Sinclair
- Consolidated Income Statement
- Balance Sheet
- Statement of Changes in Shareholders' Equity
- Cash Flow Statements
- Notes to the Financial Statements
- 1. General information
- 2. Accounting Policies
- 3. Financial risk management
- 4. Segmental information
- 5. Exceptional operating items
- 6. Expenses by nature
- 7. Employees and Directors
- 8. Finance Income and costs
- 9. Taxation on loss on ordinary activities
- 10. Loss for the financial year
- 11. Loss per share
- 12. Goodwill
- 13. Intangible asssets
- 14. Property, plant and equipment
- 15. Investments
- 16. Deferred tax asset
- 17. Inventories
- 18. Trade and other receivables
- 19. Trade and other payables
- 20. Borrowings
- 21. Provisions
- 22. Financial instruments
- 23. Called-up share capital
- 24. Share premium
- 25. Options and warrants over shares of Sinclair Pharma plc
- 26. Share based payments
- 27. Other Reserves
- 28. Cash flows from operating activities
- 29. Operating lease commitments
- 30. Capital commitments
- 31. Related party transactions
- 32. Post balance sheet events
12 Goodwill |
|
|
Cost |
£’000 |
|
At 1 July 2007 |
45,929 |
|
Additions |
67 |
|
Exchange adjustments |
4,993 |
|
At 30 June 2008 |
50,989 |
|
Additions |
355 |
|
Exchange adjustments |
2,597 |
|
At 30 June 2009 |
53,941 |
|
Accumulated amortisation and impairment |
|
|
At 1 July 2007 |
2,511 |
|
Impairment charge |
368 |
|
At 30 June 2008 |
2,879 |
|
At 30 June 2009 |
2,879 |
|
Net book value |
|
|
At 30 June 2009 |
51,062 |
|
At 30 June 2008 |
48,110 |
|
At 30 June 2007 |
43,418 |
|
Accumulated amortisation and impairment at 1 July 2007 represents amortisation charges prior to 30 June 2004, before transition to IFRS.
Exchange adjustments arise as a result of the impact of the difference in the Sterling : Euro exchange rate at the beginning and end of the year on balances recorded in Euros.
Additions in the year relate to the purchase of the minority interest in Laborotorios Novo Pharma SL for €330,000 plus expenses. |
|
|
Goodwill has been allocated to the following cash generating units: |
|
|
£’000 |
|
|
International operations |
14,234 |
|
Sinclair Italy |
4,837 |
|
Sinclair France |
31,991 |
|
51,062 |
|
|
Goodwill is not amortised but tested annually for impairment or more frequently if there are indications that it may be impaired. Goodwill has been allocated to three separate cash generating units for the purpose of impairment testing. Value in use calculations are generally utilised to calculate recoverable amount. Value in use is calculated as the net present value of the projected post tax cash flows of the cash generating unit. The discount rate applied ranges from 11% to 12.4% which is in line with the Group’s post tax weighted average cost of capital of approximately 12%. The cash flows, which have been approved by the Board, have been projected over five years represent the Director’s best estimate of future product revenues. Growth rate assumptions have been applied at an individual product level, and range from 0% for non-core products to 20% for key brands. The Directors believe that any reasonably possible change in the key assumptions on which the recoverable amounts are based would not cause the carrying amount of goodwill to exceed its recoverable amount.
Company The company has no goodwill at either 30 June 2009 or 30 June 2008. |
|