Delivering the right drug  
to the right patient  
at the right time.
Clinigen Group plc
Annual report and accounts Clinigen is a fast growing global specialty 
pharmaceutical group, with a unique 
business model. The Group has had 
a strong year of growth, over delivering 
on commitments made at the IPO.
Financial highlights
•	 Group revenue up by 49% to £1 22.6m (FY1 2: £82. 1m) 
driven by strong organic growth across all three 
operational businesses
 − Clinigen CTS full year sales up 49% to £87 .8m 
and full year gross profit up 13% to £1 1 .4m
 − Clinigen GAP revenue grew more than six-fold to 
£10.5m; full year gross profit was up more than 
five-fold to £3.9m 
 − Clinigen SP full year sales of £24.3m (+ 1 2%) 
and full year gross profit of £19.8m (+8%)
•	 Underlying EBITDA increased by 30% to £22.4m 
(FY12: £17.3m)
•	 Underlying pre-tax profit increased by 29% to £20.4m 
(FY1 2: £15.8m) and reported pre-tax profits increased 
by 42% to £1 4.5m (FY1 2: £10.3m)
•	 Underlying earnings per share up 38% to 18.5 pence 
(FY1 2: 13.4 pence and reported earnings per share 
15. 1 pence (FY1 2: 13.2 pence)
•	 Cash generation continues to be strong; cash and cash 
equivalents at 30 June 2013 were £1 1 .3m, up from £5.2m 
at 30 June 201 2
•	 Final dividend of 2.0 pence per share proposed, bringing 
the total dividend to 2.6 pence per share 
Business highlights
•	 Clinical T rials Supply (“CTS”)
 − Sales performance driven by sizable anti-viral studies 
and increased activity in the US 
 − In June, extension of exclusive EU supply agreement 
with Accord Healthcare 
•	 Global Access Programs (“GAP”)
 − Awarded Sanofi’s Campath and Astellas’ MDV3100 
early access programs 
 − In July, BTG awarded a third access program to Clinigen 
and, in September , Eisai selected Clinigen to manage an 
access program in Germany
•	 Specialty Pharmaceuticals (“SP”)
 − Foscavir
®
 sales volume continued to grow, with further 
expansion into the US and new indications in Europe 
 − Exclusive commercialization agreement in EU for 
antibacterial, VIBA TIV
®
 − Acquisition of oncology support therapy, Cardioxane
®
 
for US$33m
For further information 
about our operations 
visit our website at
www.clinigengroup.com www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
01
Underlying EBITDA
£22.4m
(2012: £17.3m)
EBITDA
% Clinigen GAP % Clinigen CTS % Clinigen SP
2010 2011 2012 2013
22.4
17.3
8.3
1.7
At a glance
Clinigen shows strong year on year growth across all three operating 
businesses as a result of continued organic growth.
Cash generation continues to be strong with net cash from operating 
activities of £18.8m covering the cash requirement for product 
acquisition and in-licensing in the period.
Our performance
2013 2012 % growth
Revenue £122.6m £82.1m 49%
Gross profit £35.1m £29.0m 21%
Underlying EBITDA £22.4m £17.3m 30%
Cash and cash equivalents £11.3m £5.2m 118%
2013 Revenue 
(Total: £122.6m)
71.6
8.6
19.9
2013 Gross profit 
(Total: £35.1m)
32.4
11.1
56.5
In this report
Review of the year
 01 Highlights
 02 Clinigen Group at a glance
 04 Our operations
 06 Chairman’ s statement
 08 Chief Executive Officer’ s statement
Corporate governance
 14 Board of Directors
 16 Report of the Directors 
Financial statements
 19 Independent auditors’ report
 20 Consolidated statement of comprehensive income 
 21 Consolidated statement of financial position 
 22 Consolidated statement of cash flows 
 23 Consolidated statement of changes in equity 
 24 Notes forming part of the consolidated 
financial statements 
 51 Independent auditors’ report 
 52 Company balance sheet 
 53 Notes to the Company balance sheet 
Revenue
£122.6m
(2012: £82.1m)
2010 2011 2012 2013
122.6
82.1
35.0
21.3
Clinigen GAP
Clinigen CTS
Clinigen SP
6.8
Gross profit
£35.1m
(2012: £29.0m)
2010 2011 2012 2013
35.1
29.0
15.5 Clinigen Group plc Annual report and accounts 2013
02
Clinigen GAP
Clinigen GAP specialises in the consultancy, development, 
management and implementation of programs, providing global access 
for patients and their clinicians to drugs not available in their markets.
•	 Six fold revenue growth
•	 Expanding customer base
•	 Shipments under Global Access Programs increased from 2,000 in FY12 to 
31,000 in FY13
•	 As with Clinigen CTS, aim to become the market leader through organic growth
Review of the year
Clinigen Group at a glance
•	 Aggressively expand customer base
•	 Supercharge global sourcing network
•	 Expand value proposition and services
•	 Maximise margin potential
•	 Become market leader
Organic growth
•	 Aggressively expand customer base 
•	 Differentiate service offering
•	 Class leading customer service
•	 IP in supply chain and 
regulatory management
•	 Collaborate with SP to target customers
•	 Become market leader
Organic growth
•	 Selective acquisition of niche hospital only 
end of life medicines
•	 Management of licensed and 
unlicensed territories
•	 Revitalize products through geographical 
expansion, price increases, new indication 
or re-formulation
Organic growth and growth 
by acquisition
Clinigen is delivering the right drug 
to the right patient at the right time
The Group has three operating businesses: Specialty Pharmaceuticals 
(“Clinigen SP”), Clinical Trials Supply (“Clinigen CTS”), and Global Access 
Programs (“Clinigen GAP”). 
Clinigen CTS
Clinigen CTS Sources commercial medical products for use in clinical 
studies, including competitor drugs, adjuvant drugs and rescue therapies.
•	 Main revenue generator for the group
•	 Clinical trial comparator drugs market is estimated to be US $1.5-2.0 billion annually
•	 Customer numbers grew from 52 in FY12 to 72 in FY13
•	 Demand for products is predicted to become more specialised with increased 
demand for hard to source large molecule products and with supplier companies 
requiring greater expertise for handling, transportation, particularly cold chain.
Clinigen SP
Clinigen SP focuses on acquiring and in-licensing specialist, hospital only 
medicines worldwide and in commercializing them within niche markets.
•	 Continued targeted growth from Foscavir and new indication approved
•	 Increased security and protection of supply chain with second API manufacturer
•	 US, Foscavir’ s largest market changed from an unlicensed supply to a 
licensed market
•	 T wo new products added to the portfolio
The Clinigen group structure
Our strategic objectives www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
03
Our unique business model
GAP CTS
SP
Clinigen CTS
Clinigen CTS and Clinigen GAP benefit 
from Clinigen SP’s experience of regulatory, 
pharmacovigilance and quality systems 
as a specialty pharmaceutical company.
Clinigen GAP
Clinigen GAP provides patient access to 
comparator drugs following their clinical trial, 
they benefit from relationships in the clinical 
trial market gained by Clinigen CTS.
Clinigen SP
Clinigen SP uses the relationships and insights 
gained from late stage product withdrawals run 
by Clinigen GAP to identify potential candidates 
for acquisition. Clinigen Group plc Annual report and accounts 2013
04
Review of the year
Clinigen’s global capability.
The Group headquartered in the UK, with offices in the 
US and Japan, and partners across the world enabling 
the Group to deliver to 53 countries worldwide. 
By taking advantage of our global 
capabilities and unique skill in 
delivering our medicines into both 
licensed and unlicensed territories, 
we aim to continue the organic 
growth strategy going forward.
The addition of new products such 
as Cardioxane, which has a strong 
footprint in South and Latin America 
and South Korea, will significantly 
strengthen our presence in these 
markets for our other products.
43 
countries
58 % to £58 m
Foscavir
®
 supplied into 
CTS activity with US customers up 
Our operations
United States office
Philadelphia, United States
CPDN
Canada
Hospira
Midwest, United States www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
05
Clinigen Group offices
Distribution partners
BL+H
South Korea
Nobel Pharma
Tokyo, Japan
Tec-o-pharm Libra
Israel
Proreo Pharma
Switzerland
Head office and operations centre
Burton-on-Trent, Staffordshire, UK
Clinect
Australia
53 29,000 42% 2
countries within 
our worldwide 
distribution network
more units shipped under 
Global Access Programs
increase in customers 
of £1m+ in Clinical 
Trials Supply
new product 
acquisitions for 
Clinigen’s portfolio
Japan office
Tokyo, Japan Clinigen Group plc Annual report and accounts 2013
06
Review of the year
Chairman’s statement
I am pleased to report on a strong year of growth for Clinigen Group plc 
(“Clinigen” or the “Group”) where we overachieved on the commitments 
we made at the IPO, delivering year end results ahead of market 
expectations. The Group overall has performed very well, with a 49% 
increase in sales to £1 22.6m, a 30% increase in underlying EBITDA 
to £22.4m and, importantly, all three operating businesses have 
contributed to this organic growth. I am also particularly pleased 
with the success of the IPO and how it has supported the business 
strategy of international growth. 
We continue to make significant strides in pursuit of our strategic 
objectives, evidenced by our ability to continue to take market share 
in our services businesses of clinical trial supply and global access 
programs. We have also added to our product portfolio in Clinigen SP , 
with the acquisition of Cardioxane and in-licensing of Vibativ . Clinigen’s 
unique ability to distribute medicines to both licensed and un-licensed 
territories continues to resonate with our customers.
Shaun Chilton, Chief Operating Officer , has been appointed a Group 
Director and joined the Board to strengthen the operational presence. 
Shaun has been instrumental in leading a recent strategic review of 
the operational businesses which sets our expectations for the next 
five years. This review has highlighted numerous opportunities to 
continue to grow by extending our global footprint as well as our 
product and customer base. One of our key strategic objectives has 
been to grow our presence within our markets and Clinigen now has 
a good portfolio of valuable customers which as well as giving us 
tremendous opportunities also gives us greater resilience. In addition, 
we continue to pursue further acquisitions that could add value to our 
products portfolio.
We continue to make 
significant strides in pursuit 
of our strategic objectives.
Peter Allen, Chairman
Summary
•	 The Group overall has performed very 
well, with a 49% increase in sales to 
£1 22.6m, a 30% increase in underlying 
EBITDA to £22.4m and, importantly, all 
three operating businesses have 
contributed to this organic growth
•	 Shaun Chilton, Chief Operating Officer , 
has been appointed a Group Director 
and joined the Board
•	 Subject to approval at the AGM on 
29 October 2013, the Board proposes 
to pay a final dividend of 2.0 pence 
per share www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
07
The market dynamics have not changed significantly since the IPO 
with the trends affecting our business continuing to look positive. 
The Group has made an encouraging start to the current 
financial year .
Clinigen values corporate governance highly and the Board believes 
that effective corporate governance will assist in the delivery of our 
corporate strategy, the generation of shareholder value and the 
safeguarding of shareholders’ long-term interests. We are committed 
therefore, as far as is reasonably practicable and appropriate to our 
size and stage of development, to ensure the Group is managed in 
accordance with the principles set out in the UK Corporate 
Governance Code.
The Directors have adopted a progressive dividend policy. Subject to 
approval at the AGM on 29 October 2013, the Board proposes to 
pay a final dividend of 2.0 pence per share. T ogether with the interim 
dividend of 0.6 pence per share paid in March, this makes a combined 
dividend for the year of 2.6 pence per share. 
We would like to thank all our stakeholders – customers, suppliers, 
employees and shareholders – whose continued support has 
contributed to our success.
P Allen
Non-executive Chairman
24 September 2013
2.0 pence
proposed final dividend
49%
30%
increase in sales
increase in 
underlying EBITDA Clinigen Group plc Annual report and accounts 2013
08
Review of the year
Chief Executive Officer’s statement
Overview
Clinigen has had a strong year of growth, delivering on commitments 
made at the IPO. In turn, listing on AIM has lived up to our expectations, 
giving us a strong platform from which to develop the Group, both in 
the UK and internationally. Through the IPO, we were able to raise 
additional funding to support our acquisition plans and accelerate 
our international growth strategy. We have also further invested in 
the infrastructure and recruited additional high quality people.
In the financial year 2013 (“FY13”), the three operational businesses 
grew organically , principally through extending the customer footprint, 
global pricing and reach. These strong results demonstrate the 
successful delivery on this strategy . By taking advantage of our global 
capabilities and unique skill in delivering our medicines into both 
licensed and unlicensed territories, we aim to continue this organic 
growth strategy going forward. In parallel, the Group’s strategy is 
to add to its portfolio of medicines in the Specialty Pharmaceuticals 
business through acquisition and in-licensing. This aim has been 
achieved for FY13 with the addition of two products: the acquisition 
of Cardioxane from Novartis and the in-license of Vibativ into Europe 
from Theravance.
Although we spent considerable time preparing for the IPO in the 
first half of the financial year , the Group’s operational management 
remained focused on business and delivered a 49% increase in sales 
to £1 22.6m (201 2: £82. 1m) and 30% increase in underlying EBITDA 
to £22.4m (201 2: £1 7 .3m) with all three operating businesses 
contributing strong organic growth. Underlying pre-tax profit 
increased by 29% to £20.4m (201 2: £15.8m). 
T otal gross profit increased by 21 % to £35. 1m (201 2 £29.0m) as 
a result of the growth in all three operating businesses. The newly 
acquired Cardioxane contributed £0.6m to revenue and gross profit, 
which were the same because Novartis continued to sell and 
distribute the product, under a transitional agreement, with only profit 
attributable to Clinigen. Product sales with associated costs will be 
recognised by Clinigen as and when Clinigen takes over 
management of the supply chain in each territory.
Listing on AIM has lived up 
to our expectations, giving 
us a strong platform from 
which to develop the Group.
Peter George, Chief Executive Officer
Summary
•	 The three operational businesses 
show strong organic growth, principally 
through extending the customer 
footprint, global pricing and reach
•	 The Group’s operational management 
remained focused on business and 
delivered a 49% increase in sales to 
£1 22.6m and 30% increase in 
underlying EBITDA to £22.4m
•	 Clinigen CTS is our largest contributor 
to sales and, in FY13, it generated 
sales of £87 .8m and a gross profit 
of £11.4m
•	 Clinigen GAP in FY13 had sales of 
£10.5m and a gross profit of £3.9m
•	 Clinigen SP in FY13 had sales of 
£24.3m and gross profit of £19.8m
•	 The acquisition and in-license of 
two new products, Cardioxane, 
an oncology toxicity treatment, 
and Vibativ, an antibiotic for MRSA, 
has extended the products’ portfolio www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
09
Administration costs were £20.5m including non-underlying costs 
of £5.9m, which mainly related to IPO costs and share based 
payments. Excluding non-underlying items, administration costs 
of £1 4.6m (201 2: £13.0m) grew by 13% in order to support the strong 
organic growth of the operating businesses.
Reported pre-tax profit of £1 4.5m is 42% up on the prior year 
(201 2: £10.3m). The Board proposes to pay a final dividend of 
2.0 pence per share. 
Current trading and outlook
We believe that Clinigen has overachieved on its commitments made 
at IPO; sales and profits are ahead of market forecast, with organic 
growth contributions from all three operating businesses.
Clinigen CTS is expected to remain the main revenue generator 
in FY1 4, with a continued focus on global growth and margins. 
Clinigen GAP’s full year sales were expected to grow in FY13 
and delivered more than six times growth on a like for like basis. 
For Clinigen GAP , new business has started very promisingly 
and we expect further significant growth into 201 4. In Clinigen SP , 
we expect steady growth to continue from Foscavir sales, but the 
focus for FY1 4 is the successful transition and integration of the 
two new products, Vibativ and Cardioxane, and increasing their 
contribution to the business. In Clinigen SP we continue to pursue 
further acquisitions that could add value to our portfolio. 
The Group has made an encouraging start to the current financial year , 
with revenues in the two months ended 31 August 2013 in line with 
expectations. In the coming twelve months we expect to see 
continued organic growth in line with our previously 
expressed expectations.
Operational overview
Clinigen CTS
Clinigen CTS is our largest contributor to sales and in FY13, 
it generated sales of £87 .8m (201 2: £58.8m) and a gross profit 
of £1 1 .4m (201 2: £10.0m).
During FY13 Clinigen CTS continued its expansion: activity with US 
customers was up 58% to £58m (201 2: £37m), customer numbers 
continue to grow in total, up from 52 in FY1 2 to 72 in FY13, and those 
generating over £1m in sales grew from twelve in FY1 2 to 1 7 in FY13. 
In total in FY1 3, Clinigen CTS had 1 , 1 00 requests to supply clinical trials, 
sourcing 578 medicines for 72 different customers. Clinigen CTS also 
extended its exclusive supply agreements with both Astra Zeneca and 
Accord, and remains focused on achieving market leader status. 
A recent independent market review has shown the clinical trial 
comparator drugs market is estimated to be US$1 .5–2.0 billion annually 
and it is predicted to grow at an estimated growth rate of 8% per 
annum by volume over the next three years. It is also predicted to 
become more specialised and complex with increased demand for 
expensive, hard to source large molecule products and with supplier 
companies requiring greater expertise for handling and transportation, 
particularly cold chain. Stricter traceability and control through the 
supply chain, single approval for products in Europe and regulations 
to reduce the threat of counterfeiting are expected to further favour 
specialist suppliers, like Clinigen.
In light of the market size and development and the key drivers supporting 
that, the Clinigen CTS operational business recently reviewed its five 
year strategy and whilst it is aiming for market leader status, it intends 
to achieve this through global organic growth, targeting the  top 50 pharma 
companies which incur significant Clinigen CTS spend. We will focus 
on demonstrating Clinigen’s value-added specialist services and 
their advantage over in-house or wholesaler options. New services 
are being considered to keep the value proposition differentiated. Clinigen Group plc Annual report and accounts 2013
10
Review of the year
Chief Executive Officer’s statement continued
Clinigen GAP
Clinigen GAP was targeted to deliver significant organic growth, and 
having achieved better than six-fold revenue growth over the prior 
year is now becoming a significant part of the Group’s sales and 
gross profit. In FY13, GAP had sales of £10.5m (201 2: £1 .6m) and 
a gross profit of £3.9m (201 2: £0.7m).
GAP has managed a number of large access programs during FY13, 
the largest of which were Astellas’ Enzalutamide early access program 
and Sanofi’s Campath withdrawal program. Clinigen was proud to 
be rewarded by one of these customers with an award for excellence. 
In addition BTG’s extended access programs for Voraxaze and 
DigiFab have been added to in 201 4 with the addition of a third 
program for Uridine T riacetate as well as new programs from Astellas 
starting in FY1 4. 
FY13 was the first year with no lower value, non-exclusive UK-only 
supply business included in the figures. We transitioned out of this 
work in FY1 2 but it still accounted for 29,000 unit shipments last year . 
The GAP business now focuses on the exclusive supply of medicines 
through Global Access Programs which accounted for only 2,000 
units shipped in FY1 2 but 31 ,000 in FY13. This revised strategy has 
driven the significant revenue growth for the year . 
Clinigen is one of a few specialist service providers in this new market. 
During the recent strategic review it became clear that to date little 
data exists to support overall market size, as a result Clinigen has 
commissioned an independent market review, the report of which 
is expected by Q2 FY1 4. 
As with Clinigen CTS, the aim is to become the market leader in this 
sector and again, organic growth is the preferred route. There are 
different customer targets across product and portfolio lifecycles for 
the early and mature access programs with the non-launch market 
programs giving a large and as yet relatively untapped customer 
group. However , GAP has a healthy pipeline and expanding customer 
base, and Clinigen expects significant growth to continue through 
FY1 4. 201 4 will also see the launch of Cliniport, Clinigen’s on-line 
management support tool for GAP customers which will enable 
scalability in this business.
We will focus on demonstrating 
Clinigen’s value-added specialist 
services and their advantage over 
in-house or wholesaler options.
Foscavir use by market
Japan 20%
France 7%
Canada 2%
Italy 8%
Spain 4%
Netherlands 1%
Germany 11%
UK 6%
Israel 1%
Others 9%
USA 30% www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
11
Cardioxane and Vibativ
The acquisition and in-license of two new products, Cardioxane, 
an oncology toxicity treatment, and Vibativ, an antibiotic for MRSA, 
has extended the products’ portfolio. Clinigen SP’s strategy 
is to continue to build the pipeline and plans to secure further 
deals in FY14. 
The two new products strengthen the portfolio in other ways too. 
Cardioxane, used for the prevention of chronic cumulative Cardiotoxicity 
caused by Doxorubicin or Epirubicin predominantly in breast cancer 
patients, has a strong footprint in South and Latin America and 
South Korea. Supplying the product into these territories significantly 
strengthens our presence in these markets for our other products. 
Cardioxane also enhances Clinigen’s oncology portfolio and fits 
our revitalization criteria. We are confident that there are a number 
of opportunities for its growth.
Vibativ, for the treatment of adults with hospital-acquired pneumonia, 
known or suspected to be caused by MRSA, is a medium to long-term 
growth product for Clinigen. It is patent-protected until 2026 in Europe 
and it is a market entry product as it has yet to be sold in Europe where 
Clinigen holds the rights. Clinigen has transferred the European 
Marketing Authorization and is in the process of reactivating the EU 
license. Vibativ strengthens Clinigen’s anti-infective portfolio and 
complements Foscavir which treats one of the viral causes of hospital 
acquired pneumonia. We do not expect European product to be 
available for supply until Q3 FY1 4; however , US product became 
available in September 201 3. As a result, Clinigen will run its own access 
program making US product available until EU product is manufactured; 
something that no other Specialty Pharma company could do.
Clinigen SP
Clinigen SP’ s performance in FY 1 3 was predominantly the result of sales 
of the anti-viral treatment Foscavir . Our new products, Cardioxane and 
Vibativ, as expected, made minimal impact during this financial year; 
we expect them to start to contribute more in 201 4. In FY 1 3 SP had sales 
of £24.3m (201 2: £21 .7m) and gross profit of £19.8m (201 2: £18.3m). 
Cardioxane contributed £0.6m to both sales and GP , the balance 
was associated with Foscavir .
Foscavir
Foscavir continues to demonstrate volume growth. This has been 
driven by our strategy to develop a second indication for the drug 
for use by bone marrow transplant patients and to expand into new 
markets. We have been granted this new indication in Japan and 
some European markets which have helped to increase patient 
exposure and have ensured pricing is competitive across all markets. 
FY13 saw direct in-market sales of Foscavir of circa 270,000 units. 
In most cases like for like comparisons for prior year are misleading, 
as the largest market, the US, changed from unlicensed supply to 
a licensed distribution market. Prior year also included only five months 
of Japanese sales and many markets were transitioned from Astra Zeneca 
control to Clinigen over the twelve months. However , excluding the US 
unit sales, on a like for like basis, sales showed a 3.9% increase H2 on 
H1 , which is in line with trends in stem cell transplantation. The two 
largest markets for Foscavir , the US and Japan, accounted for 50% 
of units supplied and the top ten markets accounted for 90% of units 
supplied in FY13, with the top five accounting for 75%.
In our view, the big opportunities for Foscavir growth have now been 
realized, however , Clinigen will still pursue further ongoing opportunities 
and the strategy to exploit specific areas of growth potential has been 
developed. Clinigen continues to secure and protect the supply for 
Foscavir and will bring a second active ingredient manufacturer 
online in FY1 4. 
29% to £20.4m
Underlying pre-tax profit increased by 
£11.3m
Cash increased from £5.2m to  Clinigen Group plc Annual report and accounts 2013
12
Review of the year
Chief Executive Officer’s statement continued
Operational overview continued
Strategy and scalability for the future
T o support our growth, the facilities in Burton have been increased 
and this project will complete by the end of Q2 FY1 4. The business 
has also recently made organizational changes to support its growth 
and ensure operational scalability. A new operational management 
structure will support synergies within business development to 
better exploit new opportunities. 
During FY 1 3 a strategic review of the operational businesses was carried 
out which was endorsed by the Board and sets our expectations for the 
next five years. The strategy supports our ambition for Clinigen CTS 
and Clinigen GAP to become the market leader in their fields, through 
enhancing their global capabilities and service offerings. In Clinigen SP 
we are aiming to add another five to seven products over the next 
three to five years; products which we believe can be revitalized back 
to growth.
FY1 4 will also see the roll-out of Clinigen’s new enterprise resource 
planning (“ERP”) software. This project is expected to complete in 
time for FY15 implementation. 
It is the Board’ s ambition to achieve continued organic and acquisitional 
growth in the Group’s global businesses and to deliver continued 
growth in our earnings profile. The Group has maintained strong 
growth levels through a highly focused approach in closing objectives 
through our identified key performance indicators (“KPIs”). These KPIs 
are designed to achieve the key financial, management, product and 
services goals as well as monitoring capital projects. The KPIs are 
reviewed monthly by both the Operational and main Boards.
The key element that drives Clinigen’s operating businesses forward 
is its people and I am very proud of all of our staff. This year once 
again, their expertise, energy and enthusiasm have turned our plans 
into reality and this set of results is testament to their hard work. 
My sincere thanks go to all our employees across the Group.
Financial review
Revenue 
Clinigen continues to show strong growth recording revenues 
of £1 22.6m, an increase of 49% (201 2: £82. 1m). This is the result 
of strong organic growth in all three operating businesses.
Profit
T otal gross profit increased by 21 % to £35. 1 m (201 2: £29.0m) as result 
of growth in all three operating businesses. The newly acquired 
(25 March 2013) Cardioxane contributed £0.6m to revenue and GP .
Administration costs of £20.5m (201 2: £1 8.5m) included non-underlying 
costs of £5.9m (201 2: £5.5m), being IPO related costs of £4.0m 
(201 2: £nil), non-recurring share based payment charges of £1 .9m 
(201 2: £4.6m), and ongoing share based payment charges of £0.4m 
(201 2: £nil), offset by a provision release of £0.4m (201 2: provision 
made of £0.9m). Excluding non-underlying items administration costs 
of £1 4.6m (201 2: £13.0m) grew by 13%, reflecting the strong organic 
growth of the operating businesses.
Underlying EBITDA increased by 30% to £22.4m (201 2: £1 7 .3m) 
and underlying pre-tax profit increased by 29% to £20.4m 
(201 2: £15.8m). Reported pre-tax profit of £1 4.5m is 42% up 
on the prior year (201 2: £10.3m).
Taxation
The tax charge for the year of £3.2m is based on prevailing UK and US 
effective tax rates. This charge is calculated as £5.2m on underlying 
profits offset by a credit of £2.0m in respect of non-underlying costs. 
Allowable UK corporation tax (“CT”) deductions arose from the exercise, 
pre-IPO, of two equity-settled share based remuneration schemes. 
This generates a combination of CT repayable and a reduction in 
CT payable in current and future years of £10m. 
Delivered on strategy and 
commitments at IPO by 
adding two new products 
to portfolio. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
13
Earnings 
Underlying earnings per share, excluding share based payments, one 
off non-underlying costs arising as a result of the IPO and based on 
the number of shares in issue post IPO, is 1 8.5 pence (201 2: 1 3.4 pence). 
The reported earnings per share is 15. 1 pence (201 2: 13.2 pence). 
Dividend
The Directors have adopted a progressive dividend policy in line with 
their stated intentions at the time of the IPO. The Directors also indicated 
at IPO that the Company’s interim and final dividend payments were 
expected to be split approximately one-third to two-thirds respectively . 
In view of the strong trading which continued throughout this year the 
Directors are pleased to propose a final dividend for this year greater 
than two-thirds, of 2.0 pence per share which when added to the interim 
dividend of 0.6 pence paid on 28 March 201 3, will make a total dividend 
for the year of 2.6 pence per share. 
The final dividend shall, subject to approval at the Company’s 
AGM on 29 October 2013, be payable on 1 November 2013 
to all shareholders on the register at 1 1 October 2013.
Cash flow
Cash generation continues to be strong with net cash from operating 
activities of £18.8m covering the cash requirement for product 
acquisition/in-licencing in the period.
Cash and cash equivalents at 30 June 2013 were £1 1 .3m, up from 
£5.2m at 30 June 201 2, which combined with a net bank facility 
of £13.0m provides funding for future acquisitions. Loans from the 
pre-IPO principal shareholder (£1 .6m) were paid down in full and 
Clinigen is debt free at the period end. The working capital model 
continues to be self-funding.
The cash increase in the period of £6. 1m is generated by cash from 
operations of £19.6m, net proceeds from share issue of £8.7m, offset 
by loan repayments of £1 .6m, dividends of £0.5m, tax and interest 
payments of £1 .4m and investing activities of £18.7m.
Investor relations
We believe it is important to have open communication and be 
transparent with shareholders. T o this end we have met with 
institutional shareholders at least once during the financial year and 
will continue with this strategy going forward. However , I welcome 
feedback from shareholders on our communication style. In addition, 
the Company has introduced a Share Save Scheme to encourage 
employee participation and drive good business behaviours, to date 
70% of employees have taken part. 
P George
Chief Executive Officer
24 September 2013
38% to 18.5 pence
Underlying EPS up  Clinigen Group plc Annual report and accounts 2013
14
Corporate governance
Peter Allen 
Non-executive Chairman
Peter joined Clinigen as Independent 
Non-executive Chairman in August 201 2. He 
has experience as chairman, CEO and CFO 
of publicly quoted companies. 
He is currently chairman of Future plc, 
Proximagen Neuroscience plc, Chroma 
Therapeutics Limited and ProStrakan plc 
and a non-executive director of Oxford 
Nanopore T echnologies Limited, TMO 
Renewables Limited, Scancell Holdings plc 
and Mecom Group plc. He also held 
executive positions with a number of 
companies prior to their sale, including 
Celltech Group plc, Abacus Group plc 
and ProStrakan Group plc.
Peter George
Chief Executive Officer
Peter joined Clinigen when it formed in June 
2010, having previously held the title of CEO 
at Penn Pharma Limited, having led a £67m 
management company buy-out in 2007 .
He was previously executive VP for Wolters 
Kluwer Health with responsibility for 
European and Asia Pacific regions.
Peter was former Chief Operating Officer of 
Unilabs Clinical T rials International Limited, 
and a Director of Pharma Patents 
Global Limited.
Robin Sibson
Chief Financial Officer
Robin joined ADL Healthcare Limited, a 
company owned by Andrew Leaver in 
2003. He has over 30 years’ experience 
in the pharmaceutical industry, including 
15 years as finance director .
Robin was formerly finance director of BASF 
plc’s UK pharmaceuticals, sales and R&D 
divisions and at Boots UK pharmaceutical 
business, leading the integration following its 
sale to BASF .
Shaun Chilton
Chief Operating Officer 
Shaun joined Clinigen in January 201 2 having 
previously held the position of president 
within KnowledgePoint360 Group, a global 
pharmaceutical information and 
services operation.
Shaun has 20 years’ commercial, strategic 
and operational experience, including sales 
and marketing in Pfizer and Sanofi-Aventis 
(now Sanofi).
Board of Directors
Board of Directors
Our experienced Board and Management 
team have a significant track record and 
a wealth of knowledge across the 
biotechnology, pharmaceutical and 
healthcare sectors spanning private 
and publicly quoted companies.
The Board is committed to ensuring that 
Clinigen CTS and Clinigen GAP become 
the market leaders in their sectors, and the 
Group is the owner of a high value portfolio 
of specialist hospital only medicines. www.clinigengroup.com Annual report and accounts 2013
Review of the year
15
Financial statements Corporate governance
John Hartup 
Non-executive Director
John joined Clinigen in May 201 1 and has 
over 30 years’ experience as a corporate 
lawyer dealing with corporate finance and 
commercial contract issues across a 
number of industries.
Formerly managing partner at Ricksons LLP 
and subsequently became a partner at 
DWF LLP upon that firm’s acquisition 
of Ricksons.
John was also a non-executive director of 
Mitre Group Limited, Ellis Pharma Limited, 
and Creo Pharma Limited.
John is Chairman of the Audit Committee.
Ian Nicholson 
Non-executive Director
Ian joined Clinigen as Non-Executive Director 
in September 201 2. He has considerable 
experience as a non-executive director on 
corporate boards including Symphogen AS, 
Consort Medical plc and Bioventix Ltd 
(chairman of the board). He is also a member 
of the investment committee at Cancer 
Research UK’ s Pioneer Fund, chief executive 
officer of F2G Ltd and an operating partner 
at Advent Life Sciences LLP .
Ian previously worked for companies including 
Chroma Therapeutics Ltd, Celltech Group plc 
and Oxford Asymmetry International plc.
Ian is Chairman of the Remuneration Committee
Country of incorporation
United Kingdom 
Company number
06771928
Directors
P L George 
R A J Sibson 
S Chilton  
P Allen (Non-executive Chairman)  
J Hartup (Non-executive) 
I Nicholson (Non-executive) 
Company Secretary and registered office
R A J Sibson
Pitcairn House 
Crown Square 
Centrum 100 
Burton on T rent 
Staffordshire, DE1 4 2WW
Independent auditors
PricewaterhouseCoopers LLP
Cornwall Court 
19 Cornwall Street 
Birmingham, B3 2DT
Adviser and investor contacts
Remuneration Committee
Audit Committee
Nomination Committee Clinigen Group plc Annual report and accounts 2013
16
Corporate governance
The Directors present their report together and the audited consolidated 
financial statements for the year ended 30 June 2013.
Clinigen Group plc is a public limited company , which is listed on 
the Alternative Investment Market and incorporated and domiciled 
in the UK.
Principal activities
Clinigen is a specialty global pharmaceutical group headquartered in 
the UK, with offices in the US and Japan. The parent company is a 
holding company for the Group, holding the intangible assets of the 
Group acquired in the year and providing management services for 
the other Group companies which undertake the Group’ s three 
operating businesses. 
Clinigen Healthcare Limited has two operating businesses: Specialty 
Pharmaceuticals (“Clinigen SP”) and Global Access Programs 
(“Clinigen GAP”). Clinigen SP focuses on acquiring and in-licensing 
specialist, hospital only medicines worldwide and commercializing and 
revitalizing them within niche markets. Clinigen GAP specializes in the 
consultancy , development, management and implementation of global 
access programs for biotechnology and pharmaceutical companies. 
Clinigen CTS Limited and Clinigen CTS Inc. jointly form the operating 
business Clinical T rials Supply (“Clinigen CTS”), which sources 
commercial medical products for use in clinical studies, including 
comparator drugs, adjuvant drugs and rescue therapies. The three 
operating businesses work in synergy to attain our primary aim of 
supplying “the right drug to the right patient at the right time”.
Business review and future developments
The business review is included within the Chief Executive Officer’ s 
statement and can be found on pages 8 to 13.
Key performance indicators
The Board utilises a number of key performance indicators to enable a 
consistent method of analysing performance, in addition to allowing 
the Directors to benchmark performance against similar businesses 
and the Group’ s business plan. The key performance indicators 
utilised by the Board can be split into key financial performance 
indicators and key non-financial performance indicators.
The key financial performance indicators are:
Gross profit by operating business
Measures the profit achieved on sales after taking account of the direct 
costs incurred in bringing the goods to a saleable condition. 
All the operating businesses show year on year growth in gross profit. 
Details can be seen in note 3.
Underlying EBITDA
Measures the profit achieved on sales after taking account of the 
direct costs and overheads but before interest, depreciation, 
amortisation and non-underlying costs.
The Group achieved an underlying EBITDA for the year of £22.4m 
representing a 30% increase on the prior year .
The key non-financial performance indicators are:
Acquisition of further products
Clinigen has an acquisition strategy in place. The Group has made two 
acquisitions this year and continues to explore acquisition opportunities. 
Expansion of customer base
As referred to in the Chief Executive Officer’ s statement, both 
Clinigen GAP and Clinigen CTS have expanded their customer 
base during the year . 
Overall, the Directors are satisfied with the Group’ s progress against its 
key performance indicators for the year .
Financial instruments
The Group’ s operations expose it to a variety of financial risks that 
include credit risk, liquidity risk, and foreign exchange risk. The Group 
has a risk management program that seeks to limit the adverse effects 
on the financial performance of the Group by monitoring levels of debt 
finance and related finance costs and controlling foreign currency 
transactions. The Group has implemented policies that require 
appropriate credit checks before a sale is made. The Group hedges 
its exposure to foreign currency fluctuations by using bank accounts 
denominated in foreign currencies and forward contracts. 
Further detail is provided in note 20.
Principal risks and uncertainties
The Board has overall responsibility for ensuring risk is appropriately 
managed across the Group. The Group maintains a consolidated risk 
register which is reviewed and updated quarterly . The risks are rated 
as to their likelihood of occurring and potential impact and each risk is 
assigned to an appropriate individual and all mitigation and action 
plans are recorded. In addition the Group has completed a disaster 
recovery plan to ensure ongoing operations are maintained in all 
circumstances. Below are discussed the principal risks identified in 
2013. These risks are not intended to be an extensive analysis of all 
risk that may arise in the ordinary course of business or otherwise.
Competitive threat
There are a number of service providers around the world who compete 
with our individual operational businesses. Clinigen’ s rapid growth 
may attract new competitors and/or stimulate existing competitors 
to invest further in their offerings to the market. In mitigation, Clinigen 
has recently completed comprehensive market reviews of the service 
sectors it supplies, including competitor analysis. The recent strategic 
review has identified Clinigen’ s response to competitor threats.
In addition there is the threat of generic competition or alternative 
treatments to Clinigen’ s products. Clinigen SP has mitigated this 
risk with Foscavir by securing the supply for active pharmaceutical 
ingredients and finished product and continually monitors competitor 
and generic activity to its products. Impact of threat is mitigated 
through diversifying and the acquisition of more products.
International trade and pharmaceutical regulations
The Group’ s activities involve importing and exporting products across 
many international borders and most activities are covered by numerous 
Report of the Directors 
for the year ended 30 June 2013 www.clinigengroup.com Annual report and accounts 2013
Review of the year
17
Financial statements Corporate governance
pharmaceutical regulations. Any changes to these regulations might 
affect the Group’ s trading activities. T o mitigate this risk the Group 
closely monitors any changes to regulations and seeks to adapt its 
procedures wherever possible to ensure activities are not affected, 
whilst maintaining compliance. In addition the Group is regularly 
audited by customers and regulatory authorities to ensure 
it is compliant. 
Counterfeit product
Clinigen CTS sources product globally for supply into clinical trials, 
there is a risk that counterfeit products could be unknowingly acquired 
and supplied. T o mitigate such risk Clinigen audits all suppliers and 
only sources from Clinigen approved suppliers, completes annual 
training on counterfeit awareness for all relevant staff and inspects 
100% of product upon receipt.
Introduction of new products
Clinigen SP has made two recent acquisitions. Cardioxane requires 
transfer fr om Novartis befor e Clinigen can commence sales and marketing 
of this product. Vibativ requires transfer of product manufacturing 
and the reinstatement of the European license. There is a risk that 
any of these activities could be delayed impacting on sales in FY14. 
T o mitigate these risks Clinigen SP has comprehensive transfer plans 
in place agreed with the selling/licensing parties, which to date are 
on schedule, these are reviewed monthly to ensure all activities 
are completed in a timely manner .
Foreign exchange
Foreign exchange risk arises because the operating businesses sell to 
clients whose local currency is not the same as the functional currency 
in which the Company operates. 
Foreign currency risk is mitigated by managing currency at Group level 
in order to optimize the matching of surpluses to the foreign currency 
needs of the wider group. The Company operates bank accounts in 
its principal foreign currencies in order to reduce exposure on payments 
and receipts. Over the past three years exchange rate adjustments 
have been at insignificant levels and where significant transactions are 
being undertaken they are hedged. 
Creditor payment policy
It is the policy and normal practice of the Group to make payments 
due to suppliers in accordance with agreed terms and conditions, 
generally 30 days. Where suppliers offer early settlement discounts, 
these are taken advantage of. The policy will also be applied for FY14. 
Dividend
As explained in the Chief Executive Officer’ s statement, the Directors 
propose a final dividend of 2.0 pence per share, subject to approval 
at the AGM on 29 October 2013. The dividend will be payable on 
1 November 2013 to all shareholders on the register at 11 October 2013. 
T ogether with the interim dividend of 0.6 per shar e paid on 28 Mar ch 2013, 
this makes a combined dividend for the year of 2.6 pence per share 
(2012: £48.81 – prior to bonus issue and subdivision of shares 
(see note 23), restating gives a comparable dividend per share 
of 1.6 pence per share).
Events after the reporting date
Details of significant events since the balance sheet date are 
contained in note 30 to the financial statements.
Directors and appointment of Directors
The Directors who served during the year and up to the date of signing 
the financial statements were as follows:
P L George 
R A J Sibson 
S Chilton (Appointed 11 July 2013) 
P Allen (Non-executive Chairman) (Appointed 1 August 2012) 
J Hartup (Non-executive) (Appointed 20 August 2012) 
I Nicholson (Non-executive) (Appointed 2 September 2012)
With regard to the appointment of Directors, the Company is governed 
by its Articles of Association, the Companies Act and related legislation. 
Directors are subject to re-election at intervals of not more than three 
years. J Hartup, Non-executive Director , will be retiring by rotation and 
offering himself for re-election at the AGM to be held on 29 October 2013. 
S Chilton, Chief Operating Officer , was appointed to the Board on 
11 July 2013 and will be offered for re-election by the shareholders 
at the AGM. 
Directors’ interests
The interests of the Directors over the ordinary share capital of the 
Company are as follows:
Number of 
shares at 
30 June 
2013
Number of 
shares at 
1 July 
2012
P L George 8,889,742 —
R A J Sibson 4,961,031 —
S Chilton 607,600 —
P Allen 45,732 —
J Hartup 33,934 —
I Nicholson 10,000 —
14,548,039 —
There has been no change in the interests set out above between 
30 June 2013 and 24 September 2013.
Directors’ responsibilities statement 
The Directors are responsible for preparing the Annual Report 
and the financial statements in accordance with applicable law 
and regulations.
Company law requires the Directors to prepare financial statements 
for each financial year . Under that law the Directors have prepared the 
Group financial statements in accordance with International Financial 
Reporting Standards (“IFRSs”) as adopted by the European Union, 
and the parent company financial statements in accordance with 
United Kingdom Generally Accepted Accounting Practice (United 
Kingdom Accounting Standards and applicable law).  Clinigen Group plc Annual report and accounts 2013
18
Corporate governance
Report of the Directors continued
for the year ended 30 June 2013
Directors’ responsibilities statement continued
Under company law the Directors must not approve the financial 
statements unless they are satisfied that they give a true and fair view 
of the state of affairs of the Group and the Company and of the profit 
or loss of the Group for that period. 
In preparing these financial statements, the Directors are required to:
•	 select suitable accounting policies and then apply them consistently;
•	 make judgements and accounting estimates that are reasonable 
and prudent;
•	 state whether IFRSs as adopted by the European Union and 
applicable UK Accounting Standards have been followed, subject 
to any material departures disclosed and explained in the Group 
and parent company financial statements respectively; and
•	 prepare the financial statements on the going concern basis unless 
it is inappropriate to presume that the Company will continue 
in business.
The Directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the Company’ s transactions 
and disclose with reasonable accuracy at any time the financial position 
of the Company and enable them to ensure that the financial statements 
comply with the Companies Act 2006. They are also responsible for 
safeguarding the assets of the Company and the Group and hence 
for taking reasonable steps for the prevention and detection of fraud 
and other irregularities.
The Directors are responsible for the maintenance and integrity of the 
Company’ s website. Legislation in the United Kingdom governing the 
preparation and dissemination of financial statements may differ from 
legislation in other jurisdictions.
Directors’ indemnities
The officers of the Company and its subsidiaries would be indemnified 
in respect of proceedings which might be brought by a third party . 
No cover is provided in respect of any fraudulent or dishonest actions.
Employees
The Group is committed to a policy of equal opportunities 
in the recruitment, engagement and retention of employees. 
The multi-lingual diversity of our team not only supports our global 
service offering but demonstrates our lack of barriers to employment. 
Employees are supported to undertake additional training, both 
internal and external, to develop their skills which are then often 
transferred across departments or enables their promotion.
It is important we listen to our employees and understand their views on 
Clinigen as an employer and the senior management as their 
colleagues. The Group operates a culture of open communication 
through a range of two-way mediums including: CEO coffee 
mornings; monthly employee representative staff forum; newsletter; 
and monthly Group update from the CEO and Chief Financial Officer . 
In addition, the Group conducted a global staff survey at the Annual 
Staff Conference.
Employees have been encouraged to be a part of the Group’ s growth 
through the Group’ s employee share schemes.
Corporate, social and ethical policies
Clinigen recognises the importance of balancing the interests of its 
customers, shareholders, employees, suppliers and the communities 
in which it operates. Management of the environmental and social 
issues that play a part in the business is a key factor in the Group’ s 
strategy for success and in the practice of good corporate governance. 
With this in mind the Group and its operating businesses audit all suppliers 
and manufacturers regularly to ensure they reach the standards set 
and respond to any improvement requests we make of them.
The Group aspires to carry out its business to the highest 
ethical standards, treating employees, suppliers and customers 
in a professional, courteous and honest manner . Ethical standards are 
included in our audit schedule when reviewing our suppliers 
and manufacturers to check the standards they follow meet 
those expected.
Clinigen participates in local community projects it feels are worthy and 
appropriate and encourages employees to get involved in local and 
national charitable events, as well as deciding where charitable 
donations are placed. Groups of employees took part in the Paris 
Marathon and Baslow Boot Bash this year . The corporate charity 
for FY13 was The Anthony Nolan T rust, a charity very relevant 
to Foscavir , our lead product.
The Group made no political donations during the year (2012: £nil) 
and made charitable donations of £15k (2012: £5k), principally to local 
charities and The Anthony Nolan T rust.
Provision of information to the auditors
Each of the Directors at the time when this Report of the Directors 
is approved has confirmed that:
•	 so far as that Director is aware, there is no relevant audit 
information of which the Company’ s and the Group’ s auditors 
are unaware; and
•	 that Director has taken all the steps that ought to have been taken 
as a Director in order to be aware of any information needed by 
the Company and the Group’ s auditors in connection with preparing 
their report and to establish that the Company and the Group’ s 
auditors are aware of that information.
AGM notice
The notice convening the AGM to be held on 29 October 2013, 
together with an explanation of the resolutions to be proposed 
at the meeting, is contained in a separate circular to shareholders.
Independent auditors
During the year BDO LLP resigned as auditors to the Company , 
and the Directors have appointed PricewaterhouseCoopers LLP . 
The auditors, PricewaterhouseCoopers LLP , have expressed their 
willingness to continue in office and a resolution to re-appoint them 
will be proposed at the forthcoming AGM.
This report was approved by the Board and signed on its behalf by:
R A J Sibson
Company Secretary
24 September 2013 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
19
Financial statements
Independent auditors’ report
to the members of Clinigen Group plc 
We have audited the Group financial statements of Clinigen Group plc 
for the year ended 30 June 2013 which comprise the Consolidated 
statement of comprehensive income, the Consolidated statement 
of financial position, the Consolidated statement of cash flows, the 
Consolidated statement of changes in equity , and the related notes. 
The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting 
Standards (“IFRSs”) as adopted by the European Union.
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ responsibilities statement set 
out on pages 17 to 18, the Directors are responsible for the preparation 
of the financial statements and for being satisfied that they give a true 
and fair view. Our responsibility is to audit and express an opinion 
on the financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’ s Ethical 
Standards for Auditors.
This report, including the opinions, has been prepared for and only for 
the Company’ s members as a body in accordance with Chapter 3 of 
Part 16 of the Companies Act 2006 and for no other purpose. We do 
not, in giving these opinions, accept or assume responsibility for any 
other purpose or to any other person to whom this report is shown 
or into whose hands it may come save where expressly agreed by our 
prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and 
disclosures in the financial statements sufficient to give reasonable 
assurance that the financial statements are free from material 
misstatement, whether caused by fraud or error . This includes an 
assessment of: whether the accounting policies are appropriate to 
the Group’ s circumstances and have been consistently applied and 
adequately disclosed; the reasonableness of significant accounting 
estimates made by the Directors; and the overall presentation of 
the financial statements. In addition, we read all the financial and 
non-financial information in the Annual Report to identify material 
inconsistencies with the audited financial statements. If we become 
aware of any apparent material misstatements or inconsistencies 
we consider the implications for our report.
Opinion on financial statements 
In our opinion the Group financial statements: 
•	 give a true and fair view of the state of the Group’ s affairs as at 
30 June 2013 and of its profit and cash flows for the year then ended;
•	 have been properly prepared in accordance with IFRSs as adopted 
by the European Union; and 
•	 have been prepared in accordance with the requirements of the 
Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Report of the Directors for 
the financial year for which the Group financial statements are 
prepared is consistent with the Group financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where 
the Companies Act 2006 requires us to report to you if, in our opinion: 
•	 certain disclosures of Directors’ remuneration specified 
by law are not made; or 
•	 we have not received all the information and explanations 
we require for our audit. 
Other matter 
We have reported separately on the parent company financial 
statements of Clinigen Group plc for the year ended 30 June 2013.
Andrew Hammond (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Birmingham 
24 September 2013 Clinigen Group plc Annual report and accounts 2013
20
Financial statements
Consolidated statement of comprehensive income 
for the year ended 30 June 2013
2013 2012
Note
Underlying
 £’000
Non‑
underlying
(note 6)
 £’000
Total
 £’000
Underlying
 £’000
Non-
underlying
(note 6)
 £’000
Total
 £’000
Revenue 3 122,580 — 122,580 82,146 — 82,146
Cost of sales (87,457) — (87,457) (53,114) — (53,114)
Gross profit 3 35,123 — 35,123 29,032 — 29,032
Administrative expenses (14,614) (5,909) (20,523) (12,966) (5,530) (18,496)
Profit/(loss) from operations 4 20,509 (5,909) 14,600 16,066 (5,530) 10,536
Finance income 7 7 — 7 — — —
Finance costs 8 (95) — (95) (284) — (284)
Profit/(loss) before income tax 20,421 (5,909) 14,512 15,782 (5,530) 10,252
Income tax (expense)/credit 9 (5,158) 1,978 (3,180) (4,761) 1,108 (3,653)
Profit/(loss) for the year attributable 
to owners of the parent 15,263 (3,931) 11,332 11,021 (4,422) 6,599
Other comprehensive income
Items that may be reclassified  
to profit or loss:
Exchange gains arising in the year 
on translation of foreign operations 61 — 61 29 — 29
Total comprehensive income/(expense) 
attributable to owners of the parent 15,324 (3,931) 11,393 11,050 (4,422) 6,628
Earnings per share for profit 
attributable to the owners 
of the parent during the year 10
Basic (p) 15.1 13.2
(1)
Diluted (p) 13.8 8.7
(1)  The earnings per share for FY12 have been restated using the number of shares including, retrospectively , the bonus issue of shares on 20 August 2012 and subdivision of shares 
on 29 August 2012. Details are provided in note 10 to the financial statements.
All amounts relate to continuing operations.
The notes on pages 24 to 50 form an integral part of the consolidated financial statements. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
21
Financial statements
Consolidated statement of financial position 
as at 30 June 2013
Note
2013
£’000
2012
£’000
Assets
Non‑current assets
Property, plant and equipment 12 748 432
Intangible assets 13 38,893 15,342
Deferred tax assets 22 1,983 10,122
41,624 25,897
Current assets
Inventories 15 3,151 2,792
Trade and other receivables 16 18,721 14,564
Corporation tax recoverable 3,932 —
Cash and cash equivalents 17 11,326 5,197
37,130 22,552
Total assets 78,754 48,450
Liabilities
Current liabilities
Trade and other payables 18 27,804 14,545
Loans and borrowings 19 — 1,626
Corporation tax liability — 1,460
Provisions for other liabilities and charges 21 — 912
27,804 18,543
Net assets 50,950 29,906
Issued capital and reserves attributable to owners of the parent company
Share capital 23 83 —
Share premium account 24 8,660 —
Merger reserve 24 5,413 5,463
Foreign exchange reserve 24 109 48
Retained earnings 24 36,685 24,395
Total equity 50,950 29,906
The notes on pages 24 to 50 form an integral part of the consolidated financial statements.
The financial statements on pages 20 to 50 were approved and authorised for issue by the Board of Directors on 24 September 2013 and were 
signed on its behalf by
P L George  R A J Sibson
Director  Director  Clinigen Group plc Annual report and accounts 2013
22
Financial statements
Consolidated statement of cash flows 
for the year ended 30 June 2013
Note
2013
£’000
2012
£’000
Cash flows from operating activities
Profit for the year 11,332 6,599
Adjustments for:
Depreciation of property, plant and equipment 12 130 55
Amortisation of intangible fixed assets 13 1,746 1,165
Loss on disposal of property, plant and equipment 18 3
Interest receivable (7) —
Interest expense 95 284
Income tax expense 9 3,180 3,653
Share based payment expense 6 2,323 4,618
18,817 16,377
Increase in trade and other receivables 16 (4,157) (10,675)
Increase in inventories 15 (359) (1,891)
Increase in trade and other payables 18 6,235 5,843
(Decrease)/increase in provisions 21 (912) 116
Cash generated from operations 19,624 9,770
Income taxes paid (1,301) (5,501)
Interest paid (95) (284)
Net cash generated from operating activities 18,228 3,985
Investing activities
Purchases of property, plant and equipment 12 (467) (425)
Purchase of intangible fixed assets 13 (18,272) (3,935)
Interest receivable 7 —
Net cash used in investing activities (18,732) (4,360)
Financing activities
Proceeds from issue of shares 8,693 —
Loan repayments 19 (1,626) (3,686)
Dividends paid 11 (495) (781)
Net cash generated from/(used in) financing activities 6,572 (4,467)
Net increase/(decrease) in cash and cash equivalents 6,068 (4,842)
Cash and cash equivalents at beginning of year 5,197 10,010
Exchange gains 61 29
Cash and cash equivalents at end of year 11,326 5,197 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
23
Financial statements
Consolidated statement of changes in equity 
for the year ended 30 June 2013
Share 
capital
£’000
Share 
premium 
account
£’000
Merger 
reserve
£’000
Foreign 
exchange 
reserve
£’000
Retained 
earnings
£’000
Total 
equity
£’000
At 1 July 2011 — — 5,463 19 4,806 10,288
Profit for the year — — — — 6,599 6,599
Other comprehensive income — — — 29 — 29
Total comprehensive income — — — 29 6,599 6,628
Share based payment scheme — — — — 4,618 4,618
Deferred taxation on share based payment scheme — — — — 9,153 9,153
Dividend paid (note 11) — — — — (781) (781)
At 30 June 2012 and 1 July 2012 — — 5,463 48 24,395 29,906
Profit for the year — — — — 11,332 11,332
Other comprehensive income — — — 61 — 61
Total comprehensive income — — — 61 11,332 11,393
Share based payment scheme — — — — 2,323 2,323
Deferred taxation on share based payment scheme — — — — (8,945) (8,945)
Tax credit in respect of tax losses arising on exercise 
of share options — — — — 8,075 8,075
Dividend paid (note 11) — — — — (495) (495)
Bonus issue of shares 50 — (50) — — —
Issue of new shares 33 10,221 — — — 10,254
Cost of new issue — (1,561) — — — (1,561)
At 30 June 2013 83 8,660 5,413 109 36,685 50,950 Clinigen Group plc Annual report and accounts 2013
24
Financial statements
Notes forming part of the consolidated financial statements 
for the year ended 30 June 2013
1. Accounting policies
The principal accounting policies adopted by the Company and applied in the preparation of these consolidated financial statements are set out 
below. The policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
The consolidated financial statements of Clinigen Group plc have been prepared in accordance with International Financial Reporting Standards, 
International Accounting Standards and Interpretations (collectively “IFRSs”) issued by the International Accounting Standards Board (“IASB”) 
as adopted by the European Union (“adopted IFRSs”) and with those parts of the Companies Act 2006 that are applicable to companies that 
prepare financial statements in accordance with IFRSs. The consolidated financial statements have been prepared under the historical cost 
convention, as modified by the revaluation of financial assets and financial liabilities (including derivative instruments) at fair value through profit 
or loss.
The preparation of financial statements in conformity with adopted IFRS requires the use of certain critical accounting estimates. It also requires 
Group management to exercise its judgement in the process of applying the Group’ s accounting policies. The areas involving a higher degree 
of judgement or complexity , or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed 
in note 2.
Going concern
The Group’ s strategy and forecasts, taking account of sensitivities within the trading projections and possible changes in trading performance, 
show that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has an undrawn facility 
with the bank, which combined with the Group’ s cash balance and positive cash generation from operations provides funding for future 
acquisitions in line with the Group’ s acquisitional growth strategy . The Group therefore continues to adopt the going concern basis in preparing 
its consolidated financial statements. Further information on the Group’ s borrowing facilities is given in note 19.
Presentation of financial statements in accordance with IAS 1 (as amended 2011)
The financial statements are presented in accordance with IAS 1 ‘Presentation of Financial Statements’ (as amended 2011). The Group has 
elected to present the ‘Statement of comprehensive income’ in one statement.
Changes in accounting policies
(a) New and amended standards, interpretations and amendments adopted by the Group
The following IFRSs or IFRIC interpretations are effective for the first time for the financial year beginning on or after 1 July 2012 and have been 
adopted by the Group.
•	 Amendments to IAS 1 ‘Financial Statement Presentation’ regarding other comprehensive income. The main change resulting from these 
amendments is a requirement for entities to group items presented in other comprehensive income on the basis of whether they are potentially 
reclassifiable to profit or loss subsequently (reclassification adjustments). The amendments do not address which items are presented in 
other comprehensive income. 
(b) New standards, interpretations and amendments not yet adopted
A number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 July 2013 
and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on 
the consolidated financial statements of the Group, except the following:
•	 IFRS 10 ‘Consolidated Financial Statements’ builds on existing principles by identifying the concept of control as the determining factor 
in whether an entity should be included within the consolidated financial statements. It might impact the entities that a group consolidates 
as its subsidiaries. The Group does not believe that the adoption of the standard would materially change the current consolidated financial 
statements; the standard will be adopted for the next financial year . It is effective for accounting periods beginning on or after 1 January 2013.
•	 IFRS 11 ‘Joint Arrangements’ provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the 
arrangement, rather than its legal form. There are two types of joint arrangement: joint operations and joint ventures. Joint operations arise 
where a joint operator has rights to the assets and obligations relating to the arrangement and hence accounts for its interest in assets, 
liabilities, revenue and expenses. Joint ventures arise where the joint operator has rights to the net assets of the arrangement and hence 
equity accounts for its interest. Proportional consolidation of joint ventures is no longer allowed. The Group does not believe that the adoption 
of the standard would materially change the current consolidated financial statements; the standard will be adopted for the next financial year . 
It is effective for accounting periods beginning on or after 1 January 2013.  www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
25
1. Accounting policies continued
Changes in accounting policies continued
(b) New standards, interpretations and amendments not yet adopted continued
•	 IFRS 13 ‘Fair Value Measurement’ aims to improve consistency and reduce complexity by providing a precise definition of fair value and 
a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements, which are largely aligned 
between IFRSs and US GAAP , do not extend the use of fair value accounting but provide guidance on how it should be applied where 
its use is already required or permitted by other standards within IFRS or US GAAP . The Group is yet to assess the standards full impact. 
It is effective for accounting periods beginning on or after 1 January 2013. 
•	 IFRS 9 ‘Financial Instruments’, addresses the classification, measurement and recognition of financial assets and financial liabilities. It replaces 
the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified 
into two measurement categories: those measured at fair value and those measured at amortised cost. The determination is made at initial 
recognition. The classification depends on the entity’ s business model for managing its financial instruments and the contractual cash flow 
characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in 
cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’ s own credit risk is recorded 
in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. The standard is effective 
for accounting periods beginning on or after 1 January 2015. The Group is yet to assess IFRS 9’ s full impact. 
Basis of consolidation
Where the Company has the power , either directly or indirectly , to govern the financial and operating policies of another entity or business so 
as to obtain benefits from its activities, it is classified as a subsidiary . The consolidated financial statements present the results of the Company 
and its subsidiaries (the “Group”) as if they formed a single entity . Intercompany transactions and balances between Group companies are 
therefore eliminated in full.
Foreign currency
(a) Functional and presentation currency
Items included in the financial statements of each of the Group’ s entities are measured using the currency of the primary economic environment 
in which the entity operates (the “functional currency”). The consolidated financial statements are presented in sterling, being the currency 
of the primary economic environment in which the Company operates. This is the Group’ s presentation currency .
(b) T ransactions and balances
T ransactions entered into by Group entities in a currency other than the currency of the primary economic environment in which they operate 
(their “functional currency”) are recorded at the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. 
Foreign currency monetary assets and liabilities are translated at the exchange rates prevailing at the reporting date. All foreign exchange 
gains and losses are presented in the consolidated statement of comprehensive income within administrative expenses. 
(c) Group companies
The results and financial position of all the Group entities (none of which has the currency of a hyper-inflationary economy) that have a functional 
currency different from the presentation currency are translated into the presentation currency as follows: 
a. assets and liabilities for each balance sheet presented are translated at the mid rate on the date of that balance sheet;
b. income and expenses for each income statement are translated at average exchange rates for the financial period; and
c. all resulting exchange differences are recognised in other comprehensive income and accumulated in the foreign exchange reserve. 
On disposal of a foreign operation, the cumulative exchange differences recognised in the foreign exchange reserve relating to that operation 
up to the date of disposal are transferred to the consolidated statement of comprehensive income as part of the profit or loss on disposal.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker . The chief 
operating decision maker has been identified as the Board of Directors.
The Board considers that the Group’ s activities constitute three operating segments, as defined under IFRS 8. Management reviews 
the performance of the Group by reference to the results of the operating segments against budget and the total results against budget. 
Gross profit is the profit measure, as disclosed on the face of the consolidated statement of comprehensive income that is reviewed by the chief 
operating decision maker . The performance measures used by management are prepared under UK GAAP whereas the figures in the Group 
financial information have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) and IFRIC Interpretations issued 
by the International Accounting Standards Board as adopted by the European Union.  Clinigen Group plc Annual report and accounts 2013
26
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
1. Accounting policies continued
Share based payments
Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated 
statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number 
of equity instruments expected to vest at each reporting date so that, ultimately , the cumulative amount recognised over the vesting period is 
based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of 
the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions 
are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is 
not satisfied.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately 
before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period.
Non-underlying items
Non-underlying items are those significant items which the Directors consider are not related to the normal trading activities of the Group 
and are therefore separately disclosed to enable full understanding of the Group’ s financial performance. Share based payments are classified 
as non-underlying items due to their significance and in order to provide the reader of the consolidated financial statements with a consistent 
view of the underlying costs of the operating Group.
Property, plant and equipment
Property , plant and equipment are stated at historical cost less accumulated depreciation. As well as the purchase price, cost includes directly 
attributable costs. 
Depreciation is provided on all items of property , plant and equipment at rates calculated to write off the cost of each asset on a straight line 
basis over its expected useful economic lives, as follows:
 Leasehold improvements – 17% 
 Plant and machinery – 20% 
 Fixtures, fittings and equipment – 20% to 33% straight line
Intangible assets
Goodwill
Goodwill represents the excess of the cost of a business combination over , in the case of business combinations completed prior to 1 July 2010, 
the Group’ s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired.
For business combinations completed after 1 July 2010, goodwill represents the excess of the cost of a business combination over the 
Group’ s interest in the fair value of identifiable assets, liabilities and contingent liabilities including those intangible assets identified under 
IFRS 3 ‘Business Combinations’. 
Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive 
income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is 
credited in full to the consolidated statement of comprehensive income on the acquisition date.
Goodwill is not amortised. 
T rademarks and licences
Separately acquired trademarks and licences are initially recognised at cost, being the purchase price of the asset which comprises the purchase 
price and any directly attributable cost of preparing the asset for its intended use. Where licences have outstanding capital commitments at the 
time of acquisition, these are accrued for and capitalised as part of the purchase cost. The carrying value of trademarks and licences is calculated 
as cost less accumulated amortisation. Amortisation is calculated using the straight line method to allocate the cost of the trademarks and licences 
over their estimated useful lives of seven to 15 years. 
The amortisation expense is recognised within administrative expenses in the consolidated statement of comprehensive income. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
27
1. Accounting policies continued
Intangible assets continued
Impairment reviews
Impairment reviews are undertaken annually at the end of the financial year or more frequently if events or changes in circumstances indicate 
a potential impairment. The carrying value of goodwill, trademarks and licences and property , plant and equipment is compared to the recoverable 
amount, which is the higher of value in use and the fair value less costs to sell. An impairment loss is recognised for the amount by which the 
asset’ s carrying value exceeds its recoverable amount. 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest Group 
of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units (“CGUs”). Goodwill is allocated on 
initial recognition to each of the Group’ s CGUs that are expected to benefit from the synergies of the combination giving rise to the goodwill.
Non-financial assets, other than goodwill, that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date.
Inventories
Inventories are initially recognised at cost and subsequently stated at the lower of cost and net realisable value. Cost is determined using first 
expiry , first out method. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their 
present location and condition. Net realisable value is the estimated selling price less applicable variable selling expenses. Provisions are made 
for slow moving and damaged inventories. Inventories which have expired are fully provided for until they are destroyed, when they are written off.
Financial assets
The Group does not have any financial assets which it would classify as fair value through profit or loss, available for sale or held to maturity . 
Therefore all financial assets are classed as loans and receivables as defined below.
Loans and receivables
These assets are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Group’ s loans 
and receivables comprise ‘trade and other receivables’ and ‘cash and cash equivalents’ in the consolidated statement of financial position. 
They are included in current assets, except for maturities greater than twelve months after the end of the reporting period, which are classed 
as non-current assets. 
T rade receivables arise principally through the provision of goods and services to customers in the ordinary course of the business. They are 
recognised initially at fair value plus transaction costs that are directly attributable to their acquisition or issue and subsequently measured at 
amortised cost using the effective interest method, less provision for impairment.
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other highly liquid cash investments.
Impairment provisions are recognised when there is objective evidence (such as significant financial difficulties on the part of the counterparty or 
default or significant delay in payment) that the Group will be unable to collect all of the amounts due under the terms receivable, the amount of 
such a provision being the difference between the net carrying amount and the present value of the future expected cash flows associated with 
the impaired receivable. For trade receivables, which are reported net, such provisions are recorded in a separate allowance account with the 
loss being recognised within administrative expenses in the consolidated statement of comprehensive income. On confirmation that the trade 
receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision.
Financial liabilities
The Group does not have any material financial liabilities that would be classified as fair value through the profit or loss. Therefore all financial 
liabilities are classified as other financial liabilities, as defined below. 
Other financial liabilities 
Other financial liabilities include the following items:
•	 Borrowings are initially recognised at fair value net of any transaction costs incurred that are directly attributable to the issue of the instrument. 
Such interest bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that 
any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement 
of financial position. Facility fees paid on the establishment of facilities are recognised as bank charges within administrative expenses. 
•	 T rade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. 
They are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. 
T rade payables are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Clinigen Group plc Annual report and accounts 2013
28
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
1. Accounting policies continued
Provisions
A provision is made when an obligation exists for a future liability relating to a past event and where it is probable there will be an outflow of 
economic benefit. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date.
Retirement benefits: defined contribution schemes
Contributions to defined contribution pension schemes are charged to the consolidated statement of comprehensive income in the year 
to which they relate. The Group has no further payment obligations once the contributions have been paid.
Leased assets
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. 
Benefits received and receivable as an incentive to sign and operating lease are similarly spread on a straight line basis over the lease term, 
except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the 
full lease term, in which case the shorter period is used.
Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when paid. 
In the case of final dividends, this is when approved by the shareholders.
Current and deferred tax
The tax expense for the year comprises current and deferred tax. T ax is recognised in the income statement, except to the extent that it relates 
to items recognised in other comprehensive income or directly in equity . In this case, the tax is also recognised in other comprehensive income 
or directly in equity , respectively .
The current tax charge, including UK corporation tax and foreign tax, is calculated on the basis of the laws that have been enacted or substantively 
enacted by the balance sheet date. Provisions are established, where appropriate, on the basis of amounts expected to be paid.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated statement of financial 
position differs from its tax base, except for differences arising on:
•	 the initial recognition of goodwill;
•	 the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects 
neither accounting nor taxable profit; and
•	 investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference 
and it is probable that the difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which 
the differences can be utilised. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date 
and are expected to apply when the deferred tax liabilities or assets are settled or recovered, respectively .
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the 
deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
•	 the same taxable Group Company; or
•	 different Company entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle 
the liabilities simultaneously , in each future period in which significant amounts of deferred tax assets and liabilities are expected to be 
settled or recovered.
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability . 
The Group’ s ordinary shares are classified as equity instruments. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
29
1. Accounting policies continued
Revenue 
Revenue represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, 
VA T and other sales-related taxes. The revenue recognition for the operational areas of the business is:
Supply of products and Clinical T rials Supply
Revenue from the supply of products is recognised when the Group has transferred the significant risks and rewards of ownership to the buyer 
and it is probable that the Group will receive the previously agreed upon payment. These criteria are considered to be met when the goods 
are delivered to the buyer . Revenue is recognised at the fair value of consideration received or receivable.
Global Access Programs
All services provided in relation to Global Access Programs are contractually agreed with the product originator , revenue for these services 
is recognised in the period when the services set out in the contract can be assessed as being fulfilled with reasonable certainty , they can 
be measured reliably and it is probable that the Group will receive any consideration. Revenue in respect of program management fees 
is recognised when goods, provided under the program, have been dispatched to the customer for which the management fee relates. 
Revenue is recognised at the fair value of consideration received or receivable.
Revenue in all years principally arises from the provision of goods and services. Further information is available in note 3, Segment information. 
2. Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on 
historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 
In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk 
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
(a) Impairment of goodwill
The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in note 1. The recoverable 
amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the choice of 
a discount rate in order to calculate the present value of the cash flows. Actual outcomes may vary . More information including carrying values 
is included in note 13. 
(b) Carrying value of intangible assets
The carrying value of intangible assets is at cost unless the asset is impaired. Annual impairment reviews are undertaken at the end of the financial 
year or more frequently if events or changes in circumstances indicate a potential impairment. T rademarks and licences are not traded in an active 
market hence the fair value of the asset is determined using discounted cash flows which involves the Group using judgement and assumptions. 
(c) Share based payment charge
In relation to equity-settled share based remuneration schemes, employee services received, and the corresponding increase in equity , 
are measured by reference to the fair value of the equity instruments at the date of grant. The fair value of share options is estimated by 
using valuation models, such as Black-Scholes, on the date of grant based on certain assumptions. 
(d) Deferred taxation 
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which 
the difference can be utilised. The future taxable profits are based on forecasts and thus actual may vary .
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date 
and are expected to apply when the deferred tax liabilities or assets are settled or recovered. A change in rate would change these calculations. 
The deferred tax asset recognised on share options, not yet exercised, is calculated based on the market price of the shares at the end of 
the reporting period. The market price at the exercise date would be expected to be different, hence the actual asset recognisable at exercise 
is likely to differ to the one recognised at the reporting date. Clinigen Group plc Annual report and accounts 2013
30
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
3. Segment information
The Group has three main reportable segments, being the Group’ s operating businesses:
•	 Clinical T rials Supply (“Clinigen CTS”) sources commercial medical products for use in clinical studies, including comparator drugs, adjuvant 
drugs and rescue therapies. This operating business accounts for the largest proportion of the Group’ s revenue, generating 71% (2012: 72%) 
of its external revenues.
•	 Specialty Pharmaceuticals (“Clinigen SP”) manufactures and distributes its own and in-licensed specialist, hospital-only medicines worldwide 
and contributed 20% (2012: 26%) of the Group’ s external revenues.
•	 Global Access Programs (“Clinigen GAP”) specialises in the consultancy , development, management and implementation of global access 
programs for biotechnology and pharmaceutical companies. It is the smallest of the Group’ s three operating businesses contributing 9% 
(2012: 2%) of the Group’ s external revenues.
Factors that management used to identify the Group’ s reportable segments
The Group’ s reportable segments are strategic operating business units that provide different products and service offerings into different market 
environments. They are managed separately because each operational business focuses on different customer groups in relation to their product 
or service offering.
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker . The chief 
operating decision maker has been identified as the Board of Directors including the Chief Executive Officer and the Chief Financial Officer . 
Measurement of operating segment profit or loss, assets and liabilities
The accounting policies of the operating segments are the same as those described in note 1, Accounting policies.
The Group evaluates performance of the operational segments on the basis of gross profit or loss from operations.
Classes of business
2013
£’000
2012
£’000
Revenue arises from:
Clinical Trials Supply 87,753 58,809
Specialty Pharmaceuticals 24,342 21,747
Global Access Programs 10,485 1,590
122,580 82,146
Gross profit arises from:
Clinical Trials Supply 11,367 9,998
Specialty Pharmaceuticals 19,847 18,345
Global Access Programs 3,909 689
35,123 29,032
Administrative expenses relating to underlying operations (14,614) (12,966)
Administrative expenses relating to non-underlying operations (3,098) (912)
Share based payment expense (2,323) (4,618)
Social security costs in respect of share based payments (488) —
Finance income 7 —
Finance costs (95) (284)
Profit before tax 14,512 10,252 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
31
3. Segment information continued
Measurement of operating segment profit or loss, assets and liabilities continued
Geographical analysis
2013
£’000
2012
£’000
Revenue arises from the following locations:
UK 33,164 20,651
Germany 14,044 12,872
Republic of Ireland 3,487 1,733
Rest of Europe 11,978 4,889
USA 55,479 38,075
Japan 1,898 2,014
Rest of World 2,530 1,912
122,580 82,146
Gross profit arises from the following locations:
UK 3,915 4,894
Germany 5,821 5,686
Republic of Ireland 604 331
Rest of Europe 4,617 2,848
USA 17,305 12,045
Japan 1,222 1,576
Rest of World 1,639 1,652 
35,123 29,032
Analysis of concentration of customers  
(based on customers contributing at least 10% of revenue):
Customer A – Clinical Trials Supply 27,600 12,363
Customer B – Clinical Trials Supply 16,132 4,594
Other 78,848 65,189
122,580 82,146 Clinigen Group plc Annual report and accounts 2013
32
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
4. Profit from operations
Profit from operations is stated after charging:
 
2013
£’000
2012
£’000
Staff costs 10,758 10,693
Amortisation of intangible fixed assets 1,746 1,165
Depreciation 130 55
Operating lease rentals – land and buildings 159 118
Difference on foreign exchange (452) 386
Auditors’ remuneration
Fees payable to the Company’s auditors for the audit of the parent company  
and consolidated financial statements 75 18
Fees payable to the Company’s auditors for other services:
– The audit of the Company’s subsidiaries 35 30
– Tax advisory services 14 26
– Tax compliance services 19 12
– IPO related costs 260 —
Included in staff costs are share based payments of £2,323k (2012: £4,618k).
The amounts payable to the auditors in the prior year reflect amounts payable to BDO LLP who were our auditors during that year . In the current 
year , there are amounts of £24k and £26k paid to BDO LLP for tax advisory and tax compliance services, respectively .
5. Staff costs
2013
£’000
2012
£’000
Staff costs (including Directors) comprise:
Wages and salaries 6,784 4,413
Share based payments 2,323 4,618
Defined contribution pension cost 176 70
Social security contributions and similar taxes 1,475 1,591
10,758 10,693
Employee numbers
The average monthly number of staff employed by the Group during the financial year amounted to: 
 
2013
Number
2012
Number
Directors 2 4
Staff 85 60
87 64 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
33
5. Staff costs continued
Directors’ emoluments
2013 2012
Salary/fees
£’000
Bonus
£’000
Benefit 
in kind
£’000
Total
£’000
Salary/fees
£’000
Bonus
£’000
Benefit 
in kind
£’000
Total
£’000
P L George 336 325 2 663 156 270 2 428
R A J Sibson 176 170 2 348 114 130 2 246
P Allen 69 — — 69 — — — —
J Hartup 42 — — 42 — — — —
I Nicholson 38 — — 38 — — — —
There were two Directors (2012: two) who were members of the defined contribution pension scheme.
The amount payable to the highest paid Director in respect of emoluments was £663k (2012: £428k), pension contributions made on their 
behalf £34k (2012: £56k) and share based payments of £826k (2012: £1,862k). 
Three Directors (2012: nil), including the highest paid Director , exercised share options in the year . The aggregate gain on the exercise of these 
share options was £25,242,397 (2012: £nil).
P L George, a Director of the Company , had share options over 825,556 ordinary shares of 0.1 pence each at 30 June 2013 (2012: nil) granted 
under the Clinigen Group Long T erm Incentive Plan. 
P Allen, Non-executive Chairman, had share options over 91,464 ordinary shares of 0.1 pence each at 30 June 2013 (2012: nil) granted under 
an option agreement. Details of the plans are in note 27. 
At 30 June 2012, the following Directors had outstanding share options over ordinary shares of 1 pence each under the Enterprise Management 
Incentive Scheme:
Number
P L George 3,328
R A J Sibson 1,920
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. 
These are considered to be the Executive Directors of Clinigen Group plc.
2013
£’000
2012
£’000
Directors’ remuneration included in Staff costs:
Wages and salaries 1,008 745
Defined contribution pension cost 50 66
Share based payment expense 1,172 2,936
2,230 3,747 Clinigen Group plc Annual report and accounts 2013
34
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
6. Non-underlying items
The non-underlying items relate to the following:
2013
£’000
2012
£’000
Share based payment charge 2,323 4,618
Social security costs in respect of share based payments 488 —
PAYE and national insurance in respect of payments made to the Remuneration Trust (383) 912
Non-equity IPO costs 3,481 —
Credit in respect of deferred tax (1,978) (1,108)
3,931 4,422
Details of the share based payment charge of £2,323k (2012: £4,618k) are in note 27. Social security costs of £488k (2012: £nil) relates to share 
options that were exercised in the period in respect of unapproved share option schemes. 
Non-equity IPO costs of £3,481k (2012: £nil) are also disclosed as non-underlying administrative costs.
P A YE and national insurance payable in respect of payments made to the Remuneration T rust was provided for during the previous year . 
During FY13, the amount payable was agreed with HMRC. This resulted in a release of £383k to the statement of comprehensive income.
The deferred tax credit relates to the share based payment charge and related tax loss created at exercise and the allowable non-underlying 
costs incurred in the year .
7. Finance income
2013
£’000
2012
£’000
Interest income on short term bank deposits 7 —
8. Finance costs
2013
£’000
2012
£’000
Finance expense
Interest payable on loan notes — 278
Bank interest 95 6
Total finance expense 95 284 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
35
9. Income tax
2013
£’000
2012
£’000
Current tax expense
Current tax on profits of the year 4,705 4,033
Adjustment in respect of prior years (679) 371
4,026 4,404
Deferred tax expense
Origination and reversal of temporary differences (846) (751)
Total tax expense 3,180 3,653
The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the UK applied to profit 
for the year as follows:
2013
£’000
2012
£’000
Profit before tax 14,512 10,252
Expected tax charge based on corporation tax rate of 23.75% (2012: 24%) 3,338 2,460
Depreciation in excess of/(less than) capital allowances 30 (17)
Expenses not deductible for tax purposes other than goodwill amortisation and impairment 346 1,553
Adjustments to tax charge in respect of prior years (679) 371
Short-term timing differences 505 (362)
Higher rates of taxes on overseas earnings 4 181
Loss arising in year – recognised within deferred tax asset 344 —
Effect of change in rate in the year 138 217
4,026 4,404
Origination and reversal of temporary differences (846) (751)
Total tax expense 3,180 3,653
The standard rate of corporation tax in the UK changed from 26% to 24% with effect from 1 April 2012. 
In addition to the change above, legislation to reduce the main rate of corporation tax from 24% to 23% from 1 April 2013 was substantively 
enacted at the balance sheet date and so the deferred tax balance has been calculated at 23%. 
Further rate changes have been enacted since 30 June 2013, these reduce corporation tax rates by 2% in 2014 to 21% and a further 1% 
in 2015 to 20%.  Clinigen Group plc Annual report and accounts 2013
36
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
10. Earnings per share (“EPS”)
a) EPS (restated)
Profit
2013
£’000
2012
£’000
Profit used in calculating basic and diluted EPS 11,332 6,599
Number of shares Number Number
Weighted average number of shares for the purpose of basic EPS 74,814,829 50,080,000
Effect of:
Employee share options 7,511,178 25,841,280
Weighted average number of shares for the purpose of diluted EPS 82,326,007 75,921,280
EPS Pence Pence
Basic 15.1 13.2
Diluted 13.8 8.7
EPS is calculated based on the share capital of Clinigen Group plc and the earnings of the combined Group. The number of shares used for 
the calculation for the year ended 30 June 2012 has been adjusted, retrospectively , to reflect the bonus issue of shares on 20 August 2012 
and subdivision of shares on 29 August 2012.
Diluted EPS takes account of the weighted average number of outstanding share options being 7,511,178 (2012: 25,841,280).
The underlying basic EPS, based on the 82,555,585 shares in issue post IPO and the underlying earnings of the Group as stated in the income 
statement for the period is 18.5 pence (2012: 13.4 pence). The underlying diluted earnings per share based on the total number of shares in issue 
and granted under employee share option schemes at 30 June 2013 of 84,825,546 (2012: 82,555,585) is 18.0 pence (2012: 13.4 pence). 
b) EPS (as previously reported)
Profit
2013
£’000
2012
£’000
Profit used in calculating basic and diluted EPS 11,332 6,599
Number of shares Number Number
Weighted average number of shares for the purpose of basic EPS 74,814,829 16,000
Effect of:
Employee share options 7,511,178 8,256
Weighted average number of shares for the purpose of diluted EPS 82,326,007 24,256
EPS £ £
Basic 0.151 412.44
Diluted 0.138 272.06
EPS is calculated based on the share capital of Clinigen Group plc and the earnings of the Group.  www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
37
11. Dividends
2013
£’000
2012
£’000
Interim dividend of 0.6 pence (2012: £48.81) per ordinary share paid during the year 495 781
The Board proposes to pay a final dividend of 2.0 pence per ordinary share, subject to approval at the AGM on 29 October 2013. 
12. Property, plant and equipment
Leasehold
improvement
£’000
Plant and
machinery
£’000
Fixtures,
fittings and
equipment
£’000
Total
£’000
Cost
At 1 July 2011 10 7 225 242
Additions — — 424 424
Disposals (3) — (3) (6)
Reclassifications (2) (2) (169) (173)
At 30 June 2012 5 5 477 487
Depreciation
At 1 July 2011 4 4 168 176
Charge for the year 5 1 49 55
On disposals (2) (1) — (3)
Reclassifications (2) (2) (169) (173)
At 30 June 2012 5 2 48 55
Net book value
At 30 June 2012 — 3 429 432
At 30 June 2011 and 1 July 2011 18 1 81 100
Cost
At 1 July 2012 5 5 477 487
Additions 3 32 432 467
Disposals — — (29) (29)
At 30 June 2013 8 37 880 925
Depreciation
At 1 July 2012 5 2 48 55
Charge for the year — 4 126 130
On disposals — — (8) (8)
At 30 June 2013 5 6 166 177
Net book value
At 30 June 2013 3 31 714 748 Clinigen Group plc Annual report and accounts 2013
38
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
13. Intangible assets
Trademarks 
and licences
£’000
Goodwill
£’000
Total
£’000
Cost
At 1 July 2011 7,441 8,742 16,183
Additions 1,830 — 1,830
At 30 June 2012 9,271 8,742 18,013
Accumulated amortisation
At 1 July 2011 1,506 — 1,506
Charge for the year 1,165 — 1,165
At 30 June 2012 2,671 — 2,671
Net book value
At 30 June 2012 6,600 8,742 15,342
At 30 June 2011 and 1 July 2011 5,935 8,742 14,677
Cost
At 1 July 2012 9,271 8,742 18,013
Additions 25,297 — 25,297
At 30 June 2013 34,568 8,742 43,310
Accumulated amortisation
At 1 July 2012 2,671 — 2,671
Charge for the year 1,746 — 1,746
At 30 June 2013 4,417 — 4,417
Net book value
At 30 June 2013 30,151 8,742 38,893
The goodwill is deemed to have an indefinite useful life. It is currently carried at cost and is reviewed annually for impairment.
The goodwill relates to the Clinical T rials Supply CGU; for goodwill impairment testing the valuation has been prepared on a value in use basis. 
Value in use is calculated as the net present value of the projected risk-adjusted post tax cash flows plus a terminal value of the CGU. A post-tax 
discount rate is applied to calculate the net present value of post-tax cash flows. The discount rate is based on the Group’ s weighted average 
cost of capital.
During the year the Group acquired the trademarks and licences of Cardioxane, a new product for the Group’ s portfolio and in-licensed a further 
product, Vibativ . The acquisition cost recognised is the purchase price plus the directly attributable costs incurred to date as a result of the acquisition 
of the new products. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
39
13. Intangible assets continued
Details relating to the discounted cash flow model used in the impairment tests are as follows:
Valuation basis Value in use
Key assumptions Sales growth 5% per annum
Profit margins 14%
Determination of assumptions Growth rates are based on management estimates and forecasts based on internal 
and external market information. 
Margins are based on past experience and cost estimates.
Discount rate is based on weighted average cost of capital, and is a pre-tax rate of 10%.
Period of specific projected cash flow 
used in forward cash flow forecasts
Three years
Discount rate 10%
Terminal growth rate 0%
If any one of the following changes were made to the above key assumptions, the carrying amount and recoverable amount would be equal.
Valuation basis Value in use
Sales growth A reduction from 5% to –5%
Gross profit margin A reduction from 15% to 10%
Discount rate Increase from 10% to 55%
14. Subsidiaries
The principal subsidiaries of Clinigen Group plc at each reporting date have been included in these consolidated financial statements. 
The principal subsidiaries at the end of the reporting year were as follows:
Name Country of incorporation Nature of business
Clinigen Healthcare Limited United Kingdom Sales and distribution of pharmaceutical products
Keats Healthcare Limited United Kingdom Dormant
Clinigen CTS Inc. USA Sales and distribution of pharmaceutical products
Clinigen Pharma Limited United Kingdom Dormant
Clinigen Clinical Trials Limited United Kingdom Holding company 
Clinigen CTS Limited United Kingdom Sales and distribution of pharmaceutical products
Clinigen GAP Limited United Kingdom Dormant
Clinigen SP Limited  
(incorporated 27 June 2013)
United Kingdom Dormant
All shareholdings in subsidiaries are owned 100% (2012: 100%) through the subsidiaries’ ordinary share capital. Clinigen Healthcare Limited, 
Clinigen Pharma Limited and Clinigen Clinical T rials Limited are owned by Clinigen Group plc.
The shares in Clinigen CTS Inc., Keats Healthcare Limited and Clinigen CTS Limited are held via Clinigen Group plc’ s holding in Clinigen Clinical 
T rials Limited. 
The shares in Clinigen GAP Limited and Clinigen SP Limited are held via Clinigen Group plc’ s holding in Clinigen Healthcare Limited.  Clinigen Group plc Annual report and accounts 2013
40
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
15. Inventories 
2013
£’000
2012
£’000
Raw materials and consumables 310 749
Finished goods and goods for resale 2,841 2,043
3,151 2,792
Finished goods include an amount of £nil (2012: £177k) carried at fair value less costs to sell.
The cost of inventories recognised as an expense and included in cost of sales amounted to £85,905k (2012: £51,745k).
16. T rade and other receivables
2013
 £’000
2012
 £’000
Trade receivables 11,118 4,942
Less: provision for impairment of trade receivables (358) (542)
Trade receivables – net 10,760 4,400
Prepayments and accrued income 1,234 909
Payments made on account 6,727 7,736
Amounts due from related parties — 16
Other receivables — 1,503
Total trade and other receivables 18,721 14,564
Due to the short-term nature of trade and other receivables and as the credit risk has been adjusted for through the provision for impairment 
of trade receivables, the book value approximates to their value. When assessing for impairment, the trade receivables are reviewed for age 
and due date. The past payment history with the customer is taken into account, where applicable.
The following table provides information on the movement in the provision for impairment in the year:
 £’000
At 1 July 2012 542
Released to the Consolidated income statement (402)
Charged to the Consolidated income statement 218
358
As at 30 June 2013 trade receivables of £721k (2012: £525k) were past due but not impaired.
They relate to the customers with no default history . The ageing analysis of these receivables is as follows:
2013
£’000
2012
£’000
Up to three months 576 515
Three to six months 145 10
721 525 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
41
17. Cash and cash equivalents
2013
£’000
2012
£’000
Cash at bank and in hand 8,133 5,197
Short-term bank deposits 3,193 —
11,326 5,197
Due to the short-term nature of cash at bank and short-term deposits, and as the credit risk has been adjusted for where required, the carrying 
value approximates to their value.
18. T rade and other payables
Current:
2013
£’000
2012
 £’000
Trade payables 6,249 1,684
Payments received on account 6,250 7,837
Social security and other taxes 188 182
Amounts due to related parties — 151
Other payables 7,064 36
Accruals and deferred income 8,053 4,655
27,804 14,545
Due to the short-term nature of trade and other payables, the fair value approximates to their value. 
Other payables include the second and final payment in respect of the acquisition of Cardioxane of £7,024k (2012: £nil). This is due for payment 
in March 2014. 
19. Loans and borrowings
The book value and fair value of loans and borrowings are as follows:
2013
£'000
2012
£'000
Current liability
Loan from related party — 1,626
Total loans and borrowings — 1,626
The loan from ADL Healthcare Limited, a company of which Mr A D Leaver is a Director and shareholder , was settled in full in the six month 
period to 31 December 2012. Mr A D Leaver was a related party in the prior year and up to IPO on 25 September 2012 due to his shareholding 
in Clinigen Group plc.
The Group has a bank facility of £20.0m (2012: £3.5m). A bank guarantee was provided to Novartis in respect of the second payment of $11m 
for Cardioxane, this bank guarantee is secured against the Group’ s undrawn bank facility . As a result only £13m of the £20m facility is available. 
At the reporting date the facility had not been drawn down. Clinigen Group plc Annual report and accounts 2013
42
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
20. Financial instruments – risk management
The Group is exposed through its operations to the following financial risks:
•	 credit risk;
•	 foreign exchange risk; and
•	 liquidity risk.
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’ s 
objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect 
of these risks is presented throughout these financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
•	 trade and other receivables; 
•	 cash and cash equivalents;
•	 trade and other payables; and
•	 loans and borrowings.
The Group does not issue or use financial instruments of a speculative nature.
A summary of the financial instruments held by category is provided below:
2013
£’000
2012
£’000
Financial assets – loans and receivables
Cash and cash equivalents 11,326 5,197
Trade and other receivables 17,487 12,136
Total financial assets 28,813 17,333
Financial liabilities at amortised cost
Trade and other payables 27,616 14,363
Loans and borrowings — 1,626
Total financial liabilities 27,616 15,989
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group’ s risk management objectives and policies and, whilst retaining ultimate 
responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the 
objectives and policies to the Group’ s finance function. The Board receives monthly reports from the Chief Financial Officer through which 
it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets.  www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
43
20. Financial instruments – risk management continued
General objectives, policies and processes continued
Credit risk
The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting the Group’ s competitiveness 
and flexibility . Further details regarding these policies are set out below:
Credit risk is the risk of financial loss to the Group if a customer or a counterparty to a financial instrument fails to meet its contractual obligations. 
The Group is mainly exposed to credit risk from credit sales and payments made on account to suppliers. It is Group policy , implemented locally , 
to assess the credit risk of new customers, by obtaining credit ratings, before entering contracts or offering credit terms. The credit terms are 
then continually assessed on an individual basis, and amended accordingly , as a trading history is developed with the customer . Purchase limits 
are established for each customer , which represents the maximum open amount without requiring approval from the Group Finance Controller 
or Group Finance Director .
Quantitative disclosures of the credit risk exposure in relation to financial assets are set out below. Further disclosures regarding trade and other 
receivables at the end of the reporting period, which are past due but not impaired, are provided in note 16.
2013
£’000
2012
£’000
Financial assets – maximum exposure
Cash and cash equivalents 22,303 5,197
Trade and other receivables 17,487 12,136
Total financial assets 39,790 17,333
Foreign exchange risk
Foreign exchange risk arises because the Group has operations located in various parts of the world whose functional currency is not the same 
as the functional currency in which the Group companies are operating. The Group’ s overseas subsidiaries contribute approximately 20% 
(2012: 23%) to the Group’ s revenue, all of which is transacted in non-sterling currencies. The overseas subsidiaries operate separate bank 
accounts, which are used solely for that subsidiary , thus managing the currency in that country . When currency is to be repatriated to the UK, 
this is planned in order to minimise the exposure to foreign exchange rate fluctuations. The Group’ s net assets arising from such overseas 
operations are exposed to currency risk resulting in gains or losses on retranslation into sterling. Given the levels of materiality , the Group 
does not hedge its net investments in overseas operations as the cost of doing so is disproportionate to the exposure.
Foreign exchange risk also arises when individual Group entities enter into transactions denominated in a currency other than their functional 
currency where these transactions are significant to the Group. The Group hedges currency transactions internally through currency bank 
accounts, this limits the currency risk exposure and allows retranslation of these balances into sterling to be planned in order to minimise 
the exposure to foreign exchange rate fluctuations. The Group uses forward contracts on large contracts for supply of product within the 
Clinigen CTS operating business where the contract is not naturally hedged. This eliminates the risk to fluctuating foreign exchange rates 
and permits the management of that operating business to have visibility of gross profit margins.
At the reporting date the Group had entered into time option contracts with the bank for Swiss francs, US dollars, euros and sterling. These options all 
mature within six months of the reporting date, and have an immaterial fair value so have not been separately identified from trade and other payables.
Liquidity risk
Liquidity risk arises from the Group’ s management of working capital and the finance charges and principal repayments on its debt instruments. 
It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due.
The Group’ s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. 
The Board receives annual twelve month cash flow projections based on working capital modelling as well as information regarding cash balances 
monthly . At the end of the financial year , these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations 
under all reasonably expected circumstances. Clinigen Group plc Annual report and accounts 2013
44
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
20. Financial instruments – risk management continued
General objectives, policies and processes continued
Liquidity risk continued
The following table sets out the contractual maturities (representing undiscounted contractual cash flows) of financial liabilities:
Up to
3 months
£’000
Between
3 and 12
months
£’000
At 30 June 2013
Trade and other payables 20,592 7,024
At 30 June 2012
Trade and other payables 14,363 —
Loans and borrowings 800 826
Total 15,163 826
More details in regard to the line items are included in the respective notes:
•	 T rade and other payables – note 18
•	 Loans and borrowings – note 19
Capital management
The Group monitors “adjusted capital” which comprises all components of equity (i.e. share capital, share premium account, merger reserve, 
foreign exchange reserve and retained earnings.
The Group’ s objectives when maintaining capital are:
•	 to safeguard the entity’ s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits 
for other stakeholders; and
•	 to ensure the Group has the cash available to develop the products and services provided by the Group in order to provide an adequate 
return to shareholders.
Pricing, sale and acquisition decisions are made by assessing the level of risk in relation to the expected return.
The Group sets the amount of capital it requires in proportion to risk. The Group manages its capital structure and makes adjustments to it in the light 
of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group 
may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Net debt is calculated as total debt (as shown in the consolidated statement of financial position) less cash and cash equivalents.
21. Provisions
£’000
Balance at 1 July 2012 912
Utilised in the year (529)
Released to the statement of comprehensive income (383)
Balance at 30 June 2013 — 
At 30 June 2012, a provision for P A YE and NI payable in respect of payments made to the Remuneration T rust was made based on the best 
estimate of the economic outflow at that time. During the year to 30 June 2013, the amount payable was agreed with HMRC which resulted 
in a release to the statement of comprehensive income of £383k. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
45
22. Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 23% (2012: 24%). The reduction in the 
main rate of corporation tax to 23% for financial years starting after 1 April 2013 has been applied to deferred tax balances. Since the balance 
sheet date the rate of corporation tax has been reduced to 21% for 2014. The change in rate will not materially impact the deferred tax 
asset recognised.
The movement on the deferred tax account is as shown below:
2013
£’000
2012
£’000
Deferred tax asset – opening balance (10,122) (218)
Tax expense recognised in the statement of comprehensive income (846) (751)
Utilised in year in respect of losses offset against IP&L charge based on effective tax rates 8,115 —
Tax expense recognised in equity 870 (9,153)
Effect of change in rate in the year 138 217
Deferred tax asset – closing balance (1,983) (10,122)
The deferred tax balance is made up as follows:
2013
£’000
2012
£’000
Accelerated capital allowances — 139
Losses (1,684) —
Share based payment scheme (299) (10,261)
(1,983) (10,122)
Deferred tax assets have been recognised in respect of temporary differences giving rise to deferred tax assets where the Directors believe 
it is probable that these assets will be recovered. 
Deferred tax assets have arisen due to short-term timing differences and capital allowances which lag behind the depreciation charged in the 
financial statements. Given the profitability of the Group, these differences are expected to reverse in the near future and therefore the asset 
at 30 June 2013 and at 30 June 2012 has been recognised. 
23. Share capital
Number of shares (‘000s)
Authorised, issued and fully paid
‘A’ ordinary 
shares of
1p each
‘A’ ordinary 
shares of
0.1p each
‘B’ ordinary
shares of 
0.1p each
‘C’ ordinary 
shares of 
0.1p each
‘D’ ordinary 
shares of 
0.1p each
‘F’ ordinary 
shares of 
0.1p each
Ordinary 
shares of 
0.1p each
At 1 July 2011 and at 30 June 2012 16 — — — — — —
Bonus issue of shares 4,992 — — — — — —
Subdivision of shares (5,008) 50,080 — — — — —
Placement on Alternative Investment 
Market – shares issued — — — — — — 6,098
Employee share option scheme  
– shares issued — — 9,557 5,352 3,823 4,779 2,867
Reclassification — (50,080) (9,557) (5,352) (3,823) (4,779) 73,591
At 30 June 2013 — — — — — — 82,556 Clinigen Group plc Annual report and accounts 2013
46
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
23. Share capital continued
2013
£’000
2012
£’000
Ordinary shares of 0.1 pence each 83 —
‘A’ ordinary shares of 1 pence each — —
On 20 August 2012, a special resolution was passed to issue a bonus issue of shares on the basis of 312 ‘A ’ ordinary shares of 1 pence each for 
every ‘A ’ ordinary share of 1 pence each. The bonus issue of new shares was made fully paid at par by crediting the Company’ s merger reserve.
On 29 August 2012, the ‘A ’ ordinary shares were subdivided into 50,080,000 ‘A ’ ordinary shares of 0.1 pence each.
On 25 September 2012, the following new shares were issued:
Class of share Number
Nominal 
value of 
issued share 
capital 
£’000
‘B’ ordinary shares of 0.1 pence each 9,557,252 10
‘C’ ordinary shares of 0.1 pence each 5,352,062 5
‘D’ ordinary shares of 0.1 pence each 3,822,901 4
‘F’ ordinary shares of 0.1 pence each 4,778,631 5
Ordinary shares of 0.1 pence each 8,964,739 9
Also, on 25 September 2012, all classes of ordinary shares were designated as ordinary shares of 0.1 pence each and as such all shares have 
the same rights.
24. Reserves
The following describes the nature and purpose of each reserve within equity:
Reserve Description and purpose
Share premium account Amount subscribed for share capital in excess of nominal value, except where recognition in merger 
reserve is used (see below).
Merger reserve Amount subscribed for share capital in excess of nominal value when shares are issued in exchange 
for at least a 90% interest in the shares of another company. 
Foreign exchange reserve Gains/losses arising on retranslating the net assets of overseas operations into sterling.
Retained earnings All other net gains and losses and transactions with owners (e.g. dividends) not recognised elsewhere.
Included within the retained earnings reserve as at 30 June 2013 is £168k (2012: £9,153k) which is not distributable. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
47
25. Leases
Operating leases 
The total future value of minimum lease payments is due as follows:
2013
£’000
2012
£’000
Land and buildings:
In one year or less 170 147
Between one and five years 238 306
In five years or more 105 189
513 642
26. Post employment benefits
The Group operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from 
those of the Group in an independently administered fund. Pension costs represent the contributions payable by the Group to the funds and 
amounted to £175,583 (2012: £70,388).
27. Share based payment
The Company operated seven equity-settled share based remuneration schemes: three UK tax authority approved scheme; a US scheme; and 
three unapproved schemes. Four of the schemes are for Executive Directors and certain senior management. The other three schemes are for 
all employees within the relevant country . 
Under the Enterprise Management Incentive Scheme, options vested if the following conditions were satisfied:
•	 employees work greater than 25 hours per week; or
•	 an exercise event is triggered by either a sale of the Company’ s shares or assets, or a listing, or the exercise date of 30 June 2014 is reached.
In the event of a withdrawal from listing or sale, the exercise event was deemed to have occurred.
Options under the Enterprise Management Incentive Scheme vested, and were exercised, during the period.
The options under one of the unapproved share option plans vested and exercised during the period. The options vesting were subject 
to the following conditions:
•	 individual employed at occurrence of an exercise event;
•	 an exercise event is triggered by the earlier of a sale, transfer , assignment or disposition of the share capital of the Company giving rise to a change 
of control of the Company , or a listing, or the reclassification of shares in accordance with Article 21 of the Articles of Association; and
•	 within six months of the grant date, an AIM admission document or prospectus is approved for issue in connection with a listing and the 
corresponding placing price, if achieved, would result in the Company having an aggregate market capitalization immediately following 
such listing or admission equal to or in excess of £125m or within six months of the grant date, a sale would represent a net present value 
(at the time of completion) on the Company equal to or in excess of £125m. Clinigen Group plc Annual report and accounts 2013
48
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
27. Share based payment continued
Under the unapproved Long T erm Incentive Plan, options vest if the total shareholder return growth is greater than 25% over a three year period 
ending on 24 September 2015. If the individual leaves earlier than the earliest vesting date, they may , if certain conditions are met, be still entitled 
to a proportion of the shares.
The Chairman was granted an option, during the year , under an unapproved scheme. The option vests at the earliest of a change in control 
or 18 September 2015. If the Chairman ceases to be a Director of any Group Company , the option may be exercised for a period of twelve 
months from the date he ceases to be a Director . If the option remains unexercised for a period of ten years from the date of grant the 
option expires.
The Sharesave Plan is an HMRC approved scheme, for all employees of the Group, and Directors who are required to work for at least 25 hours 
per week. Options are exercisable at a price equal to the average opening price as published in the Financial Times on the date of invitation and 
the two dealing days preceding the date of invitation, less 20%. The vesting period is three years. If options remain unexercised after a period of 
six months from the vesting date the options expire. If monthly contributions are not made for more than six months over the three year period, 
the options lapse.
The Group operates a Company Share Option Plan for certain employees who have invested in shares of the Company . The scheme grants share 
options to employees, matching the shares acquired by the employee. The options vest after three years if the employee still holds the shares 
acquired prior to the grant date or exercises their options through the Sharesave Plan. The approved Company Share Option Plan is only 
available to UK employees hence, a US share scheme was put in place with the same conditions as the UK scheme.
Details of the share options outstanding during the year are as follows:
2013 2012
Weighted 
average 
exercise 
price (p) Number
Weighted 
average 
exercise 
price (p) Number
Outstanding at start of year 2,661 8,256 — —
Granted during the year 5,800 938 2,661 8,256
2,981 9,194 2,661 8,256
Adjusted options to reflect bonus issue of shares and subdivision 0.95 28,777,220 2,661 8,256
Granted during year 35.65 2,682,739 — —
Cancellation of shares during year 0.84 (1,201,920) — —
Forfeited during the year — (412,778) — —
Dilution on new share issue 0.95 (1,197,277) — —
Exercised during year 0.96 (26,378,023) — —
Outstanding at end of year 42.13 2,269,961 2,661 8,256
Of the total number of options outstanding at 30 June 2013, none had vested.
The weighted average share price (at the date of exercise) of options exercised during the period was 164 pence (2012: £nil).
The exercise price of options outstanding at 30 June 2013 ranged between £nil and £2.98 and their weighted average contractual life was three years. 
None of these were exercisable at 30 June 2013. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
49
27. Share based payment continued
The weighted average fair value of each option granted during the year was 54.7 pence (2012: 23.7 pence – adjusted for bonus issue and 
subdivision of shares for comparable basis).
The following information is relevant in the determination of the fair value of options granted during the period under the equity-settled share 
based remuneration schemes operated by the Group. The Black-Scholes pricing model is used for all schemes except for the Long T erm 
Incentive Plan and the Chairman’ s Award, where a Stochastic valuation model is used.
2013
2012
(adjusted for bonus issue and 
subdivision of shares for 
comparable basis)
Option pricing model Black‑Scholes Black-Scholes
Weighted average share price at grant date (pence) 289.3 24.2 
Exercise price (pence) 1.9 to 298 0.4 to 1.3
Weighted average contractual life (in years) 3 3
Expected volatility (%) 40 30
Expected dividend yield (%) 0.6 0
Risk free interest rate (%) 0.4 1.1
Expected volatility was determined by calculating the historical volatility of the Company’ s share price over the period since the Company listed.
2013
Option pricing model Stochastic
Weighted average share price at grant date (pence) 176
Exercise price (pence) Nil to 164
Weighted average contractual life (in years) 3
Expected volatility (%) 50
Expected dividend yield (%) 1.0
The share based remuneration expense comprises equity-settled schemes of £2,323k (2012: £4,618k).
The Group did not enter into any share based payment transactions with parties other than employees during the current or previous year . Clinigen Group plc Annual report and accounts 2013
50
Financial statements
Notes forming part of the consolidated financial statements continued
for the year ended 30 June 2013
28. Related party transactions
Ultimate controlling party
The Company’ s shares are listed on the Alternative Investment Market (“AIM”) and are widely held. There is no one controlling party or group 
of related parties who have control of the Group.
T ransactions with related parties
T ransactions with the Directors of the Company are disclosed in note 5.
During the year and the preceding year , the Group had the following transactions with related parties:
2013 
£’000
2012
£’000
ADL Healthcare Limited – a company of which AD Leaver is a director and shareholder
– Sales — 14
– Recharged expenses — 97
– Paid sales commissions 176 545
– Paid management charges 242 1,926
– Paid royalty payments — 388
– Loan interest charges 67 243
– Amount due from the Group — 151
– Loan due to ADL Healthcare Limited — 1,626
ADL Healthcare Limited SSAS – a pension scheme of which AD Leaver and L Leaver are trustees
– Rent paid — 49
Ellis Pharma Limited – a company of which AD Leaver is a director and shareholder
– Sales — 348
– Recharged expenses — 10
– Paid sales commissions — 50
– Supply of products — 11
– Amount due to the Group — 16
Company in which directors or their immediate family have a significant/controlling interest
– Sales — 1
– Fees receivable — 77
– Payments made in respect of profit share agreement — 159
– Purchases — 116
The management charges and sales commission were paid in the period up to the IPO on 25 September 2012 at which point they terminated. 
Loan interest was paid up to the final loan settlement on 31 December 2012 at which point it ended.
29. Contingent liabilities
The marketing authorisation for Vibativ has commitments for post marketing authorisation studies which current estimates predict to be in the 
region of £2.4m. The Group had no contingent liabilities at 30 June 2012.
30. Events after the reporting date
There are no events to report that have occurred since the reporting date. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
51
Independent auditors’ report 
to the members of Clinigen Group plc
We have audited the parent company financial statements of Clinigen Group plc for the year ended 30 June 2013 which comprise the Company 
balance sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom 
Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Respective responsibilities of Directors and auditors
As explained more fully in the Directors’ responsibilities statement set out on pages 17 to 18, the Directors are responsible for the preparation 
of the parent company financial statements and for being satisfied that they give a true and fair view . Our responsibility is to audit and express an 
opinion on the parent company financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing Practices Board’ s Ethical Standards for Auditors.
This report, including the opinions, has been prepared for and only for the Company’ s members as a body in accordance with Chapter 3 of Part 16 
of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose 
or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of the audit of the financial statements
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that 
the financial statements are free from material misstatement, whether caused by fraud or error . This includes an assessment of: whether the 
accounting policies are appropriate to the parent company’ s circumstances and have been consistently applied and adequately disclosed; the 
reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, 
we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements. 
If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on financial statements 
In our opinion the parent company financial statements: 
•	 give a true and fair view of the state of the Company’ s affairs as at 30 June 2013;
•	 have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 
•	 have been prepared in accordance with the requirements of the Companies Act 2006.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion the information given in the Directors’ Report for the financial year for which the parent company financial statements are prepared 
is consistent with the parent company financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: 
•	 adequate accounting records have not been kept by the parent company , or returns adequate for our audit have not been received from 
branches not visited by us; or 
•	 the parent company financial statements are not in agreement with the accounting records and returns; or 
•	 certain disclosures of Directors’ remuneration specified by law are not made; or 
•	 we have not received all the information and explanations we require for our audit.
Other matter 
We have reported separately on the Group financial statements of Clinigen Group plc for the year ended 30 June 2013. 
Andrew Hammond (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Birmingham 
24 September 2013
Company only financial statements Clinigen Group plc Annual report and accounts 2013
52
Company balance sheet 
as at 30 June 2013
Company only financial statements
2013 2012
Note £’000 £’000 £’000 £’000
Fixed assets
Tangible fixed assets 3 557 432
Intangible assets 4 24,875 —
Investments 5 9,141 9,141 
34,573 9,573
Current assets
Debtors 6 2,269 6,542
Deferred tax asset 8 887 —
Cash at bank and in hand 960 89
4,116 6,631
Creditors: amounts falling due within one year 7 (9,241) (5,610)
Net current (liabilities)/assets (6,012) 1,021
Total assets less current liabilities 28,561 10,594
Provisions for liabilities 8 — (22)
Net assets 29,448 10,572
Capital and reserves
Called up share capital 9 83 —
Share premium account 10 14,073 5,463
Profit and loss account 10 15,292 5,109
Total shareholders’ funds 11 29,448 10,572
The financial statements on pages 52 to 61 were approved by the Board of Directors on 24 September 2013 and were signed on its behalf by:
P L George  R A J Sibson  
Director  Director www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
53
Company only financial statements
Notes to the Company balance sheet 
for the year ended 30 June 2013
1. Accounting policies
The principal accounting policies adopted by the Company and applied in the preparation of these financial statements are set out below. 
The policies have been consistently applied to all the years presented, unless otherwise stated.
Basis of preparation
These financial statements have been prepared on a going concern basis, under the historical cost convention and in accordance with the 
Companies Act 2006 and applicable accounting standards in the United Kingdom. 
Share based payments
Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the profit and loss 
account over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected 
to vest at each reporting date so that, ultimately , the cumulative amount recognised over the vesting period is based on the number of options 
that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all 
other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative 
expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately 
before and after the modification, is also charged to the profit and loss account over the remaining vesting period.
Property, plant and equipment
Property , plant and equipment are stated at historical cost less accumulated depreciation. As well as the purchase price, cost includes directly 
attributable costs. 
Depreciation is provided on all items of property , plant and equipment at rates calculated to write off the cost of each asset on a straight line basis 
over its expected useful economic lives, as follows:
 Leasehold improvements – 17% 
 Plant and machinery – 20% 
 Fixtures, fittings and equipment – 20% to 33% straight line
Intangible assets
T rademarks and licences
Separately acquired trademarks and licences are initially recognised at cost, being the purchase price of the asset which comprises the purchase 
price and any directly attributable cost of preparing the asset for its intended use. Where licences have outstanding capital commitments at the 
time of acquisition, these are accrued for and capitalised as part of the purchase cost. The carrying value of trademarks and licences is calculated 
as cost less accumulated amortisation. 
Amortisation is calculated using the straight line method to allocate the cost of the trademarks and licences over their estimated useful lives of 15 years. 
Impairment reviews
Impairment reviews are undertaken annually at the end of the financial year or more frequently if events or changes in circumstances indicate a 
potential impairment. The carrying value of trademarks and licences is compared to the recoverable amount, which is the higher of value in use and 
the fair value less costs to sell. An impairment loss is recognised for the amount by which the asset’ s carrying value exceeds its recoverable amount. 
Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets 
to which it belongs for which there are separately identifiable cash flows; its cash generating units (“CGUs”). 
Provisions
A provision is made when an obligation exists for a future liability relating to a past event and where it is probable there will be an outflow of 
economic benefit. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date. Clinigen Group plc Annual report and accounts 2013
54
Company only financial statements
Notes to the Company balance sheet continued
for the year ended 30 June 2013
1. Accounting policies continued
Retirement benefits: defined contribution schemes
Contributions to defined contribution pension schemes are charged to the Consolidated statement of comprehensive income in the year to 
which they relate. The Company has no further payment obligations once the contributions have been paid.
Leased assets
Rentals under operating leases are charged on a straight line basis over the lease term, even if the payments are not made on such a basis. 
Benefits received and receivable as an incentive to sign and operating lease are similarly spread on a straight line basis over the lease term, 
except where the period to the review date on which the rent is first expected to be adjusted to the prevailing market rate is shorter than the 
full lease term, in which case the shorter period is used.
Dividends
Dividends are recognised when they become legally payable. In the case of interim dividends to equity shareholders, this is when paid. 
In the case of final dividends, this is when approved by the shareholders.
Current and deferred tax
The tax expense for the year comprises current and deferred tax. T ax is recognised in the profit and loss account, except to the extent that 
it relates to items recognised directly in equity . In this case, the tax is also recognised directly in equity , respectively .
The current tax charge, including UK corporation tax and foreign tax, is calculated on the basis of the laws that have been enacted or substantively 
enacted by the balance sheet date. Provisions are established, where appropriate, on the basis of amounts expected to be paid.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the balance sheet differs from its tax base, 
except for differences arising on:
•	 the initial recognition of goodwill;
•	 the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects 
neither accounting nor taxable profit; and
•	 investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the difference 
and it is probable that the difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which 
the differences can be utilised. 
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the balance sheet date 
and are expected to apply when the deferred tax liabilities or assets are settled or recovered, respectively . 
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the 
deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
•	 the same taxable Group Company; or
•	 different Company entities which intend either to settle current tax assets and liabilities on a net basis, or to realize the assets and settle the 
liabilities simultaneously , in each future period in which significant amounts of deferred tax assets and liabilities are expected to be settled 
or recovered.
Share capital
Financial instruments issued by the Group are treated as equity only to the extent that they do not meet the definition of a financial liability . 
The Company’ s ordinary shares are classified as equity instruments. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
55
2. Staff costs
2013 
£’000
2012
£’000
Staff costs (including Directors) comprise: 
Wages and salaries 3,518 3,008
Share based payments 2,323 4,618
Defined contribution pension cost 97 36
Social security contributions and similar taxes 1,593 444
7,531 8,106
Employee numbers
The average monthly number of staff employed by the Company during the financial year amounted to: 
2013 
Number
2012
Number
Directors 2 4
Staff 45 47
47 51
Key management personnel compensation
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the 
Company . These are considered to be the Executive Directors.
2013 
£’000
2012
£’000
Directors’ remuneration included in staff costs:
Wages and salaries 1,008 745
Defined contribution pension cost 50 66
Share based payment expense 1,172 2,936
2,230 3,747
There were two Directors (2012: two) who were members of the defined contribution pension scheme.
The amount payable to the highest paid Director in respect of emoluments was £663k (2012: £428k), pension contributions made on their 
behalf £34k (2012: £56k) and share based payments of £826k (2012: £1,862k). 
Three Directors (2012: nil), including the highest paid Director , exercised their share options. The aggregate gain on the exercise of these share 
options was £25,242,397 (2012: £nil).
P L George, a Director of the Company , had share options over 825,556 ordinary shares of 0.1 pence each at 30 June 2013 (2012: nil) granted 
under the Clinigen Group Long T erm Incentive Plan. 
P Allen, Non-executive Chairman, had share options over 91,464 ordinary shares of 0.1 pence each at 30 June 2013 (2012: nil) granted under 
an option agreement. 
At 30 June 2012, the following Directors had outstanding share options over ordinary shares of 1 pence each:
Number
P L George 3,328
R A J Sibson 1,920 Clinigen Group plc Annual report and accounts 2013
56
Company only financial statements
Notes to the Company balance sheet continued
for the year ended 30 June 2013
3. T angible fixed assets
Leasehold
improvement
£’000
Plant and
machinery
£’000
Furniture,
fittings and
equipment
£’000
Total
£’000
Cost
At 1 July 2012 5 5 477 487
Additions 3 32 241 276
Disposals — — (29) (29)
At 30 June 2013 8 37 689 734
Accumulated depreciation
At 1 July 2012 5 2 48 55
Charge for the year — 4 126 130
On disposals — — (8) (8)
At 30 June 2013 5 6 166 177
Net book value
At 30 June 2013 3 31 523 557
At 30 June 2012 — 3 429 432
4. Intangible assets
Licences
£’000
Cost
At 1 July 2012 —
Additions 25,297
At 30 June 2013 25,297
Accumulated amortisation
At 1 July 2012 —
Charge for the year 422
At 30 June 2013 422
Net book value
At 30 June 2013 24,875
At 30 June 2012 —
During the year the Company acquired the trademarks and licences of Cardioxane and in-licensed a further product, Vibativ . The acquisition 
cost recognised is the purchase price plus the directly attributable costs incurred to date as a result of the acquisition of the trademarks and licences. www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
57
5. Investments
Investments 
in subsidiary 
companies
£’000
Cost or valuation
At 1 July 2012 and 30 June 2013 9,141
Net book value
At 30 June 2013 9,141
At 30 June 2012 9,141
Subsidiary undertakings
The principal subsidiaries of Clinigen Group plc at each reporting date are as follows:
Name Country of incorporation Nature of business
Clinigen Healthcare Limited United Kingdom Sales and distribution of pharmaceutical products
Keats Healthcare Limited United Kingdom Dormant
Clinigen CTS Inc. USA Sales and distribution of pharmaceutical products
Clinigen Pharma Limited United Kingdom Dormant
Clinigen Clinical Trials Limited United Kingdom Holding company 
Clinigen CTS Limited United Kingdom Sales and distribution of pharmaceutical products
Clinigen GAP Limited United Kingdom Dormant
Clinigen SP Limited  
(incorporated 27 June 2013)
United Kingdom Dormant
All shareholdings in subsidiaries are owned 100% (2012: 100%) through the subsidiaries’ ordinary share capital. Clinigen Healthcare Limited, 
Clinigen Pharma Limited and Clinigen Clinical T rials Limited are owned by Clinigen Group plc.
The shares in Clinigen CTS Inc., Keats Healthcare Limited and Clinigen CTS Limited are held via Clinigen Group plc’ s holding in Clinigen Clinical 
T rials Limited. 
The shares in Clinigen GAP Limited and Clinigen SP Limited are held via Clinigen Group plc’ s holding in Clinigen Healthcare Limited. 
The Directors have reviewed the carrying value of the investments and believe the value is recoverable.
6. Debtors
2013
£’000
2012
£’000
Trade debtors 1,015 99
Amounts owed by Group undertakings 229 2,369
Other debtors 16 398
Corporation tax recoverable 427 —
Prepayments and accrued income 582 3,676
2,269 6,542 Clinigen Group plc Annual report and accounts 2013
58
Notes to the Company balance sheet continued
for the year ended 30 June 2013
Company only financial statements
7. Creditors: amounts falling due within one year
2013
£’000
2012
£’000
Loan notes — 1,626
Trade creditors 163 162
Amounts owed to Group undertakings — 1,403
Corporation tax — 238
Other taxation and social security — 186
Other creditors 51 17
Accruals and deferred income 9,027 1,978
9,241 5,610
8. Deferred tax
Deferred tax is calculated in full on temporary differences under the liability method using the effective tax rate of 23% (2012: 24%). The reduction in 
the main rate of corporation tax to 23% for financial years starting after 1 April 2013 has been applied to deferred tax. Since the balance sheet date 
the rate of corporation tax has been reduced to 21% for 2014. The change in rate will not materially impact the deferred tax asset recognised.
The movement on the deferred tax account is as shown below:
2013
£’000
2012
£’000
Deferred tax liability – opening balance 22 —
Recognised
Adjustment in respect of prior years (10,102) (5)
Charge to the profit and loss account 673 —
Utilised in the year 84 —
Tax expense recognised in equity 8,423 —
Effect of change in rate in the year 13 27
Deferred tax (asset)/liability – closing balance (887) 22
The deferred tax balance is made up as follows:
2013
£’000
2012
£’000
Accelerated capital allowances — 22
Losses (588) —
Share based payment scheme (299) —
(887) 22 www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
59
9. Called up share capital
2013
Number
2012
Number
Authorised
Ordinary shares of 0.1 pence each 82,555,585 —
‘A’ ordinary shares of 1 pence each — 16,000
£’000 £’000
Ordinary shares of 0.1 pence each 83 —
‘A’ ordinary shares of 1 pence each — —
Number Number
Issued and fully paid
Ordinary shares of 0.1 pence each 82,555,585 —
‘A’ ordinary shares of 1 pence each — 16,000
£’000 £’000
Ordinary shares of 0.1 pence each 83 —
‘A’ ordinary shares of 1 pence each — —
On 20 August 2012, a special resolution was passed to issue a bonus issue of shares on the basis of 312 ‘A ’ ordinary shares for every ‘A ’ ordinary 
share of 1 pence each. The bonus issue of new shares was made fully paid at par by crediting the Company’ s merger reserve.
On 29 August 2012, the ‘A ’ ordinary shares were subdivided into 50,080,000 ‘A ’ ordinary shares of 0.1 pence each.
On 25 September 2012, the following new shares were issued:
Class of share Number
Nominal 
value of 
issued share 
capital 
£’000
‘B’ ordinary shares of 0.1 pence each 9,557,252 10
‘C’ ordinary shares of 0.1 pence each 5,352,062 5
‘D’ ordinary shares of 0.1 pence each 3,822,901 4
‘F’ ordinary shares of 0.1 pence each 4,778,631 5
Ordinary shares of 0.1 pence each 8,964,739 9
Also, on 25 September 2012, all classes of ordinary shares were designated as ordinary shares of 0.1 pence each. Clinigen Group plc Annual report and accounts 2013
60
Company only financial statements
Notes to the Company balance sheet continued
for the year ended 30 June 2013
10. Reserves 
Share 
capital
£’000
Share 
premium 
account
£’000
Profit and 
loss account
£’000
At 1 July 2012 — 5,463 5,109
Profit for the year — — 6,689
Dividend paid — — (495)
Share based payment scheme — — 2,323
Deferred taxation on share based payment scheme — — 1,157
Tax credit in respect of tax losses arising on exercise of share options — — 509
Bonus issue of shares 50 (50) —
Issue of new shares 33 10,221 —
Cost of new issue — (1,561) —
At 30 June 2013 83 14,073 15,292
Included within profit and loss account as at 30 June 2013 is £1,729k (2012: £9,153k) which is not distributable.
11. Reconciliation of movements in shareholders’ funds
2013
£’000
2012
£’000
Opening shareholders’ funds 10,572 5,468
Profit for the year 6,689 5,885
Dividend paid (495) (781)
Share based payment scheme 2,323 —
Deferred taxation on share based payment scheme 1,157 —
Tax credit in respect of tax losses arising on exercise of share options 509 —
Issue of new shares 10,254 —
Cost of issue of new shares (1,561) —
29,448 10,572
The Company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own profit and 
loss account.
The profit for the year ended 30 June 2013 in the accounts of the Company was £6,689k (2012: £5,885k). This includes dividends received 
of £13,000k (2012: £6,000k). www.clinigengroup.com Annual report and accounts 2013
Corporate governance Financial statements Review of the year
61
12. Related party transactions
Ultimate controlling party
The Company’ s shares are listed on the Alternative Investment Market (“AIM”) and are widely held. There is no one controlling party or group 
of related parties who have control of the Group.
Transactions with related parties
T ransactions with the Directors of the Company are disclosed in note 2.
During the year and the preceding year , the Company had the following transactions with related parties:
2013
£’000
2012
£’000
ADL Healthcare Limited – a company of which AD Leaver is a director and shareholder 
– Sales — 1
–  Recharged expenses — 80
– Paid management charges 242 1,926
– Loan interest charges 67 207
– Loan due to ADL Healthcare Limited — 1,626
ADL Healthcare Limited SSAS – a pension scheme of which AD Leaver and L Leaver are trustees
– Rent paid — 49
Ellis Pharma Limited – a company of which AD Leaver is a director and shareholder
– Recharged expenses — 10
– Amount due to the Group — 7 Clinigen Group plc
Pitcairn House 
Crown Square 
Centrum 100 
Burton-on-Trent 
Staffordshire 
DE14 2WW
T 01 283 495010 
F 01 283 49501 1 
E info@clinigengroup.com
www.clinigengroup.com