Form 6-K ICON PLC For: Jul 31
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 under
the Securities Exchange Act of 1934
For the month ended August, 2015
ICON plc
(Registrant's name)
333-08704
(Commission file number)
South County Business Park, Leopardstown, Dublin 18, Ireland
(Address of principal executive offices)
Brendan Brennan, CFO
South County Business Park, Leopardstown, Dublin 18, Ireland.
011-353-1-291-2000
(Name, telephone number, email and/or facsimile number and address of Company contact person)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
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Yes___X___
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No_______
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Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
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Yes______
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No___X___
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Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
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Yes______
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No___X___
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Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule12g3-2(b) under the Securities Exchange Act of 1934.
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Yes______
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No___X___
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If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82 N/A
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EXHIBIT LIST
Exhibit
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Description
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99.1
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ICON plc Unaudited Interim Financial Statements (IFRS Single Company Financial Statements)
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ICON plc
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/s/ Brendan Brennan
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Date: August 27, 2015
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Brendan Brennan
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Chief Financial Officer
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ICON Plc | |
Unaudited Interim Financial Statements | |
For the Interim Period from 1 January 2015 to 31 July 2015 | |
Registered number: 145835
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These unaudited interim financial statements have been prepared solely to present information about the Company on a stand-alone basis for filing with the Companies Registration Office. Separately prepared statutory annual financial statements for the year ended 31 December 2014 have been prepared in accordance with Company Law and were laid before the members at an Annual General Meeting on 24th July 2015 and will be filed with the Companies Registration Office together with its 2014 Annual Return.
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ICON Plc | |
Unaudited Interim financial statements | |
Contents | Page |
Directors and other information | 1 |
Unaudited interim income statement | 2 |
Unaudited interim statement of comprehensive income | 3 |
Unaudited interim statement of financial position | 4 |
Unaudited interim statement of cash flows | 5 |
Unaudited interim statement of changes in equity | 6 –7 |
Notes forming part of the interim financial statements | 8 – 30 |
ICON Plc | |
Directors and other information
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Directors | Thomas Lynch (British) |
Ciaran Murray | |
Dr. John Climax | |
Dr. Ronan Lambe | |
Prof. Dermot Kelleher | |
Declan McKeon | |
Mary Pendergast (American) | |
Prof. William Hall | |
Dr. Hugh Brady | |
Secretary | Diarmaid Cunningham |
Registered office | South County Business Park |
Leopardstown | |
Dublin 18 | |
Solicitors | A & L Goodbody |
IFSC | |
25-28 North Wall Quay | |
Dublin 1 | |
Cahill Gordon Reindel LLP | |
80 Pine Street | |
NY 10005 | |
USA | |
Registrars | Computershare Investor Services (Ireland) Limited |
Herron House | |
Corrig Road | |
Sandyford Industrial Estate | |
Dublin 18 | |
Bankers | Citibank |
Canada Square Canary Wharf | |
London E145LB | |
United Kingdom |
1
ICON Plc
Unaudited interim income statement
for the period ended 31 July 2015
Note
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Period ended
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Year ended
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||||||
31 July
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31 December
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|||||||
2015
Unaudited
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2014
Audited
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|||||||
$’000 | $’000 | |||||||
Turnover – continuing operations
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2 | 34,958 | 74,409 | |||||
Direct costs
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3 | (15,666 | ) | (30,925 | ) | |||
Other operating expenses, net
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4 | (22,543 | ) | (48,201 | ) | |||
Operating loss – continuing operations
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(3,251 | ) | (4,717 | ) | ||||
Profit on disposal of subsidiary undertaking
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5 | 350,000 | - | |||||
Financing income
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6 | - | 141,030 | |||||
Profit on ordinary activities before taxation
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346,749 | 136,313 | ||||||
Tax on profit on ordinary activities
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7 | (491 | ) | (876 | ) | |||
Profit for the interim period - equity
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346,258 | 135,437 |
On behalf of the Board | |
Declan McKeon | Ciaran Murray |
Director | Director |
2
ICON Plc
Unaudited interim statement of comprehensive income
for the period ended 31 July 2015
Period ended
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Year ended
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|||||
31 July
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31 December
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|||||
2015
Unaudited
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2014
Audited
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|||||
$’000 | $’000 | |||||
Other Comprehensive Income
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||||||
Items that are or may be subsequently reclassified to the income statement:
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||||||
Currency translation differences
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(54,538 | ) | (84,923 | ) | ||
Other comprehensive loss for the interim period net of tax
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(54,538 | ) | (84,923 | ) | ||
Profit for the interim period
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346,258 | 135,437 | ||||
Total comprehensive income for the interim period
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291,720 | 50,514 | ||||
Attributable to:
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||||||
Equity holders of the Company
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291,720 | 50,514 | ||||
Total comprehensive income for the interim period
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291,720 | 50,514 |
On behalf of the Board | |
Declan McKeon | Ciaran Murray |
Director | Director |
3
ICON Plc
Unaudited interim statement of financial position
for the period ended 31 July 2015
Period ended
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Year ended
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||||||||
Note
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31 July
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31 December
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|||||||
2015
Unaudited
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2014
Audited
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||||||||
ASSETS
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$’000 | $’000 | |||||||
Non-current assets
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|||||||||
Property, plant and equipment
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9 | 404 | 614 | ||||||
Intangible assets
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10 | 152 | 197 | ||||||
Investment in subsidiaries
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11 | 400,737 | 468,124 | ||||||
Deferred tax asset, net
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7 | 531 | 410 | ||||||
Total non-current assets
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401,824 | 469,345 | |||||||
Current assets
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|||||||||
Other current assets
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12 | 3,678 | 2,951 | ||||||
Amounts due from subsidiary undertakings
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395,048 | 148,272 | |||||||
Current taxes receivable
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- | 151 | |||||||
Cash and cash equivalents
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81,951 | 4,516 | |||||||
Total current assets
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480,677 | 155,890 | |||||||
Total assets
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882,501 | 625,235 | |||||||
EQUITY
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|||||||||
Share capital
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13 | 5,008 | 5,037 | ||||||
Share premium
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14 | 232,956 | 221,965 | ||||||
Capital redemption reserve
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14 | 363 | 305 | ||||||
Share based payment reserve
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14 | 65,103 | 58,614 | ||||||
Other reserves
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14 | 6,071 | 6,071 | ||||||
Functional currency translation reserve
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14 | (113,576 | ) | (59,038 | ) | ||||
Retained earnings
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14 | 673,013 | 368,553 | ||||||
Attributable to equity holders
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868,938 | 601,507 | |||||||
Total equity
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868,938 | 601,507 | |||||||
LIABILITIES
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Current liabilities
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Accounts payable
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158 | 27 | |||||||
Accrued and other liabilities
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13,076 | 23,701 | |||||||
Current taxes payable
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329 | - | |||||||
Total current liabilities
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13,563 | 23,728 | |||||||
Total liabilities
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13,563 | 23,728 | |||||||
Total equity and liabilities
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882,501 | 625,235 |
On behalf of the Board | |
Declan McKeon | Ciaran Murray |
Director | Director |
4
ICON Plc
Unaudited interim statement of cash flows
for the period ended 31 July 2015
Period ended
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Year ended
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|||||
31 July
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31 December
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|||||
2015
Unaudited
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2014
Audited
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|||||
$’000 | $’000 | |||||
Profit for the financial period
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346,258 | 135,437 | ||||
Adjustments to reconcile net income to net cash generated from operating activities
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||||||
Depreciation
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163 | 423 | ||||
Amortisation of intangible assets
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85 | 186 | ||||
Share based payment
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5,557 | 7,567 | ||||
Profit on disposal of subsidiary
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(350,000 | ) | - | |||
Income tax expense
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491 | 976 | ||||
Operating cash inflow before changes in working capital
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2,554 | 144,589 | ||||
(Increase)/decrease in other current assets
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(726 | ) | (224 | ) | ||
Increase/(decrease) in accounts payable and accrued and other liabilities
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(10,479 | ) | 263 | |||
Increase/(decrease) in income taxes payable
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359 | 7 | ||||
Cash (used in)/provided by operations
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(8,292 | ) | 144,634 | |||
Income taxes paid
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(491 | ) | (976 | ) | ||
Net cash (outflow)/inflow from operating activities
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(8,783 | ) | 143,659 | |||
Investing activities
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Purchase of computer software
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(60 | ) | (106 | ) | ||
Purchase of property, plant and equipment
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- | (90 | ) | |||
Disposal of subsidiary undertaking
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350,000 | |||||
Increase in investment in subsidiaries
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- | (13,283 | ) | |||
Net cash provided by/(used in) investing activities
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349,940 | (13,479 | ) | |||
Financing activities
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||||||
Increase in amounts due from subsidiary undertakings
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(216,543 | ) | (10,667 | ) | ||
Proceeds from exercise of share options and RSU’s
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11,024 | 22,274 | ||||
Share issuance costs
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(4 | ) | (20 | ) | ||
Repurchase of ordinary shares
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(57,892 | ) | (140,030 | ) | ||
Share repurchase costs
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(289 | ) | (1,032 | ) | ||
Net cash used in financing activities
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(263,704 | ) | (129,475 | ) | ||
Net increase in cash and cash equivalents
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77,453 | 705 | ||||
Effect of exchange rate changes
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(18 | ) | (22 | ) | ||
Cash and cash equivalents the at start of the period
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4,516 | 3,833 | ||||
Cash and cash equivalents at the end of the period
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81,951 | 4,516 |
5
ICON Plc
Unaudited interim statement of changes in equity
for the period ended 31 July 2015
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Capital
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Share Based
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Number
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Share
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Share
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Redemption | Payment |
Other
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Currency
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Retained
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Total
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|||||||||||||||||||
of shares
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Capital
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Premium
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Reserve
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Reserve
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Reserves
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Reserve
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Earnings
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Equity
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|||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||
Balance at 1 January 2015
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60,106,780 | 5,037 | 221,965 | 305 | 58,614 | 6,071 | (59,038 | ) | 368,553 | 601,507 | |||||||||||||||||
Total comprehensive income for the interim period:
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|||||||||||||||||||||||||||
Profit for the interim period
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- | - | - | - | - | - | - | 346,258 | 346,258 | ||||||||||||||||||
Other comprehensive income
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|||||||||||||||||||||||||||
Foreign currency translation
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- | - | - | - | - | - | (54,538 | ) | - | (54,538 | ) | ||||||||||||||||
Total other comprehensive income
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- | - | - | - | - | - | (54,538 | ) | 346,258 | 291,720 | |||||||||||||||||
Total comprehensive income for the interim period
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- | - | - | - | - | - | (54,538 | ) | 346,268 | 291,720 | |||||||||||||||||
Transactions with owners, recorded directly in equity
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|||||||||||||||||||||||||||
Exercise of share options
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422,255 | 29 | 10,980 | - | - | - | - | - | 11,009 | ||||||||||||||||||
Share-based payment
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22,872 | 22,872 | |||||||||||||||||||||||||
Issue of shares arising from issue of restricted share units
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222,805 | - | 15 | - | - | - | - | - | 15 | ||||||||||||||||||
Share issue costs
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- | - | (4 | ) | - | - | - | - | - | (4 | ) | ||||||||||||||||
Repurchase of ordinary shares
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(882,419 | ) | (58 | ) | - | 58 | - | - | - | (57,892 | ) | (57,892 | ) | ||||||||||||||
Share repurchase costs
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- | - | - | - | - | - | - | (289 | ) | (289 | ) | ||||||||||||||||
Transfer of exercised and expired share–based awards
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- | - | - | - | (16,383 | ) | - | - | 16,383 | - | |||||||||||||||||
Total contributions by and distributions to owners
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(237,359 | ) | (29 | ) | 10,991 | 58 | 6,489 | - | - | (41,798 | ) | (24,289 | ) | ||||||||||||||
1 | |||||||||||||||||||||||||||
Total transactions with owners
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(237,359 | ) | (29 | ) | 10,991 | 58 | 6,489 | - | - | (41,798 | ) | (24,289 | ) | ||||||||||||||
Balance at 31 July 2015
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59,869,421 | 5,008 | 232,956 | 363 | 65,103 | 6,071 | (113,576 | ) | 673,013 | 868,938 |
6
ICON Plc
Statement of changes in equity (Audited)
for the year ended 31 December 2014
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Capital
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Share Based
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|||||||||||||||||||
Number
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Share
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Share
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Redemption | Payment |
Other
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Currency
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Retained
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Total
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|||||||||||||||||||
of shares
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Capital
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Premium
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Reserve
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Reserve
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Reserves
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Reserve
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Earnings
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Equity
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|||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||
Balance at 1 January 2014
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61,587,727 | 5,168 | 199,785 | 100 | 44,785 | 6,071 | 25,885 | 365,282 | 647,076 | ||||||||||||||||||
Total comprehensive income for the year:
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|||||||||||||||||||||||||||
Profit for the year
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- | - | - | - | - | - | - | 135,437 | 135,437 | ||||||||||||||||||
Other comprehensive income
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|||||||||||||||||||||||||||
Foreign currency translation
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- | - | - | - | - | - | (84,923 | ) | - | (84,923 | ) | ||||||||||||||||
Total other comprehensive income
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- | - | - | - | - | - | (84,923 | ) | 135,437 | 50,514 | |||||||||||||||||
Total comprehensive income for the year
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- | - | - | - | - | - | (84,923 | ) | 135,437 | 50,514 | |||||||||||||||||
Transactions with owners, recorded directly in equity
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|||||||||||||||||||||||||||
Exercise of share options
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926,407 | 74 | 22,182 | - | - | - | - | - | 22,256 | ||||||||||||||||||
Share-based payment
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22,725 | 22,725 | |||||||||||||||||||||||||
Issue of shares arising from issue of restricted share units
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233,726 | - | 18 | - | - | - | - | - | 18 | ||||||||||||||||||
Share issue costs
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- | - | (20 | ) | - | - | - | - | - | (20 | ) | ||||||||||||||||
Repurchase of ordinary shares
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(2,640,610 | ) | (205 | ) | - | 205 | - | - | - | (140,030 | ) | (140,030 | ) | ||||||||||||||
Share repurchase costs
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- | - | - | - | - | - | - | (1,032 | ) | (1,032 | ) | ||||||||||||||||
Transfer of exercised and expired share–based awards
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- | - | - | - | (8,896 | ) | - | - | 8,896 | - | |||||||||||||||||
Total contributions by and distributions to owners
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(1,480,477 | ) | (131 | ) | 22,180 | 205 | 13,829 | - | - | (132,166 | ) | (96,083 | ) | ||||||||||||||
Total transactions with owners
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(1,480,477 | ) | (131 | ) | 22,180 | 205 | 13,829 | 0 | 0 | (132,166 | ) | (96,083 | ) | ||||||||||||||
Balance at 31 December 2014
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60,106,780 | 5,037 | 221,965 | 305 | 58,614 | 6,071 | (59,038 | ) | 368,553 | 601,507 |
7
ICON Plc
Notes to the unaudited financial statements for the interim period ended 31 July 2015
1.
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Basis of preparation and significant accounting policies
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the Company’s financial statements.
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Basis of preparation
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The Company’s unaudited interim financial statements (‘the interim financial statements’) have been prepared in accordance with measurement and recognition principles of International Financial Reporting Standards (‘IFRS’) and their interpretations issued by the International Accounting Standards Board (‘IASB’) as adopted by the European Union (‘EU’), that are effective as at 31 July 2015.
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These non-statutory unaudited interim financial statements have been prepared solely to present information about the Company on a stand-alone basis for filing with the Company Registration Office. Separately prepared statutory annual financial statements have been prepared in accordance with Company Law and have been laid before the Annual General Meeting of the Company on 24 July 2015. These annual statutory financial statements will be filed with the Companies Registration Office with the 2014 Annual Return. These financial statements include the financial statements of the Company and all of its branches (Italy, Latvia, Lithuania and Poland); all inter branch transactions and balances have been eliminated in their preparation.
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The interim financial statements of the Company were approved for issue by the Board of Directors on 27 August 2015.
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Turnover
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The Company earns revenue from contract research services provided in Italy, Latvia, Lithuania and Poland and recognises revenue as such services are provided. The costs of providing such services are remunerated on a cost plus basis by a fellow group undertaking. Turnover represents the invoiced fair value (excluding value added tax) to the fellow group undertaking for services provided during the period. The Company also earns revenue by recharging subsidiary undertakings for management services provided to them. Turnover represents the invoiced fair value (excluding value added tax) plus a mark-up for those services.
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Intangible assets – computer software
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Intangible assets are stated at cost less accumulated amortisation and impairment losses. Useful lives of intangible assets are reviewed and adjusted if appropriate at each reporting date. Residual value is estimated to be zero. Amortisation is charged to the income statement on a straight line basis over the estimated useful lives of intangible assets, currently estimated as follows:
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Years
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Computer software
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2-8 |
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Foreign currencies
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The presentation currency of the Group and Company is US Dollars ($). The functional currency of the Company is Euros. The Company financial statements have been presented in US dollars due to the Company’s international operations and profile. The foreign currency exchange differences arising from the translation of the financial statements of the company and its branches to US dollars are transferred to the foreign currency translation reserve. Transactions in currencies other than Euro are recorded at the rate ruling at the date of the transaction or at a contracted rate. Monetary assets and liabilities denominated in currencies other than Euro are translated at exchange rates prevailing at the statement of financial position date. Adjustments resulting from these transactions are charged or credited to income.
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8
ICON Plc
Notes (continued)
1.
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Accounting policies (continued)
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Property, plant and equipment
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Items of property, plant and equipment are stated at cost less accumulated depreciation and any provisions for impairment losses.
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Depreciation is calculated to write off the original cost of property, plant and equipment less its estimated residual value over its expected useful lives on a straight line basis. Residual values and useful lives of property, plant and equipment are reviewed and adjusted if appropriate at each reporting date. At present it is estimated that all items of property, plant and equipment have no residual value. The estimated useful lives applied in determining the charge to depreciation are as follows:
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Years
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Computer software
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2-8 | |
Office furniture and fixtures | 8 |
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Leasehold improvements are amortised using the straight-line method over the estimated useful life of the asset or the lease term, whichever is shorter.
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On disposal of property, plant and equipment the cost and related accumulated depreciation and impairments are removed from the financial statements and the net amount, less any proceeds, is taken to the income statement.
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The carrying amounts of property, plant and equipment are reviewed at each reporting date to determine whether there is any indication of impairment. Where such an indication exists an impairment review is carried out. An impairment loss is recognised whenever the carrying amount of an asset or its cash generation unit exceeds its recoverable amount. Impairment losses are recognised in the income statement unless the asset is recorded at a re-valued amount, in which case it is firstly dealt with through the revaluation reserve with any residual amount being transferred to the income statement.
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Subsequent costs are included in an asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the replaced item can be measured reliably. All other repair and maintenance costs are charged to the income statement during the financial period in which they are incurred.
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9
ICON Plc
Notes (continued)
1.
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Accounting policies (continued)
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Investments in subsidiaries
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Investments in subsidiary undertakings are stated at cost less provision for impairment in the Company’s statement of financial position. Non-trading loans to subsidiary undertakings are initially recorded at fair value in the Company statement of financial position and subsequently at amortised cost using an effective interest rate methodology.
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Share based payments received by employees of subsidiary undertakings without a related recharge / payment from the subsidiary undertaking, is considered a gift to that subsidiary undertaking, and as a result increases the investment in the subsidiary undertaking.
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Other receivables
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Other receivables are initially measured at fair value and are thereafter measured at amortised cost using the effective interest rate method less any provision for impairment. A provision for impairment of other receivables is recognised when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables. Impairment losses, and any subsequent recovery of such losses, are recognised in the income statement within ‘other operating expenses’.
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Cash and cash equivalents
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Cash and cash equivalents include cash and highly liquid investments with initial maturities of three months or less and are stated at cost, which approximates market value.
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Accounts payable
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Account payable are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method.
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Share capital
|
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Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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Where ordinary shares are repurchased by the Company they are cancelled and the nominal value of the shares is transferred to a capital redemption reserve fund within equity.
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10
ICON Plc
Notes (continued)
1.
|
Accounting policies (continued)
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Employee benefits
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(a) Pension and other post-employment benefits
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The Company operates a defined contribution pension plan. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions to defined contribution pension plans are expensed as incurred.
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(b) Share-based payments
|
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Share-based payments comprise options to acquire ordinary shares in the Company, restricted share units (RSUs) and performance share units (PSUs) in the form of ordinary share entitlements after a certain period of time. These are awarded to the certain key employees of the Group based on service conditions such as term of employment and individual performance. The fair value of options, RSUs and PSUs granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured at grant date and spread over the period during which the individual become unconditionally entitled to the options, RSU or PSU. The fair value of options granted is measured using a binomial lattice model, taking into account the terms and conditions upon which the options were granted. The fair value of RSUs and PSUs is equal to the market price at date of grant. The total amount to be expensed is determined by reference to the fair value of the options, RSUs or PSUs granted, excluding the impact of any non-market service and performance vesting conditions (for example profitability, sales growth targets). There are no such non-market vesting conditions during the period in relation to options or RSUs that are expected to vest. The amount recognised as an expense is adjusted to reflect the actual number of share options, RSUs or PSUs that vest.
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The share-based payment expense associated with the plans is recognised by the entity which receives services in exchange for the share-based payment compensation. Share-based payment expense is recognised over the requisite service period for awards of equity instruments to employees based on the grant date fair value of those awards expected to ultimately vest. Forfeitures are estimated on the date of grant and revised if actual or expected forfeiture activity differs materially from original estimates.
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The income statement of the Company is charged with the expense related to the services received by the Company. The remaining portions of the share-based payments represent a contribution to Company entities and are added to the carrying amount of those investments. Under an agreement, the subsidiaries pay the Company an amount equal to the value of the ordinary shares issued that is in excess of the award exercise price with such amount reducing theCompany’s investment in its subsidiaries. The net effect of the grant date fair value of the Company’s share-based compensation to employees of the Company’s subsidiaries and recharges received from those subsidiaries is presented as a movement in financial fixed assets.
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Direct costs
|
|
Direct costs consist of compensation, associated employee benefits and share-based payments for project-related employees and other direct project-related costs.
|
11
ICON Plc
Notes (continued)
1.
|
Accounting policies (continued)
|
|
Other operating expenses
|
|
Other operating expenses consist of compensation, associated employee benefits and share-based payments for non-project-related employees and other indirect costs associated with the business. Other operating expenses also includes depreciation expenses and the amortisation of intangible assets.
|
|
Financing income
|
|
Interest income is recognised in the income statement as it accrues, using the effective interest rate method and includes interest receivable on funds invested and actuarial gains on pension plan assets. Financing income also includes dividends received from group undertakings.
|
12
ICON Plc
Notes (continued)
1.
|
Accounting policies (continued)
|
|
Income tax
|
|
Income tax expense in the income statement represents the sum of income tax currently payable and deferred income tax.
|
|
Income tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement as it excludes items of income or expense that are taxable or deductible in other years and further excludes items that are not taxable or deductible. The Company’s liability for income tax is calculated using rates that have been enacted or substantially enacted at the reporting date. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity.
|
|
Deferred income tax is provided, using the liability method, on all differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes, except those arising from non-deductible goodwill or on initial recognition of an asset or liability which affects neither accounting nor taxable profit. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is expected to be realised or the liability to be settled.
|
|
Deferred tax assets are recognised for all deductible differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit would be available to allow all or part of the deferred income tax asset to be utilised.
|
|
Leased assets
|
|
Expenditure on leases other than finance leases, namely 'operating leases', is charged to the income statement on a basis representative of the benefit derived from the asset, on a straight line basis over the lease period.
|
2.
|
Turnover
|
||||||
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Activity
|
|||||||
Management services
|
17,842 | 35,750 | |||||
Clinical research income
|
17,116 | 38,659 | |||||
34,958 | 74,409 |
13
ICON Plc
Notes (continued)
2.
|
Turnover(continued)
|
||||||
Geographical area
|
|||||||
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Ireland
|
17,842 | 35,750 | |||||
Europe
|
17,116 | 38,659 | |||||
34,958 | 74,409 |
3.
|
Direct costs
|
||||||
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Payroll and related costs
|
14,897
|
28,947
|
|||||
Other project related expenses
|
769
|
1,978
|
|||||
15,666
|
30,925
|
4.
|
Other operating expenses
|
||||||
Period ended |
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Payroll and related costs
|
11,095
|
17,881
|
|||||
Administrative expenses
|
12,450
|
30,802
|
|||||
Depreciation expense
|
163
|
423
|
|||||
Amortisation of intangible assets – computer software
|
85
|
186
|
|||||
Other income
|
(40
|
) |
(145
|
) | |||
Exchange gain
|
(1,210 | ) | (946 | ) | |||
22,543
|
48,201
|
14
ICON Plc
Notes (continued)
5.
|
Profit on disposal of subsidiary undertakings
|
||||||
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Profit on disposal of subsidiary undertakings
|
350,000
|
-
|
|||||
350,000
|
-
|
|
On 30 July 2015 the Company sold a 13% shareholding in its subsidiary ICON Clinical Research Limited to ICON Investments Four, a fellow Group company, for total proceeds of $350 million. This subsidiary had a $nil original cost and therefore the part disposal resulted in a profit on disposal of $350 million which has been recorded in the income statement during the period ended 31 July 2015.
|
6.
|
Financing income
|
||||||
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Dividend income
|
-
|
141,030
|
15
ICON Plc
Notes (continued)
7. | Income tax expense | ||||||
The components of the current and deferred tax expense for the period ended 31 July 2015 and year ended 31 December 2014 were as follows: | |||||||
Period ended
31 July
2015
|
Year ended
31 December
2014
|
||||||
$’000 | $’000 | ||||||
Current tax expense
|
|||||||
Current period/year
|
403 | 1,054 | |||||
Under /(over) provided in prior years
|
209 | (163 | ) | ||||
612 | 891 | ||||||
Deferred tax charge/(credit)
|
|||||||
Origination and reversal of temporary differences
|
(2 | ) | (5 | ) | |||
Over provided in prior years
|
(119 | ) | (10 | ) | |||
(121 | ) | (15 | ) | ||||
Total income tax expense in the income statement
|
491 | 876 |
A reconciliation of the expected tax expense, computed by applying the standard Irish tax rate to income before tax to the actual tax expense, is as follows:
Period ended
31 July
2015
|
Year ended
31 December
2014
|
||||||
$’000 | $’000 | ||||||
Profit before tax
|
346,749 | 136,313 | |||||
Taxes at Irish standard tax rate of 12.5% (2014: 12.5%)
|
43,344 | 17,039 | |||||
Effects of:
|
|||||||
Non-taxable income and non-tax deductible expenses
|
(43,012 | ) | (16,357 | ) | |||
Reversal of prior year under/(over) provision in respect of
|
|||||||
current foreign taxes
|
90 | (173 | ) | ||||
Foreign and other income taxed at higher rates
|
174 | 321 | |||||
Other
|
(105 | ) | 46 | ||||
Tax expense on profit for the period/year
|
491 | 876 |
16
ICON Plc
Notes (continued)
7. | Income tax expense(continued) | ||||||
The net deferred tax assets at 31 July 2015 and 31 December 2014, were as follows:
|
|||||||
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015 | 2014 | ||||||
$’000 | $’000 | ||||||
Deferred taxation assets:
|
|||||||
Accrued expenses and payments on account
|
425 | 274 | |||||
Property, plant and equipment
|
69 | 106 | |||||
Loans to subsidiaries
|
52 | 52 | |||||
Total deferred taxation assets
|
546 | 432 | |||||
Deferred taxation liabilities:
|
|||||||
Property, plant and equipment
|
(15 | ) | (21 | ) | |||
Accrued expenses and payments on account
|
- | (1 | ) | ||||
Total deferred taxation liabilities
|
(15 | ) | (22 | ) | |||
Net deferred taxation asset
|
531 | 410 |
The movement in temporary differences during the period ended 31 July 2015 and year ended 31 December 2014 was as follows:
Balance
|
Balance
|
||||||||
1 January
|
Recognised in
|
31 July
|
|||||||
2015 |
Income
|
2015 | |||||||
$’000 | $’000 | $’000 | |||||||
Deferred taxation assets
|
|||||||||
Accrued expenses and payments on account
|
274 | 151 | 425 | ||||||
Property plant and equipment
|
106 | (37 | ) | 69 | |||||
Loans to subsidiaries
|
52 | - | 52 | ||||||
Total deferred taxation assets
|
432 | 114 | 546 | ||||||
Deferred taxation liabilities
|
|||||||||
Property, plant and equipment
|
(21 | ) | 6 | (15 | ) | ||||
Accrued expenses and payments on account
|
(1 | ) | 1 | - | |||||
Total deferred taxation liabilities
|
(22 | ) | 7 | (15 | ) | ||||
Net deferred taxation asset
|
410 | 121 | 531 |
17
ICON Plc
Notes (continued)
7. |
Income tax expense (continued)
|
||||||||
Balance
|
Balance
|
||||||||
1 January
|
Recognised in
|
31 December
|
|||||||
2014 |
Income
|
2014 | |||||||
$’000 | $’000 | $’000 | |||||||
Deferred taxation assets
|
|||||||||
Accrued expenses and payments on account
|
270 | 4 | 274 | ||||||
Property plant and equipment
|
105 | 1 | 106 | ||||||
Loans to subsidiaries
|
52 | - | 52 | ||||||
Total deferred taxation assets
|
427 | 5 | 432 | ||||||
Deferred taxation liabilities
|
|||||||||
Property, plant and equipment
|
(29 | ) | 8 | (21 | ) | ||||
Accrued expenses and payments on account
|
(3 | ) | 2 | (1 | ) | ||||
Total deferred taxation liabilities
|
(32 | ) | 10 | (22 | ) | ||||
Net deferred taxation asset
|
395 | 15 | 410 |
At 31 July 2015 and 31 December 2014 the Company had no net operating loss carry forwards for income tax purposes and there were no deferred tax assets that have not been recognised.
18
ICON Plc
Notes (continued)
8.
|
Share-based payments
|
|
The Company operates a number of share based payment plans in which employees of the Group participate, including a number of share options plans and a restricted share unit plan, further details of which are set out in note 10 of the Group’s Annual Report for the year ended 31 December 2014, which is available publically and can be obtained at http://investor.iconplc.com/annuals.cfm.
|
|
Share options outstanding and exercisable at 31 July 2015 were as follows:
|
Options
Outstanding
Number of Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Fair Value
|
Weighted
Average
Remaining Contractual
Life
|
|||||||||
Outstanding at December 31, 2014
|
2,227,700 | $28.00 | $10.40 | - | ||||||||
Granted
|
259,059 | $68.25 | $19.75 | - | ||||||||
Exercised
|
(422,255 | ) | $26.07 | $10.03 | - | |||||||
Forfeited
|
(46,648 | ) | $23.47 | $10.02 | - | |||||||
Outstanding at July 31, 2015
|
2,017,856 | $33.67 | $11.70 | 4.85 | ||||||||
Exercisable at July 31, 2015
|
962,227 | $25.88 | $9.89 | 3.50 |
Restricted Share Units (“RSU’s”) and Performance Share Units (“PSU’s”) outstanding at 31 July 2015 were as follows:
PSU Outstanding
Number of Shares
|
PSU
Weighted Average
Fair Value
|
PSU
Weighted Average Remaining Contractual Life
|
RSU Outstanding
Number of Shares
|
RSU
Weighted Average
Fair Value
|
RSU
Weighted Average Remaining Contractual Life
|
|||||||||||||
Outstanding at December 31, 2014
|
669,171 | $39.78 | 1.77 | 1,038,996 | $35.19 | 1.67 | ||||||||||||
Granted
|
269,875 | $68.06 | 378,804 | $66.85 | - | |||||||||||||
Shares vested
|
- | - | (222,805 | ) | $25.36 | - | ||||||||||||
Forfeited
|
(3,981 | ) | $31.49 | (44,570 | ) | $39.48 | - | |||||||||||
Outstanding at July 31, 2015
|
935,065 | $47.24 | 1.72 | 1,150,425 | $47.35 | 1.92 |
19
ICON Plc
Notes (continued)
8.
|
Share-based payments (continued)
|
The Company accounts for share-based awards in accordance with IFRS 2 Share-based Payments. The grant date fair value of these awards is calculated using a binomial lattice model and expensed to the income statement over the period the related service is received. Operating profit for the period is stated after charging $5.6 million (2014: $7.6 million) in respect of share-based payments expense, representing the portion of the overall Group charge which relates to share-based awards granted to employees of the Company. Share-based payment expense has been recorded in the income statement as follows:
Period Ended
31 July
2015
|
Year Ended
31 December
2014
|
|||||
$’000 | $’000 | |||||
Other operating expenses
|
5,557 | 7,567 | ||||
Total
|
5,557 | 7,567 |
20
ICON Plc
Notes (continued)
9.
|
Property, plant and equipment
|
||||||||||||
Leasehold
|
Computer
|
Office
furniture &
|
|||||||||||
improvements
|
equipment
|
fixtures
|
Total
|
||||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||||
Cost
|
|||||||||||||
At 1 January 2015
|
852 | 1,834 | 1,370 | 4,056 | |||||||||
Disposals
|
- | - | (23 | ) | (23 | ) | |||||||
Foreign currency movement
|
(63 | ) | (136 | ) | (102 | ) | (301 | ) | |||||
At 31 December 2015
|
789 | 1,698 | 1,245 | 3,732 | |||||||||
Depreciation
|
|||||||||||||
At 1 January 2014
|
756 | 1,602 | 1,084 | 3,442 | |||||||||
Charge for the period
|
16 | 75 | 72 | 163 | |||||||||
Eliminated on disposals
|
- | - | (23 | ) | (23 | ) | |||||||
Foreign currency movement
|
(56 | ) | (118 | ) | (80 | ) | (254 | ) | |||||
At 31 July 2015
|
716 | 1,559 | 1,053 | 3,328 | |||||||||
Net book value
|
|||||||||||||
At 31 July 2015
|
73 | 139 | 192 | 404 | |||||||||
At 31 December 2014
|
96 | 232 | 286 | 614 |
21
ICON Plc
Notes to the unaudited financial statements for the interim period ended 31 July 2015
9. | Property, plant and equipment (continued) | ||||||||||||
Leasehold
|
Computer
|
Office
furniture &
|
|||||||||||
improvements
|
equipment
|
fixtures
|
Total
|
||||||||||
$’000 | $’000 | $’000 | $’000 | ||||||||||
Cost
|
|||||||||||||
At 1 January 2014
|
980 | 2,017 | 1,563 | 4,560 | |||||||||
Additions
|
2 | 85 | 3 | 90 | |||||||||
Foreign currency movement
|
(130 | ) | (268 | ) | (196 | ) | (594 | ) | |||||
At 31 December 2014
|
852 | 1,834 | 1,370 | 4,056 | |||||||||
Depreciation
|
|||||||||||||
At 1 January 2014
|
817 | 1,636 | 1059 | 3,512 | |||||||||
Charge for the year
|
55 | 194 | 174 | 423 | |||||||||
Foreign currency movement
|
(116 | ) | (228 | ) | (149 | ) | (493 | ) | |||||
At 31 December 2014
|
756 | 1,602 | 1,084 | 3,442 | |||||||||
Net book value
|
|||||||||||||
At 31 December 2014
|
96 | 232 | 286 | 614 | |||||||||
At 31 December 2013
|
163 | 381 | 504 | 1,048 |
22
ICON Plc
Notes (continued)
10. | Intangible assets | |||
Computer Software
$’000
|
||||
Cost:
|
||||
At 1 January 2015
|
1,148 | |||
Additions
|
60 | |||
Foreign exchange movement
|
(90 | ) | ||
At 31 July 2015
|
1,118 | |||
Accumulated amortisation:
|
||||
At 1 January 2015
|
951 | |||
Arising during the period
|
85 | |||
Foreign exchange movement
|
(70 | ) | ||
At 31 July 2015
|
966 | |||
Net book value:
|
||||
At 31 July 2015
|
152 | |||
At 31 December 2014
|
197 |
Cost:
|
||||
At 1 January 2014
|
1,396 | |||
Additions
|
106 | |||
Disposals/reclassifications
|
(192 | ) | ||
Foreign exchange movement
|
(162 | ) | ||
At 31 December 2014
|
1,148 | |||
Accumulated amortisation:
|
||||
At 1 January 2014
|
892 | |||
Arising during the year
|
186 | |||
Foreign exchange movement
|
(127 | ) | ||
At 31 December 2014
|
951 | |||
Net book value:
|
||||
At 31 December 2014
|
197 | |||
At 31 December 2013
|
504 |
23
ICON Plc
Notes (continued)
11. | Investment in subsidiaries | |||||||||
Investment in Subsidiary Undertakings
$’000
|
Long Term
Advances to Subsidiary Undertakings
$’000
|
Total
$’000
|
||||||||
Cost:
|
||||||||||
At 1 January 2015
|
436,030 | 32,094 | 468,124 | |||||||
Share based payments
|
17,318 | - | 17,318 | |||||||
Share subscription payment from subsidiary companies
|
(41,501 | ) | - | (41,501 | ) | |||||
Foreign exchange movement
|
(40,277 | ) | (2,927 | ) | (43,204 | ) | ||||
At 31 July 2015
|
371,570 | 29,167 | 400,737 | |||||||
Investment in Subsidiary Undertakings
$’000
|
Long Term Advances to Subsidiary Undertakings
$’000
|
Total
$’000
|
||||||||
Cost:
|
||||||||||
At 1 January 2014
|
488,337 | 36,473 | 524,810 | |||||||
Additions (2)
|
13,283 | - | 13,283 | |||||||
Share based payments
|
15,160 | - | 15,160 | |||||||
Share subscription payment from subsidiary companies
|
(20,497 | ) | - | (20,497 | ) | |||||
Foreign exchange movement
|
(60,253 | ) | (4,379 | ) | (64,632 | ) | ||||
At 31 December 2014
|
436,030 | 32,094 | 468,124 |
(1)
|
On 30 July 2015 the Company sold a 13% shareholding in its subsidiary ICON Clinical Research Limited to ICON Investments Four, a fellow Group company, for total proceeds of $350 million. This subsidiary had a $nil original cost and therefore the part disposal resulted in a profit on disposal of $350 million which has been recorded in the income statement during the period ended 31 July 2015.
|
(2)
|
In December 2014 the Company made a capital contribution of $13.3 million to its subsidiary ICON Medical Imaging AG.
|
24
ICON Plc
Notes (continued)
12. | Other current assets |
31 July
|
31 December
|
|||||
2015
|
2014
|
|||||
$’000 | $’000 | |||||
Prepayments
|
1,269 | 1,503 | ||||
Other receivables
|
2,409 | 1,448 | ||||
Total
|
3,678 | 2,951 |
13. | Share capital |
Authorised share capital:
|
No. of Ordinary Shares | |||||
Ordinary shares of par value €0.06
|
100,000,000 | |||||
31 July
|
31 December
|
|||||
2015
|
2014
|
|||||
$’000 | $’000 | |||||
Allotted, called up and fully paid
|
||||||
59,869,421 (31 December 2014: 60,106,780) ordinary shares of €0.06 each
|
5,008 | 5,037 | ||||
31 July
|
31 December
|
|||||
2015 | 2014 | |||||
$’000 | $’000 | |||||
Issued, fully paid share capital
|
||||||
At beginning of period/year
|
5,037 | 5,168 | ||||
Exercise of share options
|
29 | 74 | ||||
Repurchase of ordinary shares
|
(58 | ) | (205 | ) | ||
At end of year
|
5,008 | 5,037 |
Rights of Ordinary Shares
Holders of ordinary shares will be entitled to receive such dividends as may be recommended by the Board of Directors of the Company and approved by the Shareholders and/or such interim dividends as the board of Directors of the Company may decide. On liquidation or a winding up of the Company, the par value of the ordinary shares will be repaid out of the assets available for distribution among the holders of the ordinary shares of the Company. Holders of ordinary shares have no conversion or redemption rights. On a show of hands, every holder of an ordinary share present in person or proxy at a general meeting of shareholders shall have one vote, for each ordinary share held with no individual having more than one vote.
25
ICON Plc
Notes (continued)
13. Share capital (continued)
Share issues
During the period ended 31 July 2015, 422,255 share options were exercised by employees for total proceeds of $11.0 million. During the period ended 31 July 2015 222,805 ordinary shares were issued in respect of RSU’s previously awarded by the Company for total proceeds of $15,000.
During the year ended 31 December 2014, 926,407 share options were exercised by employees for total proceeds of $22.3 million. During the year ended 31 December 2014, 233,726 ordinary shares were issued in respect of certain RSU’s previously awarded by the Company for total proceeds of $18,000.
Share repurchase programme
On 1 May 2015 the Company commenced a buyback program under which the Company could acquire its outstanding ordinary shares (by way of redemption), in accordance with Irish law, the United States securities laws and the Company’s constitutional documents through open market share acquisitions.
The buyback program gave a broker authority to acquire the Company’s ordinary shares from time to time on the open market in accordance with agreed terms and limitations up to $60 million. The acquisition of shares pursuant to the buyback program was effected by way of redemption and cancellation of the shares, in accordance with the Constitution of the Company.
During the interim period ended 31 July 2015, 882,419 ordinary shares were redeemed by the Company under this buyback program for a total consideration of $58.2 million. All ordinary shares that were redeemed under the buyback program were cancelled in accordance with the Constitution of the Company and the nominal value of these shares transferred to a capital redemption reserve fund as required under Irish Company Law.
On 28 July 2015 the Company announced a further buyback program of up to $400 million under which the Company can acquire its outstanding ordinary shares (by way of redemption), in accordance with Irish law, the United States securities laws and the Company’s constitutional documents through open market share acquisitions. The buyback program gives a broker authority to acquire the Company’s ordinary shares from time to time on the open market in accordance with agreed terms and limitations. The acquisition of shares pursuant to the buyback program will be effected by way of redemption and cancellation of the shares, in accordance with the Constitution of the Company.
26
ICON Plc
Notes (continued)
14. | Capital and reserves |
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Ordinary share capital
|
5,008 | 5,037 | |||||
Share premium
|
232,956 | 221,965 | |||||
Share based payment reserve
|
65,103 | 58,614 | |||||
Capital redemption reserve
|
363 | 305 | |||||
Other reserves
|
6,071 | 6,071 | |||||
Foreign currency translation reserve
|
(113,576 | ) | (59,038 | ) | |||
Retained Earnings
|
673,013 | 368,553 | |||||
Total
|
868,938 | 601,507 |
Share based payment reserve
The grant date fair value of share-based awards is calculated using a binomial lattice model and recorded in the Company financial statements over the period the related service is received, as an expense in the income statement in respect of awards to Company employees and as a financial asset in respect of awards to other Group employees, with a corresponding increase in the share-based payments reserve in both cases. On exercise or forfeiture of the award, an amount equal to the grant date fair value is transferred from the share-based payments reserve to retained earnings.
Capital redemption reserve
The Capital Redemption Reserve comprises the nominal value of shares repurchased and cancelled by the Group and transferred from share capital to the capital redemption reserve fund, as required under Irish Group Law. During the period ended 31 July 2015, 882,419 (31 December 2014: 2,640,610) ordinary shares were repurchased and cancelled by the Group.
Other reserves
In 2005 the Company recognised a share-based payment charge of $6.1 million, representing the fair value of 576,000 ordinary shares held by Dr. John Climax and Dr. Ronan Lambe, the founding Directors of the Company, which were transferred to Mr. Peter Gray, the then Chief Executive Officer of the Company.
Foreign currency translation reserve
The currency reserve comprises all foreign exchange differences arising from the translation of the financial statements of the company and its branches since 1 June 2004, the date of transition to IFRS.
Retained earnings
In addition to the profit for the period a credit of $16.4 million (2014: $8.9 million) has been recognised during the year in respect of the grant date fair value of exercised and expired share-based awards transferred from the Share-based payments reserve.
27
ICON Plc
Notes (continued)
15. | Related parties |
The Company entered into the following transactions with subsidiary companies during the period:
|
Period ended
|
Year ended
|
||||||
31-Jul
|
31-Dec
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Income Statement:
|
|||||||
Management services
|
17,842 | 35,750 | |||||
Profit on disposal of interest in subsidiaries (1)
|
350,000 | - | |||||
Dividend received from subsidiary undertaking (2)
|
- | 141,030 | |||||
Total
|
367,842 | 176,780 | |||||
Cash Flow Statement
|
|||||||
Increase in intercompany debtors and investments
|
(216,543 | ) | (10,667 | ) | |||
Total
|
(216,543 | ) | (10,667 | ) |
(1)
|
On 30 July 2015 the Company sold a 13% shareholding in its subsidiary ICON Clinical Research Limited to ICON Investments 4, a fellow Group company (see note 11).
|
(2)
|
During 2014 the Company received dividends from its subsidiary undertaking ICON Clinical Research Limited for $140 million.
|
28
ICON Plc
Notes (continued)
15. | Related parties (continued) |
The aggregate payroll costs of Directors of the Company for the period ended 31 July 2015 was as follows: |
Period ended
|
Year ended
|
||||||
31 July
|
31 December
|
||||||
2015
|
2014
|
||||||
$’000 | $’000 | ||||||
Salary and fees
|
1,483 | 2,330 | |||||
Bonus
|
1,210 | 5,393 | |||||
Other benefits
|
17 | 196 | |||||
Pension costs for defined contribution pension schemes
|
77 | 62 | |||||
Share-based payment
|
4,353 | 5,944 | |||||
Total
|
7,140 | 13,925 |
Further information in relation to the remuneration of Directors and Executive Officers is set out in the Compensation and Organisation report in the Group’s Annual Report for the year ended 31 December 2014, which is available publically and can be obtained at http://investor.iconplc.com/annuals.cfm.
|
29
ICON Plc
Notes (continued)
16. | Commitments and Contingencies |
The Company has several non-cancellable operating leases that expire over the next 3 years. These leases generally contain renewal options and require the company to pay all executory costs such as maintenance and insurance. The company recognised $1.5 million and $3.2 million in rental expense (including rates) for the interim period ended July 31, 2015 and the year ended December 31, 2014 respectively. Future minimum rental commitments for opening leases with non-cancellable terms in excess of one year are as follows: |
Minimum rental
|
||||
payments
|
||||
$’000 | ||||
2015
|
1,070 | |||
2016
|
2,252 | |||
2017
|
1,760 | |||
2018
|
1,027 | |||
Thereafter
|
- | |||
Total
|
6,109 |
17.
|
The Company is not party to any litigation or other legal proceedings that the Company believes could reasonably be expected to have a material adverse effect on the Company’s business, results of operations and financial position.
|
|
|
18.
|
Group relationships and controlling parties
|
The Company is a public limited company incorporated in the Republic of Ireland. The Company’s ordinary shares are traded on the NASDAQ market. The Company prepares consolidated financial statements for itself and its subsidiary undertakings. These consolidated financial statements may be obtained from the Company’s website www.iconplc.com.
|
|
19.
|
Approval of financial statements
|
The board of directors approved these financial statements on 27 August 2015. | |
30
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