Announcement PDF Neuren Pharmaceuticals Limited ABN 72 111 496 130 Appendix 4D Half year report Neuren Pharmaceuticals Limited Appendix 4D Half-Year Financial Report 30 June 2015 Name of entity Neuren Pharmaceuticals Limited ABN Half-year ended 72 111 496 130 30 June 2015 1. Reporting Period Neuren Pharmaceuticals Limited (“Neuren” or the “Company”) presents this financial report, including the interim consolidated financial statements, for the six months ended 30 June 2015, with the six months ended 30 June 2014 as the comparative period. 2. Results for announcement to the market 2.1 Operating revenue 2.2 Loss after tax from ordinary activities 2.3 Net loss attributable to members 2.4 Dividends and franked amount per security 2.5 Dividend record date 30 June 2015 $’000 2,396 (5,348) (5,348) nil n/a 30 June 2014 $’000 1,728 (4,671) (4,656) nil n/a % Change 38.6% (14.4)% (14.9)% n/a n/a 2.6 Explanation of results: The consolidated net loss after tax increased from $4.7 million to $5.3 million, due to the following: • • • Research and development costs increased by $2.1 million reflecting costs associated with the Fragile X syndrome clinical trial and the ongoing optimisation of the trofinetide commercial manufacturing process, partly offset by the completion of the Rett syndrome clinical trial; Foreign exchange gains of $0.6 million, which are included in operating revenue, due mainly to the revaluation of US dollar cash deposits and outstanding forward contracts to purchase US dollars, as the Australian dollar weakened against the US dollar; and Income tax benefit of $0.4 million receivable under the Australian Research and Development Tax Incentive. A more detailed discussion of the activities undertaken in the period is set out in the Directors’ Report contained in the attached Interim Report. + See chapter 19 for defined terms. Appendix 4D Page 1 Appendix 4D Half year report 3. Net Tangible Assets per Security Net tangible assets per share 4. Neuren Pharmaceuticals Limited ARBN 72 111 496 130 June 2015 $ 0.009 June 2014 $ 0.013 Entities over which control has been gained or lost during the period: None. 5. Details of dividends Not applicable. 6. Details of dividend reinvestment plans Not applicable. 7. Details of associates and joint venture entities None. 8. Accounting standards The interim financial statements have been prepared in accordance with generally accepted accounting practice in New Zealand and NZ IAS 34 Interim Financial Reporting. 9. Auditors review The interim financial statements have been subject to independent review by the Company’s auditors. The unqualified review report is included in the attached Interim Report. + See chapter 19 for defined terms. Appendix 4D Page 2 2015 Interim Report Neuren Pharmaceuticals Limited Incorporated in New Zealand ABN 72 111 496 130 Independent Review Report to the shareholders of Neuren Pharmaceuticals Limited Report on the Interim Financial Statements We have reviewed the accompanying financial statements of Neuren Pharmaceuticals Limited (the on pages 3 to 10, which comprise the interim statement of financial position as at 30 June 2015, and the interim statement of comprehensive income, the interim statement of changes in equity and the interim statement of cash flows statements for the period ended on that date, and a summary of significant accounting policies and selected explanatory notes. The Directors of the Company are responsible for the preparation and presentation of these financial statements in accordance with New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and for such internal controls as the directors determine are necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our Responsibility Our responsibility is to express a conclusion on the accompanying financial statements based on our review. We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the financial statements, taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34. As the auditors of the Company, NZ SRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial statements. A review of financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs procedures, primarily consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing. Accordingly we do not express an audit opinion on these financial statements. We are independent of the Group. Other than in our capacity as auditors and providers of other related assurance services we have no relationship with, or interests in, the Group. Conclusion Based on our review, nothing has come to our attention that causes us to believe that these financial statements of the Company are not prepared, in all material respects, in accordance with NZ IAS 34. Restriction on Distribution or Use shareholders those matters which we are required shareholders, as a body, for our review procedures, for this report or for the conclusions we have formed. Chartered Accountants 25 August 2015 PricewaterhouseCoopers, 188 Quay Street, Private Bag 92162, Auckland 1142, New Zealand T: +64 9 355 8000, F: +64 9 355 8001, pwc.co.nz Auckland