Sirtex Cover.proof 11 - School of Educators

3Section
6
Information Summary
Financial Performance
Sirtex Medical’s results for each financial year from 1997 to 1999 are shown below.
$ Actual 3 Months Actual Actual Actual 6 months
Year ending 30 June to 30 June 1997 1998 1999 to 31 Dec 1999
Revenue 19,206 529,384 400,129 308,596
Earnings Before
Interest & Tax (201,506) (553,754) (1,355,047) (536,113)
Notes
1. Where necessary, the financial information has been adjusted to ensure comparability
of results (refer Section 8).
2. Revenue includes all revenue including grant and interest income. Revenue for the sale
of SIR-Spheres ® was $151,444, $155,554 and $126,246 for 1998, 1999 and the six
months to 31 Dec 1999 respectively.
A summary of Sirtex Medical’s Proforma
Balance Sheet is set out below, incorporating
the audited balance sheet as at 31 December
1999 adjusted for the Offer. The assumptions
underlying the summary Proforma Balance
Sheet and a detailed Proforma Balance Sheet
are set out in the Independent Accountant’s
Report in Section 8.
$’000
Current Assets 15,689
Non-Current Assets 3,149
Total Assets 18,838
Current Liabilities 158
Non-Current Liabilities –
Total Liabilities 158
Shareholders Equity/Net Assets 18,680
Asset Backing
Based on the Proforma Balance Sheet
annexed to the Independent Accountant’s
Report in Section 8, Sirtex Medical’s
proforma net asset backing per Share will
be 34.59 cents at the time of its ASX listing.
The Sirtex Medical proforma net tangible
asset backing will be $28.8 cents per Share
at the time of its ASX listing.
Dividend Policy
Sirtex Medical does not intend to pay
dividends in the foreseeable future.
Business and Investment Risks
The financial performance of Sirtex Medical
may be affected by a number of business
risks. Some of these risks apply to
companies generally and include changes
in the level of interest rates, movements in
exchange rates and general economic
conditions.
There are also a number of risk factors
that are specific to an investment in Sirtex
Medical. These include:
• There are long lead times for the
development of medical products and
therapies;
• The reliance on retaining and attracting
highly skilled staff;
• The granting of patent protection may
not guarantee complete protection of
the Company’s intellectual property;
• Competition from parties who could
potentially supply products which
compete with the Company; and