Actelion Annual Report 2002 - Consolidated Financial Statements

Consolidated Income Statement

		Twelve Months	Ended December 31,
[CHF]	Note	2002	2001
Sales	2	129,641,178	8,251,983
Cost of sales		19,329,154	4,275,815
Gross profit		110,312,024	3,976,168
Other operating income	3	10,702,027	55,822,642
Operating expenses
Research and development		59,807,140	77,680,374
Marketing and sales		78,884,966	32,896,266
Management and general		25,385,499	18,752,089
Total operating expenses		164,077,605	129,328,729
Operating loss		(43,063,554)	(69,529,919)
Financial income, net	5	(5,054,928)	4,652,602
Net loss before taxes and minority interests		(48,118,482)	(64,877,317)
Income tax benefit	6	6,218,716	10,842,632
Net loss before minority interests		(41,899,766)	(54,034,685)
Net income attributable to minority shareholders	7	1,147,798	(538,460)
Net loss Actelion Ltd		(40,751,967)	(54,573,145)
Basic loss per share	8	(1.91)	(2.65)

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Consolidated Balance Sheet

Assets		December 31,
[CHF]	Note	2002	2001
Non current assets
Property, plant and equipment	9	28,410,518	16,036,652
Investment	11	2,204,000	1,700,000
Goodwill and other intangible assets	10	16,188,108	9,692,778
Other assets		3,324,353	3,079,659
Deferred tax asset	6	30,507,154	25,776,426
Total non current assets		80,634,133	56,285,515
Current assets
Inventories	12	13,820,833	6,246,211
Accounts receivable	13	23,949,319	11,337,979
Other current assets		3,224,523	2,240,174
Marketable securities	15	14,234,211	65,177,791
Cash and cash equivalents	14	116,400,886	87,012,826
Total current assets		171,629,772	172,014,981
Total assets		252,263,905	228,300,496
Equity and liabilities
Shareholders’ equity
Share capital	16	53,441,398	52,837,150
Share premium and other reserves		256,399,226	258,777,733
Accumulated loss		(155,575,376)	(115,303,373)
Total shareholders’ equity		154,265,247	196,311,510
Minority interest	7	669,920	1,209,521
Non current liabilities
Financial debts	19	47,460,000
Other non current liabilities		233,649	187,982
Capital leases, less current portion	19	101,609	533,751
Total non current liabilities		47,795,258	721,733
Current liabilities
Deferred income	20	2,087,031	9,025,720
Borrowings		428,259
Trade and other payables		26,153,367	12,222,481
Accrued expenses	21	20,370,051	8,072,911
Current portion of capital leases	19	494,772	736,620
Total current liabilities		49,533,480	30,057,732
Total equity and liabilities		252,263,905	228,300,496
The accompanying Notes form an integral part of these Consolidated Financial Statements.

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Consolidated Cash Flow Statement

Twelve Months Ended December 31,

[CHF]
Operating activity

Note

2002

2001

Net loss

(40,751,967)

(54,573,145)

Adjustments to reconcile net loss to net cash
– Change in minority interest

(1,147,798)

538,460

– Deferred tax variation

(6,218,716)

(10,842,633)

– Loss on sale of marketable securities

1,366,730

– Depreciation and amortization

7,116,762

4,640,309

– Provisions

(377,431)

– Changes in non current liabilities

45,667

77,420

– Changes in the composition of working capital

– Increase/(decrease) in current liabilities

19,752,824

(41,698,277)

– Decrease/(increase) in current assets

(21.479.854)

47,112,665

Net cash provided by operations

(41,316,353)

(55,122,631)

Investing activities

Increase in investments

(504,000)

(750,000)

Purchase of property, plant and equipment

(18,006,265)

(9,278,820)

Purchase of intangibles

(7,110,145)

(1,642,246)

Acquisition of subsidiary

(2,334,764)

Marketable securities

49,951,850

(1,675,518)

Deposits and others

(244,694)

(1,273,148)

Net cash used in investing activity

24,086,746

(16,954,496)

Financing activities

Net payments on capital leases

(713,445)

(1,373,605)

Financial debt

47,460,000

Transactions in treasury shares

(963,095)

137,284

Issuance of shares, net of formation expenses

910,456

4,002,174

Total cash provided by financing activity

46,693,916

2,765,853

Net effect of currency translation on cash

(76,250)

Net change in cash position

29,388,060

(69,311,274)

Net increase in cash and cash equivalents

Cash and equivalents, beginning of period

87,012,826

156,324,100

Cash and equivalents, end of period

116,400,886

87,012,826

The accompanying Notes form an integral part of these Consolidated Financial Statements.