehensive income
|
- | - | - | - | - | - | (21,735 | ) | - | (21,735 | ) | |||||||||||||||||||||||||
Total comprehensive income for the year
|
- | - | - | - | - | - | (21,735 | ) | 68,418 | 46,683 | ||||||||||||||||||||||||||
Transactions with owners, recorded directly in equity
|
||||||||||||||||||||||||||||||||||||
Share based payment
|
- | - | - | - | 9,564 | - | - | - | 9,564 | |||||||||||||||||||||||||||
Exercise of share options
|
430,340 | 36 | 4,629 | - | - | - | - | - | 4,665 | |||||||||||||||||||||||||||
Issue of shares arising from issue of restricted share units
|
3,768 | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Share issue costs
|
- | - | (76 | ) | - | - | - | - | - | (76 | ) | |||||||||||||||||||||||||
Repurchase of ordinary shares
|
(545,597 | ) | (44 | ) | - | 44 | - | - | - | (9,005 | ) | (9,005 | ) | |||||||||||||||||||||||
Share repurchase costs
|
- | - | - | - | - | - | - | (113 | ) | (113 | ) | |||||||||||||||||||||||||
Transfer of exercised and expired share based awards
|
- | - | - | - | (2,294 | ) | - | - | 2,294 | - | ||||||||||||||||||||||||||
Total contributions by and distributions to owners
|
(111,489 | ) | (8 | ) | 4,553 | 44 | 7,270 | - | - | (6,824 | ) | 5,035 | ||||||||||||||||||||||||
Total transactions with owners
|
(111,489 | ) | (8 | ) | 4,553 | 44 | 7,270 | - | - | (6,824 | ) | 5,035 | ||||||||||||||||||||||||
Balance at 31 December 2011
|
60,135,603 | 5,055 | 160,090 | 44 | 38,170 | 6,071 | (7,738 | ) | 186,461 | 388,153 |
Share Based
|
||||||||||||||||||||||||||||||||
Number
of shares
|
Share
Capital
|
Share
Premium
|
Payment
Reserve
|
Other
Reserves
|
Currency
Reserve
|
Retained
Earnings
|
Total
Equity
|
|||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||||||
Balance at 1 January 2010
|
59,007,565 | 4,965 | 142,518 | 29,919 | 6,071 | 32,521 | 116,509 | 332,503 | ||||||||||||||||||||||||
Total comprehensive income for the year
|
||||||||||||||||||||||||||||||||
Profit for the year
|
- | - | - | - | - | - | 1,956 | 1,956 | ||||||||||||||||||||||||
Other comprehensive income
|
||||||||||||||||||||||||||||||||
Foreign currency translation
|
- | - | - | - | - | (18,524 | ) | - | (18,524 | ) | ||||||||||||||||||||||
Total other comprehensive income
|
- | - | - | - | - | (18,524 | ) | - | (18,524 | ) | ||||||||||||||||||||||
Total comprehensive income for the year
|
- | - | - | - | - | (18,524 | ) | 1,956 | (16,568 | ) | ||||||||||||||||||||||
Transactions with owners, recorded directly in equity
|
||||||||||||||||||||||||||||||||
Share based payment
|
- | - | - | 7,383 | - | - | - | 7,383 | ||||||||||||||||||||||||
Exercise of share options
|
1,237,015 | 98 | 13,070 | - | - | - | - | 13,168 | ||||||||||||||||||||||||
Issue of shares arising from issue of restricted share units
|
2,512 | - | - | - | - | - | - | - | ||||||||||||||||||||||||
Share issue costs
|
- | - | (51 | ) | - | - | - | - | (51 | ) | ||||||||||||||||||||||
Transfer of exercised and expired share based awards
|
- | - | - | (6,402 | ) | - | - | 6,402 | - | |||||||||||||||||||||||
Total contributions by and distributions to owners
|
1,239,527 | 98 | 13,019 | 981 | - | - | 6,402 | 20,500 | ||||||||||||||||||||||||
Total transactions with owners
|
1,239,527 | 98 | 13,019 | 981 | - | - | 6,402 | 20,500 | ||||||||||||||||||||||||
Balance at 31 December 2010
|
60,247,092 | 5,063 | 155,537 | 30,900 | 6,071 | 13,997 | 124,867 | 336,435 |
Note
|
Year ended
|
Year ended
|
||||||||||
31 December
|
31 December
|
|||||||||||
2011
|
2010
|
|||||||||||
$’000 | $’000 | |||||||||||
Profit for the financial year
|
68,418 | 1,956 | ||||||||||
Adjustments to reconcile net income to net cash generated from
operating activities
|
||||||||||||
Loss on disposal of fixed asset
|
- | 8 | ||||||||||
Depreciation
|
1 | 535 | 524 | |||||||||
Amortisation of intangible assets
|
2 | 188 | 98 | |||||||||
Share based payment
|
2,145 | 1,247 | ||||||||||
Interest on intercompany loans
|
3 | (2,770 | ) | (2,518 | ) | |||||||
Financing expense
|
818 | 1,057 | ||||||||||
Income tax expense
|
838 | 699 | ||||||||||
Operating cash inflow before changes in working capital
|
70,172 | 3,071 | ||||||||||
(Increase)/decrease in other current assets
|
(1,168 | ) | 555 | |||||||||
Increase in accounts payable and accrued and other liabilities
|
1,250 | 16,062 | ||||||||||
Increase in income taxes payable
|
72 | 72 | ||||||||||
Cash provided by operations
|
70,326 | 19,760 | ||||||||||
Interest paid
|
(388 | ) | (833 | ) | ||||||||
Income taxes paid
|
(715 | ) | (489 | ) | ||||||||
Net cash inflow from operating activities
|
69,223 | 18,438 | ||||||||||
Investing activities
|
||||||||||||
Purchase of computer software
|
(566 | ) | (671 | ) | ||||||||
Purchase of property, plant and equipment
|
(278 | ) | (278 | ) | ||||||||
Net cash used by investing activities
|
(844 | ) | (949 | ) | ||||||||
Financing activities
|
||||||||||||
Increase in amounts due from subsidiary undertakings
|
(62,380 | ) | (29,203 | ) | ||||||||
Proceeds from exercise of share options
|
4,665 | 13,168 | ||||||||||
Share issuance costs
|
(76 | ) | (51 | ) | ||||||||
Repurchase of ordinary shares
|
(9,005 | ) | - | |||||||||
Share repurchase costs
|
(113 | ) | - | |||||||||
Net cash used in financing activities
|
(66,909 | ) | (16,086 | ) | ||||||||
Net increase in cash and cash equivalents
|
1,470 | 1,403 | ||||||||||
Effect of exchange rate changes
|
(55 | ) | (120 | ) | ||||||||
Cash and cash equivalents at start of year
|
2,314 | 1,031 | ||||||||||
Cash and cash equivalents at end of year
|
3,729 | 2,314 | ||||||||||
Office
|
||||||||||||||||
Leasehold
|
Computer
|
furniture &
|
||||||||||||||
improvements
|
equipment
|
fixtures
|
Total
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
Cost
|
||||||||||||||||
At 1 January 2011
|
682 | 1,339 | 1,606 | 3,627 | ||||||||||||
Additions
|
2 | 281 | 27 | 310 | ||||||||||||
Foreign currency movement
|
(54 | ) | (75 | ) | (98 | ) | (227 | ) | ||||||||
At 31 December 2011
|
630 | 1,545 | 1,535 | 3,710 | ||||||||||||
Depreciation
|
||||||||||||||||
At 1 January 2011
|
235 | 986 | 583 | 1,804 | ||||||||||||
Charge for the year
|
140 | 211 | 184 | 535 | ||||||||||||
Foreign currency movement
|
(16 | ) | (50 | ) | (35 | ) | (101 | ) | ||||||||
At 31 December 2011
|
359 | 1,147 | 732 | 2,238 | ||||||||||||
Net book value
|
||||||||||||||||
At 31 December 2011
|
271 | 398 | 803 | 1,472 | ||||||||||||
At 31 December 2010
|
447 | 353 | 1,023 | 1,823 |
Office
|
||||||||||||||||
Leasehold
|
Computer
|
furniture &
|
||||||||||||||
improvements
|
equipment
|
fixtures
|
Total
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
Cost
|
||||||||||||||||
At 1 January 2010
|
528 | 1,204 | 1,406 | 3,138 | ||||||||||||
Additions
|
183 | 203 | 287 | 673 | ||||||||||||
Disposals
|
- | - | (12 | ) | (12 | ) | ||||||||||
Foreign currency movement
|
(29 | ) | (68 | ) | (75 | ) | (172 | ) | ||||||||
At 31 December 2010
|
682 | 1,339 | 1,606 | 3,627 | ||||||||||||
Depreciation
|
||||||||||||||||
At 1 January 2010
|
142 | 777 | 438 | 1,357 | ||||||||||||
Charge for the year
|
100 | 251 | 173 | 524 | ||||||||||||
Eliminated on disposals
|
- | - | (4 | ) | (4 | ) | ||||||||||
Foreign currency movement
|
(7 | ) | (42 | ) | (24 | ) | (73 | ) | ||||||||
At 31 December 2010
|
235 | 986 | 583 | 1,804 | ||||||||||||
Net book value
|
||||||||||||||||
At 31 December 2010
|
447 | 353 | 1,023 | 1,823 | ||||||||||||
At 31 December 2009
|
386 | 427 | 968 | 1,781 |
Computer Software
$’000
|
||||
Cost
|
||||
At 1 January 2010
|
242 | |||
Additions
|
278 | |||
Foreign exchange movement
|
(5 | ) | ||
At 31 December 2010
|
515 | |||
Additions
|
532 | |||
Foreign exchange movement
|
(20 | ) | ||
At 31 December 2011
|
1,027 | |||
Amortisation
|
||||
At 1 January 2010
|
59 | |||
Arising during the year
|
98 | |||
Foreign exchange movement
|
(3 | ) | ||
At 31 December 2010
|
154 | |||
Arising during the year
|
188 | |||
Foreign exchange movement
|
(5 | ) | ||
At 31 December 2011
|
337 | |||
Net book value
|
||||
At 31 December 2011
|
690 | |||
At 31 December 2010
|
361 | |||
Investment in Subsidiary Undertakings
$’000
|
Long Term Advances to Subsidiary Undertakings
$’000
|
Total
$’000
|
||||||||||
Cost
|
||||||||||||
At 1 January 2010
|
275,964 | 75,226 | 351,190 | |||||||||
Imputed interest on long term intercompany loans
|
- | 2,518 | 2,518 | |||||||||
Disposals
|
(6,101 | ) | - | (6,101 | ) | |||||||
Share based payment
|
6,136 | - | 6,136 | |||||||||
Foreign exchange movement
|
(15,220 | ) | (2,387 | ) | (17,607 | ) | ||||||
At 31 December 2010
|
260,779 | 75,357 | 336,136 | |||||||||
Imputed interest on long term intercompany loans
|
- | 2,770 | 2,770 | |||||||||
Additions
|
452 | - | 452 | |||||||||
Disposals
|
(30,885 | ) | - | (30,885 | ) | |||||||
Impairment
|
(391 | ) | - | (391 | ) | |||||||
Share based payment
|
7,420 | - | 7,420 | |||||||||
Foreign exchange movement
|
(5,356 | ) | (4,982 | ) | (10,338 | ) | ||||||
At 31 December 2011
|
232,019 | 73,145 | 305,164 | |||||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Deferred taxation assets
|
||||||||
Accrued expenses and payments on account
|
181 | 245 | ||||||
Property, plant and equipment
|
6 | 33 | ||||||
Share based payment
|
30 | |||||||
Loans to subsidiaries
|
477 | 808 | ||||||
Total deferred taxation assets
|
694 | 1,086 | ||||||
Deferred taxation liabilities
|
||||||||
Property, plant and equipment
|
(24 | ) | (10 | ) | ||||
Accrued expenses and payments on account
|
(4 | ) | (5 | ) | ||||
Total deferred taxation liabilities
|
(28 | ) | (15 | ) | ||||
Net deferred taxation asset
|
666 | 1,071 |
Balance
|
Balance
|
|||||||||||
1 January
|
Recognised in
|
31 December
|
||||||||||
2011
|
Income
|
2011
|
||||||||||
$’000 | $’000 | $’000 | ||||||||||
Deferred taxation assets
|
||||||||||||
Accrued expenses and payments on account
|
245 | (64 | ) | 181 | ||||||||
Property plant and equipment
|
33 | (27 | ) | 6 | ||||||||
Share based payments
|
- | 30 | 30 | |||||||||
Loans to subsidiaries
|
808 | (331 | ) | 477 | ||||||||
Total deferred taxation assets
|
1,086 | (392 | ) | 694 | ||||||||
Deferred taxation liabilities
|
||||||||||||
Property, plant and equipment
|
(10 | ) | (14 | ) | (24 | ) | ||||||
Accrued expenses and payments on account
|
(5 | ) | 1 | (4 | ) | |||||||
Total deferred taxation liabilities
|
(15 | ) | (13 | ) | (28 | ) | ||||||
Net deferred taxation asset
|
1,071 | (405 | ) | 666 |
Balance
|
Balance
|
|||||||||||
1 January
|
Recognised in
|
31 December
|
||||||||||
2010
|
Income
|
2010
|
||||||||||
$’000 | $’000 | $’000 | ||||||||||
Deferred taxation assets
|
||||||||||||
Accrued expenses and payments on account
|
178 | 67 | 245 | |||||||||
Property plant and equipment
|
71 | (38 | ) | 33 | ||||||||
Loans to subsidiaries
|
1,126 | (318 | ) | 808 | ||||||||
Total deferred taxation assets
|
1,375 | (289 | ) | 1,086 | ||||||||
Deferred taxation liabilities
|
||||||||||||
Property, plant and equipment
|
(42 | ) | 32 | (10 | ) | |||||||
Accrued expenses and payments on account
|
- | (5 | ) | (5 | ) | |||||||
Total deferred taxation liabilities
|
(42 | ) | 27 | (15 | ) | |||||||
Net deferred taxation asset
|
1,333 | (262 | ) | 1,071 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Prepayments
|
1,993 | 865 | ||||||
Other receivables
|
1,453 | 1,695 | ||||||
Total
|
3,446 | 2,560 |
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Current liabilities
|
||||||||
Accruals and other liabilities
|
9,238 | 8,386 | ||||||
Total
|
9,238 | 8,386 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Wages and salaries
|
28,819 | 24,797 | ||||||
Social welfare costs
|
5,374 | 4,839 | ||||||
Pension costs for defined contribution pension schemes
|
1,179 | 2,045 | ||||||
Share based payment
|
2,145 | 1,247 | ||||||
Total
|
37,517 | 32,928 |
|
|
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
Marketing
|
3 | 3 | ||||||
Administration
|
99 | 87 | ||||||
Clinical research
|
356 | 362 | ||||||
Total
|
458 | 452 |
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Income Statement
|
||||||||
Expenses recharged to subsidiary companies
|
22,454 | 13,723 | ||||||
Imputed interest charged to subsidiary companies
|
2,770 | 2,518 | ||||||
Total
|
25,224 | 16,241 |
Cash Flow Statement
|
||||||||
Increase in intercompany debtor
|
(62,380 | ) | (29,203 | ) | ||||
Total
|
(62,380 | ) | (29,203 | ) | ||||
Carrying
Amount
|
Contractual Cashflows
|
6 mths
or less
|
6 to12
mths
|
1 to 2
years
|
2 to 5
years
|
More than
5 years
|
||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||
Accounts payable
|
(438 | ) | (438 | ) | (438 | ) | - | - | - | - | ||||||||||||||||||
Accruals and other liabilities
|
(9,238 | ) | (9,238 | ) | (9,238 | ) | - | - | - | - | ||||||||||||||||||
(9,676 | ) | (9,676 | ) | (9,676 | ) | - | - | - | - |
Carrying
Amount
|
Contractual Cashflows
|
6 mths
or less
|
6 to12
mths
|
1 to 2
years
|
2 to 5
years
|
More than
5 years
|
||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||
Accounts payable
|
(168 | ) | (168 | ) | (168 | ) | - | - | - | - | ||||||||||||||||||
Accruals and other liabilities
|
(8,386 | ) | (8,386 | ) | (8,386 | ) | - | - | - | - | ||||||||||||||||||
(8,554 | ) | (8,554 | ) | (8,554 | ) | - | - | - | - |
Level 1:
|
Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
|
Level 2:
|
Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
Level 3:
|
Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.
|
31 December
2011
|
31 December
2011
|
31 December
2010
|
31 December
2010
|
|||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||
Loans to subsidiaries
|
73,145 | 73,002 | 75,357 | 73,823 | ||||||||||||
Amounts due from subsidiary undertakings
|
82,529 | 82,529 | 785 | 785 | ||||||||||||
Cash and cash equivalents
|
3,729 | 3,729 | 2,314 | 2,314 | ||||||||||||
Other current assets
|
3,446 | 3,446 | 2,560 | 2,560 | ||||||||||||
162,849 | 162,706 | 81,016 | 79,482 | |||||||||||||
Accounts payable
|
(438 | ) | (438 | ) | (168 | ) | (168 | ) | ||||||||
Accruals and other liabilities
|
(9,238 | ) | (9,238 | ) | (8,386 | ) | (8,386 | ) | ||||||||
(9,676 | ) | (9,676 | ) | (8,554 | ) | (8,554 | ) |
(a)
|
Financial statement format
|
The format of the financial statements and certain note disclosures differ under U.S. GAAP from those under EU IFRS. The Group prepared a U.S. Securities and Exchange Commission Form 20-F Report which was made available to all shareholders in March 2012. The financial statements included in such Form 20-F are prepared in accordance with U.S. GAAP.
|
(b)
|
Merger with PRAI
|
(i)
|
the Group’s historic US GAAP financial statements have been restated to reflect the combined results of ICON and PRAI;
|
(ii)
|
the costs of the merger were expensed for U.S. GAAP purposes and included in the cost of acquisition for IFRS;
|
(iii)
|
goodwill arising on IFRS has been amortised over its expected useful life up to 31 May 2001. No goodwill arose on the merger under U.S. GAAP;
|
(iv)
|
the tax charge arising on the conversion of PRAI from an S-Corporation to a C-Corporation is treated as a pre acquisition charge under IFRS.
|
IFRS requires that the fair value of share based payments be expensed to the income statement over the period the related services are received, with a corresponding increase in equity. In the year ending 31 December 2009, the Group has accounted for share based payments under U.S. GAAP in accordance with FASB ASC 718, Compensation – Stock Compensation, which also requires that the fair value of share based payments be expensed to the income statement over the period the related services are received, with a corresponding increase in equity. There is a difference in recorded expense because firstly different periods are in scope for both treatments due to the different effective dates under both standards and secondly due to different models used to calculate the fair value of options. Under US GAAP the Black-Scholes model was used for the calculation of the expense whereas under IFRS this model is not the preferred model to be used and as such the binomial model is used.
|
(i)
|
Effect on profit for the financial year
|
Year ended
|
Year ended
|
|||||||
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Profit for the financial year attributable to equity holders as stated under IFRS
|
19,230 | 86,172 | ||||||
US GAAP adjustments
|
||||||||
Share based payment expense under IFRS
|
9,564 | 7,383 | ||||||
Share based payment expense under U.S. GAAP
|
(9,355 | ) | (7,408 | ) | ||||
Deferred tax adjustments on share based payments
|
3,441 | 924 | ||||||
Net income as stated under U.S. GAAP
|
22,880 | 87,071 | ||||||
Basic earnings per Ordinary Share under U.S. GAAP
|
$0.38 | $1.46 | ||||||
Diluted earnings per Ordinary Share under U.S. GAAP
|
$0.37 | $1.44 |
(ii)
|
Effect on shareholders’ equity
|
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Shareholders’ equity as stated under IFRS
|
691,848 | 683,745 | ||||||
US GAAP adjustments
|
||||||||
Goodwill arising on merger with PRAI
|
(15,010 | ) | (15,010 | ) | ||||
Amortisation of goodwill arising on merger with PRAI
|
1,001 | 1,001 | ||||||
Deferred tax adjustments on share based payments
|
3,705 | 263 | ||||||
Shareholders’ equity as stated under U.S. GAAP
|
681,544 | 669,999 |
(iii)
|
Effect on total assets
|
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Total assets as stated under IFRS
|
1,029,352 | 949,761 | ||||||
US GAAP adjustments
|
||||||||
Goodwill arising on merger with PRAI
|
(15,010 | ) | (15,010 | ) | ||||
Amortisation of goodwill arising on merger with PRAI
|
1,001 | 1,001 | ||||||
Deferred tax adjustments on share based payments
|
3,705 | 263 | ||||||
Offset between deferred tax assets and liabilities
|
16,419 | 13,523 | ||||||
Total assets as stated under U.S. GAAP
|
1,035,467 | 949,538 |
(iv)
|
Effect on total liabilities
|
31 December
|
31 December
|
|||||||
2011
|
2010
|
|||||||
$’000 | $’000 | |||||||
Total liabilities as stated under IFRS
|
337,504 | 266,016 | ||||||
US GAAP adjustments
|
||||||||
Offset between deferred tax assets and liabilities
|
16,419 | 13,523 | ||||||
Total liabilities as stated under U.S. GAAP
|
353,923 | 279,539 |
●
|
the failure of products being tested to satisfy safety or efficacy requirements;
|
|
●
|
unexpected or undesired clinical results of the product;
|
|
●
|
a decision that a particular study is no longer necessary or viable;
|
|
●
|
poor project performance, quality concerns, insufficient patient enrollment or investigator recruitment; or
|
|
●
|
production problems resulting in shortages of the drug.
|
·
|
assimilate the operations and services or products of the acquired group or business;
|
·
|
integrate acquired personnel;
|
·
|
retain and motivate key employees;
|
·
|
retain customers; and
|
·
|
minimise the diversion of management's attention from other business concerns.
|
●
|
termination of any research;
|
|
●
|
disqualification of data;
|
|
●
|
denial of the right to conduct business;
|
|
●
|
criminal penalties;
|
|
●
|
other enforcement actions;
|
|
●
|
loss of clients and/or business; and
|
|
●
|
litigation from clients and resulting material penalties, damages and costs.
|