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ARK THER GRP

(AKT GB0034251727 GBX)

Value 2.875

Change Today +0.15

Updated17/05 16:35

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PROFILE

Registered Number	04313987
Registered Address	79 New Cavendish Street London W1W 6XB
Phone Number	+44 (0) 207 3887722
Fax Number
Website	http://www.arktherapeutics.com
Activities	Discovers develops and commercialize specialist medicine
Country of Register	GB
Currency	GBX
Short Name	ARK THER GRP
First Day Traded	08/07/2005
Industrial Sector	Biotechnology
Number of shares	209m

Key People

Andrew Christie	Chairman
Iain Ross	Chairman
Martyn Williams	Chief Executive Officer
Nigel Parker	Chief Executive Officer
Seppo Yla-Herttuala	Non Executive Director
Charles Spicer	Non Executive Director
David Bloxham	Non Executive Director

Major Shareholders

Aberforth Partners LLP	18.09%
Smith & Williamson Investment Management Ltd.	12.06%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	1.13	0.93	2.96	0.76	7.13
Cost of Goods Sold (COGS) incl. D&A	1.39	2.00	4.10	3.17	3.02
COGS excluding D&A	0.37	0.48	1.04	0.30	0.41
Depreciation & Amortization Expense	1.02	1.52	3.06	2.87	2.62
Depreciation	0.73	0.65	2.10	2.50	2.31
Amortization of Intangibles	0.29	0.87	0.97	0.36	0.31
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	-0.27	-1.07	-1.14	-2.41	4.11
Selling, General & Administrative Expense	22.44	22.87	19.91	12.58	8.86
Research & Development	14.61	16.46	15.56	10.85	7.68
Other Selling, General & Administrative	7.83	6.40	4.35	1.74	1.19
Other Operating Expense	0	0	0.01	0.67	0
Non Operating Income/Expense	2.65	5.66	0.17	0.51	0.37
Non-Operating Interest Income	0	0	0	0	0
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	0	-0.61	0.23	1.75	0
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	0.03	0.04	0.03	0.02	0.06
Gross Interest Expense	0.03	0.04	0.03	0.02	0.06
Interest Capitalized	0	0	0	0	0
Pretax Income	-20.02	-17.60	-21.15	-16.94	-4.44
Income Tax	-1.84	-1.72	-1.29	-1.03	-0.71
Income Tax - Current Domestic	-1.86	-1.72	-1.31	-1.03	-0.71
Income Tax - Current Foreign	0.02	0.00	0.03	-0.01	0
Income Tax - Deferred Domestic	0	0	0	0	0
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0	0	0	0	0
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	-18.18	-15.89	-19.87	-15.90	-3.74
Extraordinaries & Discontinued Operations	0	0	0	-0.27	0.29
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0.29
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	-0.27	0
Net Income After Extraordinaries	-18.18	-15.89	-19.87	-16.17	-3.45
Preferred Dividends	0	0	0	0	0
Net Income available to Common	-18.18	-15.89	-19.87	-15.90	-3.74
Operational EPS	-10.75	-7.95	-9.51	-7.02	-1.79
EPS (basic)	-11.00	-8.00	-10.00	-7.74	-2.00
EPS (diluted)	-10.75	-7.75	-9.59	-7.61	-1.79
EBITDA	-21.69	-22.42	-18.00	-12.80	-2.14
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	1.02	1.52	3.06	2.87	2.62

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	65.07	41.26	21.46	10.58	9.50
Cash Only	19.07	7.14	6.87	7.72	9.50
Short-Term Investments	46	34.12	14.59	2.86	0
Total Accounts Receivable	2.73	2.27	3.26	1.71	1.58
Accounts Receivables, Net	0.16	0.21	1.60	0.67	0
Accounts Receivables, Gross	0.16	0.21	1.60	0.67	0
Bad Debt/Doubtful Accounts	0	0	0	0	0
Other Receivables	2.57	2.06	1.66	1.03	0
Inventories	0.38	0.48	0.43	0	0.23
Finished Goods	0.28	0.48	0.42	0	0
Work in Progress	0	0	0	0	0
Raw Materials	0.11	0	0.01	0	0.23
Progress Payments & Other	0	0	0	0	0
Other Current Assets	1.52	1.59	0.74	1.00	0.35
Prepaid Expenses	0.76	0.60	0.67	0	0.34
Miscellaneous Current Assets	0.76	0.99	0.07	1.00	0.01
Total Current Assets	69.70	45.60	25.88	13.28	11.66
Net Property, Plant & Equipment	5.33	15.12	12.12	9.11	6.70
Property, Plant & Equipment - Gross	7.66	18.79	17.69	16.80	16.19
Buildings	0	0	0	0	0
Land & Improvements	0	0	0	0	0
Machinery & Equipment	2.36	3.60	9.46	8.98	8.80
Construction in Progress	3.12	12.43	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	2.19	2.75	8.23	7.82	7.39
Accumulated Depreciation	2.33	3.67	5.57	7.69	9.48
Buildings	0	0	0	0	0
Land & Improvements	0	0	0	0	0
Machinery & Equipment	1.14	2.00	3.24	4.55	5.92
Construction in Progress	0	0	0	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	1.19	1.66	2.34	3.14	3.57
Total Investments and Advances	0	0	0	0	0
LT Investment - Affiliate Companies	0	0	0	0	0
Other Long-Term Investments	0	0	0	0	0
Long-Term Note Receivable	0	0	0	0	0
Intangible Assets	2.05	4.43	3.51	1.94	1.79
Net Goodwill	1.31	2.62	2.52	1.16	1.13
Net Other Intangibles	0.74	1.81	0.99	0.78	0.65
Other Assets	0	0	0	0	0
Deferred Charges	0	0	0	0	0
Tangible Other Assets	0	0	0	0	0
Total Assets	77.07	65.15	41.51	24.33	20.15
ST Debt & Curr. Portion LT Debt	0.13	0.09	0.09	0.08	0.40
Short Term Debt	0	0	0	0	0
Current Portion of Long Term Debt	0.13	0.09	0.09	0.08	0.40
Accounts Payable	8.34	7.11	3.32	3.28	2.94
Income Tax Payable	0	0	0	0	0
Other Current Liabilities	0.14	0.32	0.44	0.55	0.52
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	0	0
Miscellaneous Current Liabilities	0.14	0.32	0.44	0.55	0.52
Total Current Liabilities	8.61	7.52	3.85	3.91	3.86
Long-Term Debt	0.40	0.64	0.68	0.57	0.18
Long-Term Debt excl. Capitalized Leases	0.32	0.58	0.63	0.55	0.15
Non-Convertible Debt	0.32	0.58	0.63	0.55	0.15
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	0.08	0.06	0.05	0.02	0.03
Provision for Risks & Charges	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Deferred Taxes - Credit	0	0	0	0	0
Deferred Taxes - Debit	0	0	0	0	0
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	0	1.89	1.44	1.05	-0.00
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	0	0	-0.00	-0.00	-0.00
Deferred Income	0	1.89	1.44	1.05	0
Total Liabilities	9.01	10.05	5.97	5.53	4.03
Non-Equity Reserves	0	0	0	0	0.68
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	68.07	55.10	35.55	18.80	15.43
Common Stock Par/Carry Value	2.02	2.05	2.07	2.09	2.09
Additional Paid-In Capital/Capital Surplus	116.57	117.90	118.63	118.94	118.94
Retained Earnings	-53.55	-67.91	-87.78	-103.95	-107.40
ESOP Debt Guarantee	0	-1.27	-2.02	-2.29	-2.29
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-0.03	0.31	0.22	0.19	0.17
Unrealized Gain/Loss Marketable Securities	0	0	0	0	0
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	3.05	4.02	4.42	3.82	3.92
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	68.07	55.10	35.55	18.80	15.43
Liabilities & Shareholders' Equity	77.07	65.15	41.51	24.33	20.15

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	-22.22	-20.46	-21.76	-17.02	-4.45
Depreciation, Depletion & Amortization	1.02	1.52	3.06	2.87	2.62
Depreciation and Depletion	0.73	0.65	2.10	2.50	2.31
Amortization of Intangible Assets	0.29	0.87	0.97	0.36	0.31
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	4.36	2.50	4.80	1.97	0.51
Funds from Operations	-16.84	-16.44	-13.91	-12.18	-1.32
Extraordinaries	0	0	0	0	0
Changes in Working Capital	0.91	-1.36	-4.03	1.57	-0.29
Receivables	-0.59	0.33	-1.50	1.22	-0.14
Inventories	0.09	-0.10	0.05	0.09	0.11
Accounts Payable	1.41	-1.60	-2.58	0.26	-0.58
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0.16
Other Assets/Liabilities	0	0	0	0	0.17
Net Operating Cash Flow	-15.94	-17.80	-17.94	-10.61	-1.62
Capital Expenditures	2.97	8.90	1.58	0.30	0.30
Capital Expenditures (Fixed Assets)	2.27	7.94	1.36	0.10	0.10
Capital Expenditures (Other Assets)	0.70	0.96	0.21	0.19	0.20
Net Assets from Acquisitions	0	0.03	0	0	0
Sale of Fixed Assets & Businesses	0	0	0	0.01	0.77
Purchase/Sale of Investments	-6	12.49	18.92	11.74	2.86
Purchase of Investments	-6	0	0	0	0
Sale/Maturity of Investments	0	12.49	18.92	11.74	2.86
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-8.97	3.62	17.34	11.45	3.32
Cash Dividends Paid - Total	0	0	0	0	0
Common Dividends	0	0	0	0	0
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	35.74	0.07	0.00	0	0
Repurchase of Common & Preferred Stk.	0	0	0	0	0
Sale of Common & Preferred Stock	35.74	0.07	0.00	0	0
Proceeds from Stock Options	35.74	0.07	0.00	0	0
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	-0.07	-0.11	0.08	-0.09	-0.06
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	-0.07	-0.11	0.08	-0.09	-0.06
Issuance of Long-Term Debt	0	0.06	0.15	0	0.04
Reduction in Long-Term Debt	-0.07	-0.17	-0.07	-0.09	-0.10
Other Funds	0	2.17	0.21	0.09	0.11
Other Uses	0	0	0	0	0
Other Sources	0	2.17	0.21	0.09	0.11
Net Financing Cash Flow	35.67	2.13	0.30	-0.00	0.05
Exchange Rate Effect	-0.13	0.12	0.03	0.02	0.02
Miscellaneous Funds	0.00	0.00	-0.00	0.00	0.00
Net Change in Cash	10.63	-11.93	-0.27	0.85	1.78
Free Cash Flow	-18.20	-25.75	-19.30	-10.72	-1.72

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	189.32	80.53	30.03	10.36	6.54
Price/Earnings	0.00	0.00	0.00	0.00	0.00
Price/Sales	141.00	86.64	10.13	13.67	0.92
Price/Book Value	2.78	1.46	0.84	0.55	0.42
Price/Cash Flow	0	0	0	0	0
Enterprise Value/EBIT	0	0	0	0	0
Enterprise Value/EBITDA	0	0	0	0	0
Enterprise Value/Sales	83.63	43.02	3.15	0.55	-0.33
Total Debt/Enterprise Value	0.01	0.02	0.08	1.55	-0.24
Total Debt/EBITDA	0	0	0	0	0
EPS (basic)	-11.00	-8.00	-10.00	-7.74	-2.00
EPS (diluted) as stated	-10.75	-7.75	-9.59	-7.61	-1.79
Profitability
Gross Margin (%)	-23.82	-114.96	-38.39	-318.76	57.60
Operating Margin (%)	-2,018.67	-2,576.21	-710.43	-2,069.75	-66.73
Pretax Margin (%)	-1,779.47	-1,894.51	-713.66	-2,237.25	-62.34
Net Margin (%)	-1,616.09	-1,709.90	-670.24	-2,100.79	-52.42
Return on Assets (%)	-27.42	-22.34	-37.25	-48.31	-16.80
Return on Equity (%)	-30.93	-25.79	-43.83	-58.52	-21.83
Return on Avg. Total Capital (%)	-30.66	-25.53	-43.12	-57.04	-21.08
Return on Avg. Invested Capital (%)	-30.72	-25.58	-43.20	-57.21	-21.37
Efficiency
Revenue/Employee	0.01	0.01	0.02	0.01	0.11
Receivables Turnover	0.49	0.37	1.07	0.30	4.33
Days of Sales Outstanding (DSO) (%)	750.28	982.44	340.19	1,196.98	84.25
Inventory Turnover	3.27	4.64	9.04	14.78	26.06
Days of Inventory on Hand (DIO)	111.49	78.59	40.40	24.70	14.01
Total Asset Turnover	0.02	0.01	0.06	0.02	0.32
Working Capital Turnover	0.02	0.02	0.13	0.08	0.91
Liquidity
Current Ratio	8.10	6.06	6.72	3.40	3.02
Quick Ratio	8.05	6.00	6.61	3.40	2.96
Capital Structure
Debt-to-Total Equity (%)	0.77	1.32	2.16	3.44	3.75
Debt-to-Total Capital (%)	0.77	1.31	2.11	3.32	3.61
Debt-to-Total Assets (%)	0.68	1.12	1.85	2.66	2.87
Interest Coverage	-873.46	-683.80	-679.26	-712.18	-86.49

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,492.67	-0.84%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

ARK THER GRP

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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