Eco Animal Regulatory News (EAH)

7 Dec 2015 07:00

ECO Animal Health Group plc (‘’ECO”)

(AIM: EAH)

Results for the six months ended 30 September 2015

ECO ANIMAL HEALTH REPORTS STRONG PERFORMANCE

HIGHLIGHTS

Financials

27% increase in revenue to £21.5 million (2014:£17.0 million), equivalent to a 28% increase at constant exchange rates (CER) 26% increase in adjusted EBITDA to £4.3 million (2014: £3.4 million), equivalent to a 36% increase at CER 33% increase in pre-tax profit to £2.7 million (2014: £2.0 million) 31% increase in earnings per share to 3.52 pence (2014:2.68 pence) 17% increase in gross profit to £8.9 million (2014: £7.6 million) 27% increase in interim dividend to 1.9 pence (2014:1.5 pence) Cash generation again strong leaving net cash of £17.0 million (2014: £14.3 million)

Operations

Demand for Aivlosin® continues to grow strongly with sales up over 32%, equivalent to 34% at CER Strong performances in all major territories EU approval of Maximum Residue Level for poultry eggs allowed submission of applications for new marketing authorisations Continued investment in stockholding achieved and production capacity increase on schedule

Peter Lawrence, Executive Chairman of ECO Animal Health Group plc, commented:

"The second half of the year has started well continuing the momentum of the first six months. ECO is in excellent financial and commercial health and we look forward with confidence to delivering another strong set of results, backed by further penetration of key markets and the achievement of additional marketing authorisations."

Contacts:

ECO Animal Health Group plc
Peter Lawrence				020 8336 6190
Marc Loomes				020 8447 6906
Spiro Financial
Anthony Spiro				020 8336 6196
Peel Hunt LLP (Nominated Adviser)
Dan Webster, Richard Brown, George Sellar				020 7418 8900

ECO Animal Health Group plc is a leader in the development, registration and marketing of pharmaceutical products for animals. Our products for these global growth markets promote well-being. Our financial goals are achieved through the careful and responsible application of science to generate value for our shareholders.

Chairman’s Statement

I am delighted to report that ECO Animal Health has delivered another strong performance in the six months to 30 September 2015. This advance has continued the good performance achieved in the last financial year which was driven by further growth in North America, China and Europe, and boosted by the acquisition of distribution rights in Southeast Asia reported last year. It is extremely encouraging that the company has built on these successes in the period under review. These results have been achieved despite the ongoing relative strength of sterling against the majority of currencies in which we trade.

ECO operates in a market segment that provides essential medications to the global animal protein production industry which seeks to meet the ever growing demand from a world prospering from technological and social progress.

Financial performance

Sales rose by 27% to £21.5m (2014: £17.0m), while EBITDA (earnings before interest, tax, depreciation, amortisation, share based payments and foreign exchange movements) increased by 26% to £4.3m (2014: £3.4m), equivalent to 36% at constant exchange rates (CER). The balance sheet retains its strength and Group cash at the period end was £17.0m (2014: £14.3m). The Group cash balance stated after investing £2.4 million in planned increases in strategic stock levels. Pre-tax profit rose by over 33% to £2.7m (2014: £2.0m), while earnings per share were ahead by 31% at 3.52 pence (2014: 2.68 pence). The board is pleased to increase the interim dividend by 27% to 1.9 pence per share (2014: 1.5 pence). The dividend will be paid on April 4th 2016 to shareholders on the register on 11 March 2016.

Operations

ECO Animal Health Group’s global sales grew by 28% at constant exchange rates (CER). Sales generated in all regions were ahead of the comparable period last year. Worldwide sales of Aivlosin®, our patented molecule for the treatment of economically important diseases of pigs and poultry, increased by 32% (over 34% at CER). Aivlosin® is prescribed under strict veterinary control at low but efficacious dose rates for short duration treatments of specified diseases and meets all the US Food & Drug Administration (FDA) guidelines for the responsible use of antimicrobials, which when used appropriately help ensure animal welfare and food safety.

ECO’s major regions achieved strong double digit Aivlosin® sales growth, the exceptions being the smaller markets in the Middle East and Africa, where sales declined modestly.

In China, our subsidiary, Zhejiang ECO Biok Animal Health Products, which was established over ten years ago, had another very successful trading period with sales rising 25 % in sterling.

Sales of Aivlosin® in North America increased by over 16% in sterling compared with the same period last year. This excellent result was achieved in a period of unusually mild weather and with the disease pressure considered by experts to be at its lowest for many years. We are well positioned to build on our excellent start as we wait for additional marketing authorisations to be granted in this important market.

In Japan, one of our most mature markets, total sales rose 22% in sterling (33% in yen) reflecting the benefits of a strategic business review and the development of closer ties with key customers.

In Brazil, sales were ahead by close to 75% in sterling (135% in local currency) as a result of winning several key tenders and an improved performance from non-tender business. In other parts of Latin America, the uncertain economic and political situation in Argentina, Mexico and Venezuela impacted our business although overall, the region reported good growth.

In July 2014 we acquired the business of our long-standing Southeast Asian distributor based in Kuala Lumpur, with representation throughout the region. This region has performed extremely well with sales up almost 60% in sterling. Following a strategic review of the opportunities offered by these important pig and poultry markets, the company has now established a representative office in the region and has begun to recruit locally.

Sales in Europe, including the UK, were ahead in the period, maintaining the positive momentum established last year, although the economic climate in the region remains challenging.

The company has continued to invest in its research and product development programme with the intention of obtaining additional marketing authorisations in the key pig and poultry production markets globally. Our announcement in September concerning the establishment of the official maximum residue level for Aivlosin® for poultry eggs received from the Committee for Medicinal Products for Veterinary Use at the European Medicines Agency is another example of our progress towards making the company a truly major force in worldwide animal health.

Outlook

The second half of the year has started well continuing the momentum of the first six months.

ECO is in excellent financial and commercial health and we look forward with confidence to delivering another strong set of results, backed by further penetration of key markets and the achievement of additional marketing authorisations.

Peter A Lawrence4 December 2015

CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS TO 30 SEPTEMBER 2015

								Six months				Six months				Year
								to				to				ended
								30.09.15				30.09.14				31.03.15
				Notes				(unaudited)				(unaudited)				(audited)
								£000				£000				£000
Revenue				3				21,499				16,959				38,997
Cost of sales								(12,552)				(9,333)				(21,546)
Gross Profit								8,947				7,626				17,451
Other operating income								118				138				293
Administrative expenses								(4,921)				(4,435)				(9,402)
Currency (losses)/profits								(67)				146				41
Amortisation of intangible assets								(1,339)				(1,236)				(2,794)
Share based payments								(120)				(162)				(252)
Profit from operating activities:								2,618				2,077				5,337
Net finance income/(expense)								76				(57)				(259)
Profit before income tax								2,694				2,020				5,078
Income tax (charge)								(315)				(199)				(457)
Profit for the period from continuing operations								2,379				1,821				4,621
Attributable to:
Owners								2,158				1,606				4,094
Minority interest								221				215				527
								2,379				1,821				4,621
BASIC EARNINGS PER SHARE				5				3.52p				2.68p				6.82p
FULLY DILUTED EARNINGS PER SHARE				5				3.47p				2.66p				6.79p
Earnings from continuing activities before
interest, taxation, depreciation, amortisation
and share based payments								4,214				3,554				8,610
Exclude foreign exchange differences								67				(146)				(41)
EBITDA								4,281				3,408				8,569

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS TO 30 SEPTEMBER 2015

				Six months				Six months				Year
				to				to				ended
				30.09.15				30.09.14				31.03.15
				(unaudited)				(unaudited)				(audited)
				£000				£000				£000
Profit for the period				2,379				1,821				4,621
Foreign currency translation differences				(699)				36				350
Defined benefit pension plan - actuarial gains				-				-				(55)
Revaluation of investment property				-				-				35
Other comprehensive income for the period				(699)				36				330
Total comprehensive income for the period				1,680				1,857				4,951
Attributable to:
Owners				1,674				1,579				4,090
Minority interest				6				278				861
				1,680				1,857				4,951

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 SEPTEMBER 2015

				Share				Share				Other				Revaluation				Treasury				Retained				Total				Minority				Total
				Capital				Premium				Reserves				Reserves				Reserve				Earnings								Interest				Equity
				Account				Account
				£000				£000				£000				£000				£000				£000				£000				£000				£000
At 1 April 2014				3,124				53,429				1,816				533				(5,217)				16,955				70,640				2,168				72,808
Total comprehensive income for the period:
Profit for the year				-				-				-				-				-				4,094				4,094				527				4,621
Other comprehensive income				-				-				-								-
Revaluation of investment property				-				-				-				44				-				-				44				-				44
Deferred taxation movements				-				-				-				(9)				-				-				(9)				-				(9)
Foreign currency translation differences				-				-				-				-				-				16				16				334				350
Actuarial (losses) on pension scheme assets				-				-				-				-				-				(55)				(55)				-				(55)
Total comprehensive income for the period				-				-				-				35				-				4,055				4,090				861				4,951
Transactions with owners
Issue of shares in the year				33				769				-				-				-				-				802				-				802
Purchase of shares into treasury				-				-				-				-				-				(17)				(17)				-				(17)
Dividends				-				-				-				-				-				(2,515)				(2,515)				-				(2,515)
Share based payments				-				-				252				-				-				-				252				-				252
Transfer to retained earnings on option expiry				-				-				(293)				-				-				293				-				-				-
Total transactions with owners				33				769				(41)				-				-				(2,239)				(1,478)				-				(1,478)
At 31 March 2015				3,157				54,198				1,775				568				(5,217)				18,771				73,252				3,029				76,281
Total comprehensive income for the period:
Profit for the period				-				-				-				-				-				2,158				2,158				221				2,379
Other comprehensive income
Foreign currency translation differences				-				-				-				-				-				(484)				(484)				(215)				(699)
Total comprehensive income for the period				-				-				-				-				-				1,674				1,674				6				1,680
Transactions with owners
Issue of shares in the year				37				1,054				-				-				-				-				1,091				-				1,091
Repayment of loan from Employee Benefit Trust				-				-				-				-				2,315				-				2,315				-				2,315
Purchase of shares into treasury				-				-				-				-				-				(43)				(43)				-				(43)
Share based payments				-				-				120				-				-				-				120				-				120
Transfer to retained earnings on option expiry				-				-				(69)				-				-				69				-				-				-
Dividends				-				-				-				-				-				(1,059)				(1,059)				(402)				(1,461)
Total transactions with owners				37				1,054				51				-				2,315				(1,033)				2,424				(402)				2,022
At 30 September 2015				3,194				55,252				1,826				568				(2,902)				19,412				77,350				2,633				79,983
Prior interim period
At 1 April 2014				3,124				53,429				1,816				533				(5,217)				16,955				70,640				2,168				72,808
Total comprehensive income for the period:
Profit for the period				-				-				-				-				-				1,606				1,606				215				1,821
Other comprehensive income
Foreign currency translation differences				-				-				-				-				-				(27)				(27)				63				36
Total comprehensive income for the period				-				-				-				-				-				1,579				1,579				278				1,857
Transactions with owners
Share based payments				-				-				162				-				-				-				162				-				162
Transfer to retained earnings on option expiry				-				-				(38)				-				-				38				-				-				-
Dividends				-				-				-				-				-				(2,515)				(2,515)				-				(2,515)
Total transactions with owners				-				-				124				-				-				(2,477)				(2,353)				-				(2,353)
At 30 September 2014				3,124				53,429				1,940				533				(5,217)				16,057				69,866				2,446				72,312

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

								As at				As at				As at
								30.09.15				30.09.14				31.03.15
								(unaudited)				(unaudited)				(audited)
				Notes				£000				£000				£000
ASSETS
Non current assets
Goodwill and other intangibles				8				47,211				45,043				45,660
Property,plant and equipment				9				1,722				1,072				1,619
Investment property				10				187				147				189
Investments								9				9				9
								49,129				46,271				47,477
Current assets
Inventories								11,905				9,536				9,833
Trade and other receivables								11,814				9,407				11,522
Income tax recoverable								10				46				39
Other taxes and social security								364				477				110
Cash and cash equivalents								16,960				17,521				20,091
								41,053				36,987				41,595
Total assets								90,182				83,258				89,072
Current liabilities
Trade and other payables								(9,362)				(7,125)				(9,542)
Short term borrowings								-				(3,229)				(2,356)
Income tax								(219)				(119)				(223)
Other taxes and social security								(299)				(268)				(343)
Dividends								(36)				(37)				(35)
								(9,916)				(10,778)				(12,499)
Total assets less current liabilities								80,266				72,480				76,573
Non current liabilities
Deferred tax								(183)				(168)				(192)
Dilapidations on property leases								(100)				-				(100)
								79,983				72,312				76,281
Equity
Capital and reserves
Called up share capital								3,194				3,124				3,157
Share premium								55,252				53,429				54,198
Treasury reserve								(2,902)				(5,217)				(5,217)
Revaluation reserve								568				533				568
Other reserves								1,826				1,940				1,775
Retained earnings								19,412				16,057				18,771
								77,350				69,866				73,252
Minority interest								2,633				2,446				3,029
Total equity								79,983				72,312				76,281

CONSOLIDATED STATEMENT OF CASHFLOWS

				Six months to				Six months to				Year ended
				30.09.15				30.09.14				31.03.15
				(unaudited)				(unaudited)				(audited)
				£000				£000				£000
Cashflows from operating activities
Profit before tax				2,694				2,020				5,078
Adjustment for:
Net finance costs				(76)				57				259
Depreciation of property plant and equipment				140				79				186
(Gains)/losses on disposal of non-current assets				(2)				-				41
Amortisation of intangible assets				1,339				1,236				2,538
Impairment of intangible assets				-				-				256
Pension payments				-				-				(59)
Pension operating costs				-				-				4
Share based payments				120				162				252
Operating cash flow before movement in working capital				4,215				3,554				8,555
Change in inventories				(2,072)				(2,564)				(2,861)
Change in receivables				(546)				289				(1,460)
Change in payables				(224)				872				3,463
Cash generated from operations				1,373				2,151				7,697
Interest (paid)				(5)				(1)				(31)
Income tax (paid)				(299)				(314)				(446)
Net cash inflow from operating activities				1,069				1,836				7,220
Cash flows from investing activities
Purchase of property plant and equipment				(295)				(179)				(778)
Sale of motor vehicle				2				6				9
Costs of acquiring drug registrations and distributionrights				(2,890)				(3,107)				(5,280)
Purchase of own shares				(43)				-				(17)
Interest received				36				33				68
Net cash (used in) investing activities				(3,190)				(3,247)				(5,998)
Cash flows from financing activities
Proceeds from issue of share capital				3,406				-				802
Dividends paid				(1,461)				(2,509)				(2,510)
Net cash from/(used in) financing activities				1,945				(2,509)				(1,708)
Net (decrease)/increase in cash and cash equivalents				(176)				(3,920)				(486)
Foreign exchange movements				(599)				(28)				(19)
Cash and cash equivalents at the beginning of theperiod				17,735				18,240				18,240
Cash and cash equivalents at the end of the period				16,960				14,292				17,735

NOTES TO THE PRELIMINARY RESULTS FOR THE SIX MONTHS TO 30 SEPTEMBER 2015

1. Basis of preparation

The financial information for the period to 30 September 2015 does not constitute statutory accounts as defined by Section 435 of the Companies Act 2006. It has been prepared in accordance with the accounting policies set out in, and is consistent with, the audited financial statements for the twelve months to 31 March 2015.

The Group applies revised IAS 1 “Presentation of Financial Statements (2007)”, which became effective as of 1 January 2009. As a result, the Group presents all non-owner changes in equity in consolidated statements of comprehensive income and all owner changes in equity in consolidated statements of changes in equity.

2. Statement of compliance

The interim financial statements do not include all of the information required for full annual financial statements and do not comply with all of the disclosure requirements in IAS 34 “Interim Financial Reporting”. Accordingly, whilst the interim statements have been prepared in accordance with IFRS, they cannot be construed as being in full compliance with IFRS and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 March 2015.

3. Revenue is derived from the Group’s animal pharmaceutical businesses.

4. Principal risks and uncertainties

These were set out on pages 58-60 of the notes to the consolidated financial statements for the year ended 31 March 2015. The key exposures are to foreign currency exchange rates, potential delays in obtaining marketing authorisations and single sources of supply for some raw materials and have remained unchanged since the year end.

5. Earnings per share

				Six months to				Six months to				Year ended
				30.09.15				30.09.14				31.03.15
				(unaudited)				(unaudited)				(audited)
Weighted average number of shares in issue (000's)				61,307				59,871				60,007
Fully diluted weighted average number of shares in issue (000's)				62,087				60,312				60,289
Profit attributable to equity holders of the company (£'s)				2,158				1,606				4,094
Basic earnings per share (pence)				3.52				2.68				6.82
Fully diluted earnings per share (pence)				3.47				2.66				6.79

6. Dividends

				Six months to				Six months to				Year ended
				30.09.15				30.09.14				31.03.15
				(unaudited)				(unaudited)				(audited)
				£000				£000				£000
Dividend in respect of the year ended 31 March 2014
62,474,231 shares at 4.2p per share.				-				2,624				2,624
Dividend in respect of the year ended 31 March 2014
63,134,343 shares at 1.75p per share				1,105				-				-
Dividend waived by employee benefit trust				(46)				(109)				(109)
Dividend paid by subsidiary to non-controlling interests
(minorities)				402				-				-
				1,461				2,515				2,515

The Company paid a further dividend of 3 pence per share on 2nd October 2015, after the period end.

The total paid after allowing for the dividend waived by the Employee Benefit Trust was £1.88 million.

7. Related party transactions

At the balance sheet date, ECO Animal Health Group plc owed P A Lawrence, a director of ECO Animal Health Group plc, and members of his family a balance amounting to £297,368 (30 September 2014: £133,843).

During the period the Group provided management services to C-Corp Limited, a company in which P A Lawrence is a director and holds equity interests. Fees charged were: £21,643 (2014: £21,663).

During the period the Group made sales to Zhejiang ECO Biok Animal Health Products Limited at an arm’s length basis to the value of £1,143,425 (Six months to 30 September 2014: £2,913,590). At the end of this period there was an intercompany balance owing from this company of £464,109 (30 September 2014: £1,093,822).

The Group also made sales on an arm’s length basis to ECO Animal Health do Brasil Comercio de Productos Veterinarios Ltda to the value of £2,422,591 (Six months to 30 September 2014 £1,584,059). At the end of the period there was an intercompany balance of £440,345 (30 September 2014: £551,596).

The Group also made sales on an arm’s length basis to ECO Animal Health Japan Inc to the value of £494,849 (30 September 2014: £161,065). At the end of the period there was an intercompany balance of £298,098 (30 September 2014: £84,191).

The Group also made sales on an arm’s length basis to ECO Animal Health de Mexico to the value of £88,124 (Six months to September 2014: 62,941). At the end of the period there was an inter-company balance of £590,130 (30 September 2013: £814,965).

The Group also made sales on an arm’s length basis to ECO Animal Health USA Corp to the value of £1,821,017 (six months to 30 September 2014: 1,396,259). At the end of the period there was an inter-company balance of £2,055,451 (30 September 2014: £1,024,205).

The Group also made sales on an arm’s length basis to Pharmgate Animal Health Canada Inc to the value of £892,620 (six months to September 2014: £889,821). At the end of the period there was an inter-company balance of £174,544 (30 September 2014: £354,769).

All of the transactions have been eliminated on consolidation, as well as the whole of the balances relating to the subsidiaries and the group’s share of the balances relating to the US and Canadian joint ventures. During the period ECO Animal Health Ltd and ECO Animal Health Group plc received a dividend of £418,550 (2014: £nil) from Zhejiang ECO Biok Animal Health Products Limited.

8. Intangible non-current assets

								Distribution				Development
				Goodwill				Rights				Costs				Total
Cost				£000				£000				£000				£000
Cost at 1 April 2014				17,930				1,266				48,252				67,448
Additions				-				176				2,931				3,107
Cost at 30 September 2014				17,930				1,442				51,183				70,555
Additions				-				-				2,173				2,173
Cost at 31 March 2015				17,930				1,442				53,356				72,728
Additions				-				-				2,890				2,890
Cost at 30 September 2015				17,930				1,442				56,246				75,618
Amortisation
Amortisation at 1 April 2014				-				544				23,732				24,276
Charge for the period				-				35				1,201				1,236
Amortisation at 30 September 2014				-				579				24,933				25,512
Charge for the period				-				36				1,266				1,302
Impairment for the year				-				-				256				256
Foreign exchange movements				-				-				(2)				(2)
Amortisation at 31 March 2015				-				615				26,453				27,068
Charge for the period				-				36				1,303				1,339
Amortisation at 30 September 2015				-				651				27,756				28,407
Net book value at 30 September 2015				17,930				791				28,490				47,211
Net book value at 1 April 2015				17,930				827				26,903				45,660
Net book value at 30 September 2014				17,930				863				26,250				45,043
Net book value at 1 April 2014				17,930				722				24,520				43,172

9. Property, plant and equipment

												Fixtures,
				Freehold				Plant and				fittings &				Motor
				Property				Machinery				equipment				Vehicles				Total
Cost				£000				£000				£000				£000				£000
Cost at 1 April 2014				650				1,205				473				76				2,404
Additions				-				58				93				27				178
Disposals				-				-				-				(11)				(11)
Cost at 30 September 2014				650				1,263				566				92				2,571
Additions				-				535				65				-				600
Disposals				-				(524)				-				-				(524)
Foreign exchange movements				-				153				-				(6)				147
Cost at 1 April 2015				650				1,427				631				86				2,794
Additions				-				257				38				-				295
Disposals				-				-				-				(31)				(31)
Foreign exchange movements				-				(61)				(6)				-				(67)
Cost at 30 September 2015				650				1,623				663				55				2,991
Depreciation
Depreciation at 1 April 2014				9				934				402				57				1,402
Charge for the period				5				52				18				9				84
Disposals				-				-				-				(11)				(11)
Foreign exchange movements				-				24				-				-				24
Depreciation at 30 September 2014				14				1,010				420				55				1,499
Charge for the period				4				65				21				9				99
Disposals				-				(474)				-				-				(474)
Foreign exchange movements				-				52				1				(2)				51
Depreciation at 1 April 2015				18				653				442				62				1,175
Charge for the period				5				87				40				6				138
Disposals				-				-				-				(31)				(31)
Foreign exchange movements				-				(13)				-				-				(13)
Depreciation at 30 September 2015				23				727				482				37				1,269
Net book value
Net book value at 30 September 2015				627				896				181				18				1,722
Net book value at 1 April 2015				632				774				189				24				1,619
Net book value at 30 September 2014				636				253				146				37				1,072
Net book value at 1 April 2014				641				271				71				19				1,002

10 Investment property

				Freehold
				Property				Total
Cost				£000				£000
Cost at 1 April 2014 and 30 September 2014				157				157
Revaluation at 31 March 2015				32				32
Valuation at 31 March 15 and 30 September 2015				189				189
Depreciation
Depreciation at 1 April 2014				8				8
Charge for the period ended 30 September 2014				2				2
Depreciation at 30 September 2014				10				10
Charge for the period ended 31 March 2015				1				1
Elimination on revaluation 31 March 2015				(11)				(11)
Depreciation at 31 March 2015				-				-
Charge for the period ended 30 September 2015				2				2
Depreciation at 30 September 2015				2				2
Net book value
Net book value at 30 September 2015				187				187
Net book value at 31 March 2015				189				189
Net book value at 30 September 2014				147				147
Net book value at 1 April 2014				149				149

This financial information was approved by the board on 04 December 2015.

Copies of this interim report are being sent to all of the Company’s shareholders. Further copies can be obtained from the Company’s registered office at 78 Coombe Road, New Malden, Surrey KT3 4QS.

DIRECTORS AND OFFICERS				Peter Lawrence				(Chairman)
				Marc Loomes				(Chief Executive)
				Kevin Stockdale				(Finance Director)
				Julia Trouse				(Executive Director andCompany secretary)
				Brett Clemo				(Executive Director)
				David Danson				(Non-Executive Director)
				Anthony Rawlinson				(Non-Executive Director)
REGISTERED OFFICE				78 Coombe Road, New Malden, Surrey. KT3 4QS
				Tel: 020-8336-2900				Fax: 020-8336-0909
COMPANY NUMBER				01818170
INFORMATION AT				www.ecoanimalhealthgroupplc.com

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