2012 Annual Report - Prometic - Life Science, Inc.

As at December 31, 2012, the cash position was $1.2 million compared
to $0.3 million as at December 31, 2011.
Current assets totaled $17.3 million as at December 31, 2012, and
$3.2 million as at December 31, 2011. Accounts receivable were
$4.8 million as at December 31, 2012, compared to $1.4 million as
at December 31, 2011. Accounts receivable consist mostly of trade
receivables related to the sale of resin, licensing agreements as well
as research and development tax credits receivable related to the
activities of the Therapeutics and the Protein Technology Units. The
current assets also include an amount of $9.8 million for the share
subscription receivable relating to the Hepalink investment in ProMetic
which was received on January 7th, 2013. The net capital assets were
at $1.1 million as at December 31, 2012 compared to $0.9 million as at
December 31, 2011.
Included in Current liabilities is an amount of $5.1 million relating to
Trade and other payables. This balance although improving, is still
high, partly as a result of the company’s cash situation, and partly due to
increased working capital requirements to service the growing revenue
stream. The recent improvements in the Company’s liquidity noted
herein are expected to improve upon this during fiscal 2013.
CONTRACTUAL OBLIGATIONS
(in thousands of dollars)
Payment due by period
Less
Contractual than After 5
Obligations Total 1 year 1 - 3 years 4 – 5 years years
Debt 10,067 5,613 4,454 - -
Capital leases
and obligations 13 9 4 - -
Operating
leases 12,591 1,888 3,490 3,835 3,378
Other
obligations 203 203 - - -
SUMMARY OF QUARTERLY RESULTS
The following unaudited information is presented in millions of
Canadian dollars except for per share amounts.
2012
December 31 September 30 June 30 March 31
Revenues 8.3 7.7 6.3 1.1
Net profit/(loss) 1.0 2.5 0.8 (4.7)
Net profit/(loss)
per share
(basic and diluted) 0.00 0.01 0.00 (0.01)
Weighted average
number of
outstanding shares 431 428 421 404
2011
December 31 September 30 June 30 March 31
Revenues 8.5 3.3 3.0 2.8
Net profit/(loss) 3.3 (2.1) (1.8) (2.7)
Net profit/(loss)
per share
(basic and diluted) 0.01 (0.01) (0.00) (0.01)
Weighted average
number of
outstanding shares 387 378 373 356
Total contractual
obligations 22,874 7,713 7,948 3,835 3,378
PROMETIC LIFE SCIENCES INC.
20
CASH FLOWS
The consolidated statement of cash flows in the consolidated financial
statements shows that cash flows used in operating activities amounted
to $2.1 million for the year ended December 31, 2012 compared with
$7.4 million for the year ended December 31, 2011. The reduction
is principally due to the non monetary licensing revenues from the
Celgene transactions in 2011. The cash inflows from financing activities
amounted to $3.7 million for the year ended December 31, 2012
compared to inflows of $8.5 million for the year ended December 31,
2011. In 2011, the Company received promissory notes for $1.0 million
from shareholders. Also in 2011, long-term debts were contracted for a
total of $1.7 million of which $0.5 million came from a shareholder, and
$1.2 million from the government of the Isle of Man. The company also
received a loan of $0.8 million from Investissement Québec and issued
shares to a non-controlling interest for a total of $1.5 million.