| |
|
|
|
|
|
|
|
Notes to the Consolidated Financial Statements
|
| |
Summary of significant accounting policies
Basis of accounting
|
| |
The consolidated financial statements of the Group have been prepared under the historical cost convention and in accordance with International Financial Reporting Standards (IFRS) including International Accounting Standards and Interpretations as issued by the International Accounting Standards Board (IASB) as explained below and in conformity with the legal provisions of the Swiss Code of Obligations. Individual items from the previous year have been reclassified in the consolidated income statement to ensure comparability with the 2002 presentation. The consolidated financial statements are presented in Swiss francs (CHF).
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual outcomes could differ from those estimates.
Principles of consolidation
Subsidiary undertakings, which are those companies in which the Parent Company, directly or indirectly, has an interest of more than 50% of the voting rights or otherwise has power to exercise control over the operations, are consolidated. Subsidiaries are consolidated from the date on which effective control is transferred to the Parent Company. All inter-company transactions, balances and unrealized surpluses and deficits on transactions between Group companies have been eliminated. Separate disclosure is made of minority interests.
Cash and cash equivalents
For the purpose of the cash flow statement, the Group considers all time deposits with an initial maturity of three months or less to be cash equivalents. Cash balances are accounted for on a gross basis, bank overdrafts would be included in current liabilities.
Foreign exchange risk
A significant portion of the Groups’ operations are denominated in foreign currencies, mainly in U.S. Dollar and Euro. The inherent exposure may adversely impact the Groups’ net income and net assets.
Interest rate risk
Interest rate risk arises from movements in interest rates, which could have adverse effects on the Groups’ net income or financial position. Changes in interest rates cause variations in interest income and expenses on interest-bearing assets and liabilities. In addition, they can affect the market value of certain financial assets, liabilities and instruments.
Foreign currencies
The income statements of foreign subsidiaries are translated into the Groups’ reporting currency at quarterly average exchange rates and the corresponding balance sheets are translated at the period-end exchange rate. Exchange differences arising from the translation of the net investment in foreign subsidiaries are taken to “Cumulative Translation Adjustment” in shareholders’ equity.
Foreign currency transactions are accounted for at the exchange rates prevailing at the date of the transactions. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement in the corresponding period.
Marketable securities
Marketable securities consist of equity and debt securities that are traded in liquid markets. They are classified as available-for-sale or held-to-maturity investments and are included in non-current assets unless management has the expressed intention of holding the investment for less than 12 months from the balance sheet date, in which case they are included in current assets. In addition, derivative financial instruments with a positive fair value are included in this category.
Available-for-sale
Marketable securities and investments that are deemed to be available-for-sale are stated at fair value. Any changes in their fair value will be recorded in the income statement.
Held-to-maturity
Held-to-maturity investments are carried at amortized cost using the effective interest rate method.
Derivative financial instruments – Hedging
The Group uses derivative financial instruments to manage its foreign currency exposure. It has established policies and procedures for risk assessment and approval of financial derivative instruments and does not enter into speculative or derivative transactions not related to the operating business.
The Group documents the relationship between a hedging instrument and the related hedged item, as well as risk management objectives and the strategy for undertaking each hedge transaction, at the inception of the transactions. Hedge effectiveness is assessed and reviewed both at the inception of the hedge and on an ongoing basis by determining whether the financial instruments used are highly effective in offsetting changes in fair value or cash flows of hedged items.
For cash flow hedges, the hedging instrument is recorded at fair value. The portion of any change in fair value that is an effective hedge is included in equity, and any remaining ineffective portion is reported in financial income (expense). The effective hedge is recognized in shareholders’ equity until such time as the corresponding hedged transaction is recognized in net income. At this time, the cumulative movement in fair value of the hedge is transferred to net income. Subsequent movements in fair value of such hedges are dealt with within net income.
Accounts receivable
Accounts receivable are carried at anticipated realizable value. An estimate is made for doubtful receivables based upon periodic review of all outstanding amounts. Bad debts are written off when identified.
Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined by the first-in first-out method. Where necessary, provision is made for obsolete, slow moving or defective inventory.
Property, plant and equipment
Property, plant and equipment is recorded at historical cost less accumulated depreciation.
Depreciation expense is recorded utilizing the straight-line method over the estimated useful life of the assets. Assets are written down to their estimated residual value. The depreciation period for fixed installations is recorded at the lower of estimated useful life or rent period. The depreciation periods are summarized as follows:
| Group of assets |
Useful life [years] |
| Property |
20 |
| Laboratory furniture and installations |
6–10 |
| Laboratory equipment |
5 |
| Office furniture |
5 |
| Data processing equipment and software |
3 |
The costs of repairs and maintenance are capitalized only if they improve the related asset or extend its useful life.
Leases
Leases of property, plant and equipment where the Group assumes substantial part of benefits and risks of ownership are classified as finance leases. Finance leases are capitalized at the estimated present value of the underlying lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate of interest on the balance outstanding. The corresponding rental obligations, net of finance charges, are included in short and long-term debt. The interest element of the finance charge is recorded as interest expense in the income statement over the lease period. The plant and equipment acquired under finance leasing contracts are depreciated over the useful life of the asset.
Leases of assets under which the lessor effectively retains all the risks and benefits of ownership are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease.
Patents and trademarks
Costs associated with the filing and registration of patents and trademarks were fully expensed in the period in which they occur.
Goodwill and other intangible assets
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Groups’ share of net assets of the acquired company undertaking at the date of acquisition. The Group amortizes goodwill on a straight-line basis over a period of 20 years from the date of acquisition, in line with IAS 22 (revised). The carrying amount of goodwill is reviewed annually and written down for permanent impairment where it is considered necessary.
Other intangible assets
Licenses, software and other intangible assets are recorded at cost. Intangible assets are amortized utilizing the straight-line method over the lower of estimated useful live of the asset or patent expiry.
Impairment
The Group periodically reviews the recoverability of fixed assets and capitalized intangibles through discounting estimated expected future cash flows (without interest charges) of these assets. An impairment loss is recorded only if the carrying amount of the asset exceeds the higher of its fair value and its value in use.
Provisions
The Group recognizes provisions when it has a present legal or constructive obligation to transfer economic benefits as a result of past events and a reasonable estimate of the obligation can be made.
|
|
|
| |
|
|
|
|
|
|
|
Retirement benefits
|
| |
The Group maintains retirement plans covering all of its employees including its executive officers. In addition to retirement benefits, the Plans provide benefits on the death or long-term disability of its employees.
The Swiss employee pension plan is based on fixed contributions but also guarantees a minimum return. It therefore has both defined contribution and defined benefit elements. As the pension plan obligation is insured with a substantial insurance company, which has assumed all pension obligation risks for the next five years in return for fixed premiums for this period, the company considers that it is more appropriate to account for this plan as a defined contribution plan. This change in disclosure with effect from January 1, 2002 has no impact with respect to income statement and statement of shareholders’ equity.
The contributions, which the Group is called upon to pay in respect of a particular period, are recorded as expense in that period.
Revenue recognition
Sales represent amounts received and receivable for goods supplied and services rendered to customers after deducting discounts, returns, rebates and sales taxes. Sales are recognized on delivery or on providing services to third parties.
Revenue arising from multi-element development and co-promotion agreements is recognized on the basis of cost of efforts up to the reporting date, divided by the total expected research and development costs, multiplied by the total expected contractual payments under the arrangement. However, revenue is limited to the amount of nonrefundable cash payments received and the subsequent milestone payments that have become due and payable at the reporting date.
Cost of sales
Cost of sales comprises manufacturing costs and related production overhead measured at standard costs, royalty expenses directly related to product sales and costs for provision of clinical services.
Research and development
Research and development costs are expensed as incurred.
Deferred income taxes
Deferred taxes are provided, using the liability method, for all temporary differences between the tax bases of assets and liabilities and their carrying values for financial reporting purposes. Deferred tax assets relating to the carryforward of unused tax losses are recognized to the extent that future taxable profit is expected to be available against which the unused tax losses can be utilized. To determine deferred tax, currently enacted tax rates are used net of the beneficial effect of specific agreements to which the Group is a party.
Earnings/(loss) per share
Basic earning/(loss) per share is calculated by dividing the net profit/(loss) attributable to the shareholders by the weighted average shares outstanding during the period.
Diluted earning/(loss) per share is calculated by dividing the net profit/(loss) attributable to the shareholders by the weighted average shares outstanding during the period adjusted for the conversion of all dilutive potential shares.
|
|
|
| 1. Segment information |
|
The Group is active in only one business segment. The primary segment information is presented according to geographical regions. The Group organizes its business primarily by regions. Segment information is prepared on the basis of the location of the assets. Usually the location of the customers does not differ from the location of the assets in the particular region. Intersegmental sales are charged at market rates. |
|
2. Sales
|
Reflect product sales and sales of clinical services.
|
3. Other operating income
|
| |
|
Year ended December 31, |
| [CHF] |
|
2002 |
|
2001 |
| Milestone payments |
|
6,406,000 |
|
50,000,000 |
| Fees from co-operation agreements and services |
|
4,296,027 |
|
5,822,642 |
| Total fees |
|
10,702,027 |
|
55,822,642 |
In January 2001 the Group received a milestone payment of total CHF 56.4 mio (USD 35 mio) of which CHF 50 mio was recognized in the 2001 income statement. The remainder of CHF 6.4 mio is reflected in the 2002 income statement.
|
| 4. Employee costs |
| |
|
Year ended December 31, |
| [CHF] |
|
2002 |
|
2001 |
| Wages and salaries |
|
59,185,953 |
|
38,347,797 |
| Social security costs |
|
5,524,771 |
|
2,639,708 |
| Pension costs – employer contribution |
|
4,207,820 |
|
2,951,690 |
| Other employee related costs |
|
8,141,082 |
|
6,411,328 |
| Total employee related costs |
|
77,059,626 |
|
50,350,523 |
| Number of employees expressed as average full time equivalents |
|
483 |
|
329 |
5. Financial income, net |
| |
|
Year ended December 31, |
| [CHF] |
|
2002 |
|
2001 |
| Interest income |
|
1,717,895 |
|
7,434,750 |
| Interest expense |
|
(693,745) |
|
(218,917) |
| Net foreign exchange gain/(loss) |
|
(4,811,866) |
|
1,899,909 |
| Net loss on marketable securities and other income |
|
(1,267,212) |
|
(4,463,140) |
| Total financial income/(expense), net |
|
(5,054,928) |
|
4,652,602 |
6. Taxes |
The income tax benefit credited to the income statement comprises:
|
| |
|
Year ended December 31, |
| [CHF] |
|
2002 |
|
2001 |
| Current tax |
|
(335,245) |
|
(378,420) |
| Deferred tax |
|
6,553,961 |
|
11,221,052 |
| Total |
|
6,218,716 |
|
10,842,632
|
[%] |
|
|
|
|
| Statutory tax rate |
|
25.0 |
|
25.0 |
| Differences from local tax rates to applicable tax rates |
|
(8.1) |
|
(8.3) |
| Effect of non-recognition of tax losses in current year |
|
(4.0) |
|
– |
| Effective tax rate |
|
12.9 |
|
16.7 |
Deferred income taxes debited to the share premium in respect of formation expenses comprise:
|
| [CHF] |
|
2002 |
|
2001 |
| Deferred tax |
|
192,364 |
|
293,118 |
Deferred income tax asset at December 31 comprises:
|
| [CHF] |
|
2002 |
|
2001 |
| Tax loss carryforwards |
|
28,587,578 |
|
23,330,357 |
| Temporary differences |
|
1,919,576 |
|
2,446,069 |
| Total |
|
30,507,154 |
|
25,776,426 |
At December 31, 2002 the Group had unused tax losses of CHF 164,558,089. If not used, these tax losses will expire as follows:
|
| [CHF] |
|
Recognized tax losses |
|
Unrecognized tax losses |
| After 3 years |
|
4,531,209 |
|
|
| After 4 years |
|
19,313,707 |
|
842,913 |
| After 5 years |
|
43,221,939 |
|
2,498,903 |
| After more than 5 years |
|
83,728,663 |
|
10,420,755 |
| Total |
|
150,795,518 |
|
13,762,571 |
At December 31, 2002 the Group had deductible temporary differences in the amount of CHF 18,267,652 for which a deferred tax asset of CHF 1,919,576 was recognized.
|
7. Minority interests
|
| |
|
|
| [CHF] |
|
2002 |
|
2001 |
| January 1 |
|
1,209,521 |
|
671,061 |
| Change in minority interest due to capital increase |
|
608,197 |
|
– |
| Change in minority interest due to result of the year |
|
(1,147,798) |
|
538,460 |
| December 31 |
|
669,920 |
|
1,209,521 |
The Groups’ share in Hesperion Ltd was increased in December 2002 from 64.17% to 69.13% as a result of the issuance of additional shares. Minority interests at December 31, 2002 consist of 30.87% of Hesperion Ltd and are held by Hesperion management and employees.
|
8. Earnings per share
|
Basic loss per share is calculated by dividing the net loss attributable to shareholders by the weighted average number of shares outstanding during the year.
|
| |
|
Year ended December 31, |
| [CHF except share data] |
|
2002 |
|
2001 |
| Net loss attributable to shareholders |
|
(40,751,967) |
|
(54,573,145) |
| Weighted average number of shares outstanding |
|
21,282,433 |
|
20,561,372 |
| Basic loss per share |
|
1.91 |
|
2.65 |
The diluted loss per share calculation is not performed because the effect of inclusion of potential shares would have been anti-dilutive.
|
|
9. Property, plant and equipment
|
|
[CHF]
|
|
Building |
|
Office
equipment |
|
Laboratory
equipment |
|
Other |
|
Total |
| December 31, 2001 |
|
66,309 |
|
6,808,880 |
|
8,922,693 |
|
238,770 |
|
16,036,652 |
| Additions |
|
12,514,056 |
|
3,293,976 |
|
2,219,479 |
|
112,488 |
|
18,139,999 |
| Depreciation charge |
|
(480,030) |
|
(2,694,396) |
|
(2,455,096) |
|
(56,687) |
|
(5,686,209) |
| Exchange differences |
|
|
|
(55,667) |
|
– |
|
(24,257) |
|
(79,924) |
| December 31, 2002 |
|
12,100,335 |
|
7,352,793 |
|
8,687,076 |
|
270,314 |
|
28,410,518 |
December 31, 2002 |
|
|
|
|
|
|
|
|
|
|
| Historical cost |
|
12,583,764 |
|
12,992,104 |
|
14,420,115 |
|
368,985 |
|
40,364,968 |
| Accumulated depreciation |
|
(483,429) |
|
(5,639,311) |
|
(5,733,039) |
|
(98,671) |
|
(11,954,450) |
| Net book value |
|
12,100,335 |
|
7,352,793 |
|
8,687,076 |
|
270,314 |
|
28,410,518 |
Net carrying amount of leased assets is CHF 1,568,032 and CHF 2,323,952 at December 31, 2002 and 2001, respectively.
Bank borrowings are secured on property to the value of CHF 12,100,335.
|
10. Goodwill and other intangible assets
|
| |
|
Other intangible |
| [CHF] |
|
Goodwill |
|
assets |
|
Total |
| December 31, 2001 |
|
8,016,832 |
|
1,675,946 |
|
9,692,778 |
| Additions |
|
976,598 |
|
7,110,145 |
|
8,086,743 |
| Depreciation charge |
|
(437,029) |
|
(994,050) |
|
(1,431,079) |
| Exchange differences |
|
(40,331) |
|
(120,003) |
|
(160,334) |
| December 31, 2002 |
|
8,516,070 |
|
7,672,038 |
|
16,188,108
|
December 31, 2002
|
|
|
|
|
|
|
| Historical cost |
|
9,717,365 |
|
8,980,810 |
|
18,698,175 |
| Accumulated depreciation |
|
(1,201,295) |
|
(1,308,772) |
|
(2,510,067) |
| Net book value |
|
8,516,070 |
|
7,672,038 |
|
16,188,108 |
In line with IAS 38 the Group recognized an intangible asset of CHF 6.5 million for milestone payments recorded in 2002 in connection with a license agreement.
|
|
11. Investment
|
| [CHF] |
|
2002 |
|
2001 |
| Axovan AG |
|
2,204,000 |
|
1,700,000 |
The investment is carried at cost.
|
12. Inventories
|
| [CHF] |
|
2002 |
|
2001 |
| Intermediates |
|
9,666,519 |
|
5,566,571 |
| Finished products |
|
4,154,314 |
|
679,640 |
| Total inventories |
|
13,820,833 |
|
6,246,211 |
13. Accounts receivable
|
| [CHF] |
|
2002 |
|
2001 |
| Trade receivables |
|
21,226,410 |
|
4,509,382 |
| Accounts receivable from cooperations |
|
|
|
4,061,173 |
| Other accounts receivable |
|
2,722,909 |
|
2,767,424 |
| Total accounts receivable |
|
23,949,319 |
|
11,337,979 |
14. Cash and cash equivalents
|
| [CHF] |
|
2002 |
|
2001 |
| Short-term bank deposits |
|
69,665,275 |
|
35,188,837 |
| Cash at bank and in hand |
|
46,735,611 |
|
51,823,989 |
| Total cash and cash equivalents |
|
116,400,886 |
|
87,012,826 |
15. Marketable securities
|
| [CHF] |
|
2002 |
|
2001 |
| Available-for-sale |
|
669,814 |
|
65,177,791 |
| Held-to-maturity |
|
12,384,000 |
|
– |
| Derivative instruments |
|
1,180,397 |
|
– |
| Total marketable securities |
|
14,234,211 |
|
65,177,791 |
Derivative financial instruments at December 31, 2002 are as follows:
|
| [CHF] |
|
Assets |
|
Liabilities |
| Foreign exchange options – cash flow hedges |
|
1,180,397 |
|
64,167 |
Gains on foreign exchange options designated as cash flow hedges are as follows:
|
| [CHF] |
|
2002 |
|
2001 |
| Gains recognized in equity |
|
375,000 |
|
– |
| Gains recognized in other financial income |
|
741,230 |
|
– |
The forecasted transactions designated as the hedged items for the above foreign exchange options are expected to occur and be reported within net income within 6 months from the balance sheet date.
|
|
16. Share capital
At December 31, 2002, the issued share capital amounts to CHF 53,441,398 consisting of 21,376,559 common shares (including 13,500 treasury shares) with a nominal value of CHF 2.50 each. The shares are registered and fully paid-up.
17. Conditional capital
Since inception the Company has created conditional capital for the establishment of stock option plans, convertible bonds as well as for the potential issuance of shares in relation with certain credit facilities. At December 31, 2002 the Company has conditional capital of CHF 12,200,202.
Movements in conditional capital are as follows:
| [CHF] |
|
2001 |
| January 1, 2001 |
|
12,314,700 |
| Creation of conditional capital for Employee Stock Option Plans |
|
500,000 |
| Creation of conditional capital for convertible bonds/loans |
|
780,000 |
| Exercise of options and warrant |
|
(4,160,250) |
| December 31, 2001 |
|
9,434,450 |
|
|
|
| Creation of conditional capital for Employee Stock Option Plans |
|
1,250,000 |
| Creation of conditional capital for convertible bonds/loans 2 |
|
2,120,000 |
| Exercise of options |
|
(604,248) |
| December 31, 2002 |
|
12,200,202 |
18. Authorized capital
The Annual General Meeting of April 19, 2002 authorized the Company to create capital to be used for strategic purposes. The Board of Directors is authorized to increase until April 19, 2004 the share capital by an amount of not more than CHF 3,000,000 by issuance of not more than 1,200,000 fully paid-in registered shares with a nominal value of CHF 2.50 per share.
19. Financing arrangements
Capital leases
The Group had obligations outstanding under capital lease commitments as follows:
| [CHF] |
|
2002 |
|
2001 |
| Within one year |
|
494,772 |
|
736,620 |
| Later than one year and not later than 5 years |
|
101,609 |
|
533,751 |
| Total |
|
596,381 |
|
1,270,371 |
| Financial debts |
|
|
|
|
|
|
Loans |
|
Mortgage |
| Amount [CHF] |
|
40,000,000 |
|
7,460,000 |
| Interest rate [%] |
|
LIBOR plus |
|
3.6 – 4.8 |
| Interest rate fixing |
|
after 6 months |
|
– CHF 5.6 mio after 2 years |
| |
|
|
|
– CHF 1.9 mio variable |
20. Deferred income
Deferred income consists of the amounts received at year-end under multi-element licensing, co-promotion and other service agreements that had not yet been recognized as revenue in the income statement.
21. Accrued expenses
| [CHF] |
|
2002 |
|
2001 |
| Accrued compensation expenses |
|
8,611,050 |
|
3,605,069 |
| Other accrued expenses |
|
11,759,001 |
|
4,467,842 |
| Total |
|
20,370,051 |
|
8,072,911 |
22. Commitments and contingencies
Licensing-in agreements
The Group is required to pay royalties related to net sales of certain products, consistent with industry standards.
Operating lease commitments
The future minimum lease payments under non-cancelable operating leases are as follows:
| [CHF] |
|
2002 |
|
2001 |
| Within one year |
|
4,500,562 |
|
3,940,116 |
| Later than one year and not later than 5 years |
|
14,722,635 |
|
14,502,695 |
| Later than five years |
|
1,679,052 |
|
1,374,902 |
| Total |
|
20,902,249 |
|
19,817,713 |
Operating lease commitments comprise mainly future rental payments for offices and laboratories.
Capital commitments
At December 31, 2002 capital commitments which have not been recognized in the financial statements amounted to CHF 184,187.
23. Stock option plans
No compensation expense has been recognized for options granted under the Option Plans except to the extent that the social security costs related to the issuance of options have been expensed.
Option plans
Options are granted at the beginning of employment or service. The options vest on a pro-rata basis quarterly 4 years from the date of grant, with an one year initial cliff vesting. All options expire no later than ten years from the date of approval of the respective plan. One option entitles to one share.
Summary of otion plans
|
|
2002 |
|
2001 |
| Shares authorized for issuance |
|
3,700,000 |
|
3,200,000 |
| Share options available for grants |
|
323,937 |
|
99,032 |
| Share options vested |
|
2,258,173 |
|
1,484,321 |
Share options outstanding at the end of the year have the following terms:
| Exercise Price [CHF] |
|
2002 |
|
2001 |
| Up to 25 |
|
958,190 |
|
1,215,160 |
| From 25.1 to 50.0 |
|
242,428 |
|
80,160 |
| From 50.1 to 75.0 |
|
629,206 |
|
489,464 |
| From 75.1 to 100.0 |
|
19,776 |
|
– |
| From 100.1 to 150.0 |
|
253,504 |
|
287,788 |
| From 150.1 to 250.0 |
|
200,576 |
|
210,176 |
| Total |
|
2,303,680 |
|
2,282,748 |
Weighted average price of options outstanding |
|
54.29 |
|
50.10 |
Movements in the number of share options outstanding are as follows:
| [Share options] |
|
2002 |
|
2001 |
| January 1 |
|
2,282,748 |
|
3,284,472 |
| Granted |
|
372,364 |
|
653,624 |
| Exercised |
|
(241,699) |
|
(1,616,100) |
| Canceled |
|
(96,317) |
|
(39,248) |
| Expired |
|
(13,416) |
|
– |
| December 31 |
|
2,303,680 |
|
2,282,748 |
|
|
24. Subsidiaries
|
|
|
|
|
|
|
| Company |
|
Country |
|
Location |
|
Ownership Interest |
|
Consolidation method |
|
Share Capital |
| Actelion Pharmaceuticals Australia Pty Ltd |
|
Australia |
|
Sydney |
|
100 % |
|
Full |
|
AUD 2,016,667 |
Actelion Pharmaceuticals
Austria GmbH |
|
Austria |
|
Vienna |
|
100 % |
|
Full |
|
EUR 35,000 |
Actelion Pharmaceuticals
do Brasil Ltda |
|
Brazil |
|
Rio de Janeiro |
|
100 % |
|
Full |
|
BRL 376,444 |
Actelion Pharmaceuticals
Canada Inc |
|
Canada |
|
Laval |
|
100 % |
|
Full |
|
CAD 2,600,000 |
Actelion Pharmaceuticals
France SAS |
|
France |
|
Paris |
|
100 % |
|
Full |
|
EUR 200,000 |
Actelion Pharmaceuticals
Deutschland GmbH |
|
Germany |
|
Freiburg |
|
100 % |
|
Full |
|
EUR 1,000,000 |
Actelion Pharmaceuticals
Hellas SA |
|
Greece |
|
Chalandri |
|
100 % |
|
Full |
|
EUR 84,300 |
Actelion Pharmaceuticals
Italia S r l |
|
Italy |
|
Milan |
|
100 % |
|
Full |
|
EUR 15,000 |
Actelion Pharmaceuticals
Japan Ltd |
|
Japan |
|
Tokyo |
|
100 % |
|
Full |
|
JPY 95,000,000 |
Actelion Pharmaceuticals
Nederland BV |
|
Netherlands |
|
Hoofddorp |
|
100 % |
|
Full |
|
EUR 50,000 |
Actelion Pharmaceuticals
Espana SL |
|
Spain |
|
Barcelona |
|
100 % |
|
Full |
|
EUR 3,100 |
Actelion Pharmaceuticals
Sverige AB |
|
Sweden |
|
Danderyd |
|
100 % |
|
Full |
|
SEK 1,000,000 |
| Actelion Pharmaceuticals Ltd (CH) |
|
Switzerland |
|
Allschwil |
|
100 % |
|
Full |
|
CHF 614,610 |
| Actelion Pharmaceuticals UK Ltd |
|
United Kingdom |
|
London |
|
100 % |
|
Full |
|
EUR 250,000 |
Actelion Registration Ltd |
|
United Kingdom |
|
London |
|
100 % |
|
Full |
|
GBP 0 |
| Actelion Pharmaceuticals US Inc |
|
United States |
|
South San Francisco |
|
100 % |
|
Full |
|
USD 5,000 |
Hesperion Ltd |
|
Switzerland |
|
Allschwil |
|
69.1 % |
|
Full |
|
CHF 140,000 |
|
25. Related party transactions
Senior executive and board compensation
| Senior executives |
|
2002 |
|
2001 |
| Monetary compensation |
|
4,193,726 |
|
2,241,959 |
| Share options granted |
|
97,200 |
|
52,168 |
| Members |
|
11 |
|
9 |
Board members |
|
|
|
|
| Monetary compensation |
|
105,000 |
|
90,000 |
| Share options granted |
|
13,500 |
|
5,000 |
| Members |
|
7 |
|
6 |
|
|
|
