15  Investments

Group

Shares in

joint venture

£’000

Cost and Net book value

At 1 July 2007 and 30 June 2008

–

Arising on deconsolidation of joint venture

165

At 30 June 2009

165

Country of

incorporation

Holding

Proportion

held

Nature of

business

CS Portugal LDA

Portugal

Ordinary shares

50%

Pharmaceutical products

CS Portugal, which was previously jointly controlled, has been deconsolidated from the Group’s results since 1 July 2008 as the Group no longer has effective management control of this associate. For the year ended 31 December 2008 CS Portugal recorded revenue of €914,221, profit for the year of €28,952, retained earnings were €161,489 and total equity was €288,764. These amounts have been extracted from the 31 December 2008 financial statements which are the latest available reliable financial information for the company.

Company

Shares in

subsidiary

undertakings

£’000

Loans to

Group

undertakings

£’000

Total

£’000

Cost

At 1 July 2007

42,280

22,867

65,147

Additions

67

8,782

8,849

Loan waiver

–

(571)

(571)

Capital contribution re employee share options

560

–

560

Exchange adjustments

–

3,699

3,699

At 30 June 2008

42,907

34,777

77,684

Additions

–

738

738

Loan waiver

–

(795)

(795)

Capital contribution re employee share options

324

–

324

Exchange adjustments

–

1,671

1,671

At 30 June 2009

43,231

36,391

79,622

Impairment

At 1 July 2007

(5,100)

–

(5,100)

Charge for the year

(1,325)

(660)

(1,985)

At 30 June 2008

(6,425)

(660)

(7,085)

Charge for the year

–

(423)

(423)

At 30 June 2009

(6,425)

(1,083)

(7,508)

Net book value

At 30 June 2009

36,806

35,308

72,114

At 30 June 2008

36,482

34,117

70,599

At 30 June 2007

37,180

22,867

60,047

Country of

incorporation

Holding

Proportion

held

Nature of

business

Sinclair Pharmaceuticals Ltd

England

Ordinary shares

100%

Pharmaceutical products

Pharmarights Ltd

England

Ordinary shares

100%

Distribution rights

Sinclair Pharma UK Ltd

England

Ordinary shares

100%

Pharmaceutical products

Sinclair Pharma Srl*

Italy

Ordinary shares

100%

Pharmaceutical products

Salix Pharma AB

Sweden

Ordinary shares

100%

Pharmaceutical products

Sinclair Pharma AB

Sweden

Ordinary shares

100%

Pharmaceutical products

Sinclair Srl

Italy

Ordinary shares

100%

Pharmaceutical products

Sinclair Pharma France Holding SAS

France

Ordinary shares

100%

Holding company

Sinclair Pharma France Distribution SAS

France

Ordinary shares

100%

Dormant

Sinclair Pharma France Fabrication SAS

France

Ordinary shares

100%

Dormant

Sinclair Pharma France SAS

France

Ordinary shares

100%

Pharmaceutical products

Sinclair Pharmaceutical Espana SL

(formerly Laboratorios Novo Pharma SL)

Spain

Ordinary shares

100%

Pharmaceutical products

CS Portugal LDA

Portugal

Ordinary shares

50%

Pharmaceutical products

*90% of the issued share capital is held by Sinclair Pharma plc, 10% is held by Sinclair Pharmaceuticals Ltd.