ABN 16 102 254 151
ASX Preliminary final report - 30 June 2016 Lodged with the ASX under Listing Rule 4.3AThis Preliminary final report should be read in conjunction with the 30 June 2016 Annual Report signed on 17 August 2016 together with ASX announcements issued after this date.
Contents PageResults for announcement to the market 2
Commentary on the results for the period 3
Status of audit 3
Annual Report Attachment
Additional Appendix 4E disclosure requirements can be found in the directors' report and the 30 June 2016 financial statements and accompanying notes.
Appendix 4E Preliminary Final ReportQRxPharma Limited ABN 16 102 254 151
Reporting Period
Report for the financial year ended 30 June 2016.
Previous corresponding period is the financial year ended 30 June 2015.
Results for announcement to the market
$A'000
Revenue from ordinary activities (item 2.1)
Up
78%
To
16
Net loss from ordinary activities after tax attributable to members (item 2.2)
Down
67%
To
(1,764)
Net loss for the period attributable to members (item 2.3)
Down
67%
To
(1,764)
Brief explanation of any of the figures reported above necessary to enable the figures to be understood (item 2.6)
Revenue
The revenue from ordinaray activities represents interest earned on cash and cash equivalents.
Net loss from ordinary activities
The net loss for the year from ordinary activities was $1.8 million (2015: net loss $5.4 million) and includes the following key items:
$(1.0) million. The decrease in salaries and wages is attributable to the Group's decision in the 2015 financial year to significantly reduce headcount.
Cash Position
As at 30 June 2016, the Group holds cash and cash equivalents of $1.2 million (2015: $3.4 million). The board continues to closely monitor company activities minimising all expenditures.
Research and development expenditure of $0.1 million (2015: $1.8 million) which was primarily incurred in patent and trademark maintenance (2015: $0.2 million). The 2015 financial year also included $0.4 million for the finalisation of clinical and regulatory activities associated with immediate release Moxduo®, and spend of $1.0 million on product and manufacturing process development inclusive of costs associated with the closing of all development programmes.
Employee benefits expense of $0.4 million (2015: $2.4 million), which comprises salaries and wages expense of $0.3 million (2015: $1.9 million), termination benefits of $0.1 million (2015: $1.5 million). The 2015 financial year also included a net write back of non-cash share based payments expense of
Restructuring expense of $0.8 million (2015: $0.5 million) associated with the placement of the Company into Voluntary Administration on 22 May 2015.
General and administrative expense of $0.7 million (2015: $1.3 million). The decrease in expenditure is attributable to the Group's decision in the 2015 financial year to wind down activities inclusive of the closure of the US operations.
Dividends (items 2.4 - 2.5)
It is not proposed to a pay a dividend.
Statement of comprehensive income - Refer to the attached Annual financial report
Balance sheet - Refer to the attached Annual financial report
Statement of cash flows - Refer to the attached Annual financial report
Statement of changes in equity - Refer to the attached Annual financial report
Dividends - It is not proposed to pay a dividend (item 7 ).
Net Tangible Assets per Security (item 9)
30 June
2016
30 June
2015
Net tangible assets per ordinary share
$0.006
$0.017
The Group did not acquire or lose control over any entities during the period. (2015: none)
The Group had no associates or joint venture entities.
Commentary on the results (item 12 & 14)
The major focus for the Group during the 2016 financial year was cost minimisation with the Company under Voluntary Administration during the first half of the financial year and post the effectuation of a Deed of Company Arrangement on 23 December 2015 the board has continued to explore strategic alternatives for the Group and its assets.
Status of audit (items 15 to 17)
This report has been prepared in accordance with Australian Accounting Standards, Interpretations and other authoritative pronouncements issued by the Australian Accounting Standards Board and the Corporations Act 2001. QRxPharma Limited is a for-profit entity for the purpose of preparing the financial statements.
This preliminary financial report is based on financial statements and notes which have been audited and are not subject to any qualifications or disputes. The attached financial statements have been prepared on a going concern basis. This matter has been considered by the Group's auditors Deloitte Touche Tohmatsu and the financial statements are subject to an Emphasis of Matter as noted in the Independent auditors' report to the members of QRxPharma Limited on pages 51 to 52 of the 2016 Annual Report.
The Board currently constitutes the audit committee.
Chris J Campbell Company Secretary QRxPharma Limited 17 August 2016
QRxPharma LimitedABN 16 102 254 151
Annual report for the year ended 30 June 2016QRxpharma Ltd. published this content on 18 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 18 August 2016 01:55:03 UTC.
Original documenthttp://www.qrxpharma.com/irm/PDF/1519/PreliminaryFinalReport30June2016
Public permalinkhttp://www.publicnow.com/view/A0C92535D4B84B7735D23C73192C1329D81E4619