Venture Life Group Plc · LSE:VLG
Venture Life — FY2023 Earnings Presentation
114 slides from Venture Life's earnings presentation, Oct 16, 2023
Slide 1: Venture Life Group Annual Report 2023
Venture Life Group Annual Report 2023
Slide 2: Contents
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT Overview Strategic Review Overview Governance Governance 01 Our Mission, Vision & Values 48 Board of Directors 02 At a Glance 49 Statement of Corporate Governance 06 2023 Financial Highlights 56 Directors’ Report Financia
Slide 3: Our Mission, Vision & Values
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT OUR MISSION, VISION & VALUES 1 Overview Our Mission, Vision & Values Mission At a Glance Culture 2023 Financial Highlights Provide accessible, innovative Our Business Model and Strategy Teamwork Development and Manufactur
Slide 4: At a Glance
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT AT A GLANCE 2 Overview Our Mission, Vision & Values What we do At a Glance 28m 2023 Financial Highlights Our Business Model and Strategy Venture Life develops, Development and Manufacturing Our Investment Case manufacture
Slide 5: At a Glance Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT AT A GLANCE CONTINUED 3 Overview Our Mission, Vision & Values Where we do it At a Glance 2023 Financial Highlights Our Business Model and Strategy Within the UK and The Netherlands we have Aside from traditional brick-and
Slide 6: Our Leading Brands
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT AT A GLANCE CONTINUED 4 Overview Our Mission, Vision & Values Our Leading Brands At a Glance 2023 Financial Highlights Our Business Model and Strategy CATEGORY % OF VLG BRANDS REVENUE IN 2023 YOY GROWTH1 KEY BRANDS Develo
Slide 7: At a Glance Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT AT A GLANCE CONTINUED 5 Overview Our Mission, Vision & Values A year propelled by organic growth, At a Glance 2023 Financial Highlights underscored by a dedicated focus on Our Business Model and Strategy Our focus for 202
Slide 8: 2023 Financial Highlights
2023 51.4 2023 11.6 2023 22.5% 2022 44.0 2022 9.0 2022 20.4% 2021 32.8 2021 6.6 2021 20.1% Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT 2020 26.7 2020 4.0 2020 15.1% 2023 FINANCIAL HIGHLIGHTS1 20.2 2019 2019 3.0 2019 14.8% 6 Group Revenue £m Adj EBITDA Group Revenue
Slide 9: Our Business Model and Strategy
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT OUR BUSINESS MODEL AND STRATEGY 7 Overview Our Mission, Vision & Values We have multiple revenue growth opportunities, both At a Glance 2023 Financial Highlights organically and through our acquisition strategy. Our Busin
Slide 10: Development milestones
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT OUR BUSINESS MODEL AND STRATEGY CONTINUED 8 Overview Our Mission, Vision & Values At a Glance Development milestones 2023 Financial Highlights Our Business Model and Strategy Development and Manufacturing Our Investment C
Slide 11: Our company
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT OUR BUSINESS MODEL AND STRATEGY CONTINUED 9 Overview Our Mission, Vision & Values 9 Our company At a Glance 2023 Financial Highlights We are committed to providing innovative and Our Business Model and Strategy efficaciou
Slide 12: Our Business Model and Strategy Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT OUR BUSINESS MODEL AND STRATEGY CONTINUED 10 Overview Our Mission, Vision & Values At a Glance 2023 Financial Highlights Our Business Model and Strategy Development and Manufacturing Our Investment Case Our Therapy Areas
Slide 13: Development and Manufacturing
Venture Life Group plc Annual Report & Accounts 2023 OVERVIEW DEVELOPMENT AND MANUFACTURING 11 Overview Our Mission, Vision & Values At a Glance 2023 Financial Highlights Our Business Model and Strategy Development and Manufacturing Our Investment Case Our Therapy Areas Areas of Therapy Strategic Re
Slide 14: Development and Manufacturing Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT DEVELOPMENT AND MANUFACTURING CONTINUED 12 Overview Our Mission, Vision & Values Our manufacturing facilities in Italy At a Glance 2023 Financial Highlights and Sweden are key differentiating Our Business Model and Strate
Slide 15: Our Investment Case
Venture Life Group plc Annual Report & Accounts 2023 OVERVIEW OUR INVESTMENT CASE 13 Overview Our Mission, Vision & Values We create value for shareholders by acquiring or developing, manufacturing At a Glance and commercialising products/brands for the self-care market globally. 2023 Financial High
Slide 16: Our Therapy Areas
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT OUR THERAPY AREAS 14 Overview Our Mission, Vision & Values How our main seven therapeutic areas of At a Glance 2023 Financial Highlights operation, each providing innovative and Our Business Model and Strategy Development
Slide 17: Areas of Therapy – VLG Brands
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC OVERVIEW REPORT AREAS OF THERAPY – VLG BRANDS 15 Overview Our Mission, Vision & Values All key product groups delivered growth in 2023. At a Glance 2023 Financial Highlights Our Business Model and Strategy Development and Manufacturing O
Slide 18: Chairman's Statement
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CHAIRMAN’S STATEMENT 16 Overview 5.4% The Group’s strategic approach, adaptability, investment in a positive culture, and Strategic Review Chairman’s Statement LFL REVENUE GROWTH1 commitment to ESG have delivered robust Chief Exec
Slide 19: Chief Executive Officer's Statement
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CHIEF EXECUTIVE OFFICER’S STATEMENT 17 Overview 17% The Group continued on its path of sustained consolidated Energy Management Strategic Review REVENUE GROWTH growth in 2023, and for the first time since 2019 this was based solel
Slide 20: CEO Statement: VLG Brands performance by therapeutic area
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED 18 Overview VLG Brands performance overview by therapeutic areas Strategic Review Chairman’s Statement Energy Management Lift Women’s Health Balance Activ Chief Executive Officer’s Sta
Slide 21: CEO Statement Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED 19 Overview Strategic Review Ear, Nose & Throat Earol, Earol Swim, Baby Earol, Sterinase Oral Care Dentyl, UltraDex Chairman’s Statement Chief Executive Officer’s £5.3m £4.7m In the hi
Slide 22: CEO Statement Continued: Customer Brands
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED 20 Overview return to a more normal level of year-on-year Customer Brands price inflation. the Group continues to evaluate Strategic Review Oncology Support Gelclair, Pomi-T, Xonrid pe
Slide 23: CEO Statement Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CHIEF EXECUTIVE OFFICER’S STATEMENT CONTINUED 21 Overview are still operating with additional free capacity at both sites, Building on the success of our M&A track record, we remain open with utilisation rate of 48% and 19% for It
Slide 24: Market Trends and Opportunities
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT MARKET TRENDS AND OPPORTUNITIES 22 Overview Navigating the Rising Self-Care Awareness Inspiring and Convenient Currents: Trends and Post-COVID: Digital Channels for Strategic Review Opportunities in the The pandemic has ushered in
Slide 25: Our Strategy
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT OUR STRATEGY 23 Overview 1 2 3 4 Strategic Review Robust new product Sales channel expansion Consumer education for Sustainability study for better Chairman’s Statement environmental practices Chief Executive Officer’s development
Slide 26: Key Performance Indicators
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT KEY PERFORMANCE INDICATORS 24 Overview Our KPIs measure our progress, aligning with our strategic framework Strategic Review and our road map for developing our business in the coming years. Chairman’s Statement Chief Executive Of
Slide 27: Case Study: Women's Health and Energy Management
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CASE STUDY 25 Overview A Thriving Venture into Women’s Strategic Review Health and Energy Management Chairman’s Statement Chief Executive Officer’s Statement Market Trends and Opportunities In June 2021, Venture Life Group initiat
Slide 28: Case Study Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CASE STUDY CONTINUED 26 Overview Strategic Review Chairman’s Statement Chief Executive Officer’s Statement Market Trends and Opportunities Our Strategy Key Performance Indicators Case Study People ESG Stakeholder Engagement Princi
Slide 29: Case Study Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CASE STUDY CONTINUED 27 Overview Strategic Review Chairman’s Statement Chief Executive Officer’s Statement Building omni-channel distribution Market Trends and and marketing resources Reinforcing strategic Vision Opportunities and
Slide 30: Case Study: Biokosmes
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CASE STUDY CONTINUED 28 Overview Biokosmes: Pioneering Strategic Review Innovation and Celebrating Chairman’s Statement Chief Executive Officer’s 40 Years of Excellence Statement Market Trends and Opportunities Our Strategy Key Pe
Slide 31: Case Study Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT CASE STUDY CONTINUED 29 Overview Strategic Review Chairman’s Statement Chief Executive Officer’s ESG Commitment: A Journey of Sustainability, Innovation, and Dedication Statement Market Trends and Compliance and Quality In alignme
Slide 32: People
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT PEOPLE 30 Highlighting our progress in 2023, we implemented several initiatives aimed at enhancing the well-being and camaraderie among our employees: Overview 165 In our ongoing commitment to fostering a vibrant and engaged workp
Slide 33: ESG
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT ESG 31 Overview Our Priority SDGs for our Strategic Review sustainable development Chairman’s Statement Chief Executive Officer’s Statement Market Trends and Opportunities Our Strategy Key Performance Indicators Case Study People
Slide 34: ESG Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT ESG CONTINUED 32 Overview Strategic Review Sustainable Development Goals Chairman’s Statement The 2030 Agenda for Sustainable ESG goals and Sustainable Development Chief Executive Officer’s Development, was adopted by all United G
Slide 35: ESG Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT ESG CONTINUED 33 Overview Our ESG Strategy: The 5 step In 2023, we have achieved some tremendous steps on this journey: Strategic Review approach we are taking. Chairman’s Statement Chief Executive Officer’s Our People Our Busines
Slide 36: ESG Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT ESG CONTINUED 34 Overview Strategic Review Key activities during 2024 for the Chairman’s Statement Sustainable Life team will be numerous. Chief Executive Officer’s Statement The initial focus will be at our Biokosmes site, whereb
Slide 37: ESG Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT ESG CONTINUED 35 Overview Streamlined Energy Environmental Impact Our reporting Strategic Review Our calculations are based on records we Non-renewable electricity purchased and Carbon Reporting In 2023 VLG emitted 13,243,773 Kg C
Slide 38: Stakeholder Engagement
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT STAKEHOLDER ENGAGEMENT 36 Overview Delivering value to our consumers, suppliers, customers, communities, employees, shareholders. Strategic Review Chairman’s Statement Chief Executive Officer’s Statement Market Trends and Opportun
Slide 39: Stakeholder Engagement Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT STAKEHOLDER ENGAGEMENT CONTINUED 37 Overview Customers Strategic Review Chairman’s Statement Chief Executive Officer’s What matters to them: How we delivered: Statement Market Trends and Meeting supplier demands for high-quality p
Slide 40: Stakeholder Engagement Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT STAKEHOLDER ENGAGEMENT CONTINUED 38 Overview Strategic Review Chairman’s Statement Chief Executive Officer’s Statement Market Trends and Opportunities Our Strategy Key Performance Indicators Case Study People ESG Employees Shareho
Slide 41: Principal Risks and Uncertainties
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES 39 No change in risk Increase in risk Decrease in risk Overview Creating quality outcomes by managing risk. Strategic Review Chairman’s Statement Non-financial risks Chief Executive Officer’s Stat
Slide 42: Principal Risks and Uncertainties Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT PRINCIPAL RISKS AND UNCERTAINTIES CONTINUED 40 No change in risk Increase in risk Decrease in risk Overview Strategic Review Chairman’s Statement Financial risks Chief Executive Officer’s Statement Market Trends and Opportunities
Slide 43: Our Section 172(1) Statement
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT OUR SECTION 172(1) STATEMENT 41 Overview Our key stakeholders Our principal decisions Strategic Review The table below highlights our key stakeholders, We describe below how the Directors had regard to key Chairman’s Statement and
Slide 44: Financial Review
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT FINANCIAL REVIEW 42 Overview 5.2p The Group continues to deliver significant EBITDA growth and corresponding cash Group revenue The Group reported 2023 revenues of Strategic Review +28.4% £51.4 million, an increase of 16.9% over t
Slide 45: Financial Review Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT FINANCIAL REVIEW CONTINUED 43 VLG Brands GM % Overview 2023 44.5% Gross profit THE KEY FACTORS BEHIND THE GROSS MARGIN PERFORMANCE ARE OUTLINED BELOW: VLG BRANDS GM % Gross profit for the year of £20.2 million KEY MARGIN FACTORS I
Slide 46: Financial Review Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT FINANCIAL REVIEW CONTINUED 44 Overview Administrative expenses in the prior year accounts. Pharamsource was impaired by Adjusted EBITDA Administrative expenses before depreciation and amortisation were £0.4m resulting from margin
Slide 47: Financial Review Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT FINANCIAL REVIEW CONTINUED 45 Overview STATEMENT OF FINANCIAL POSITION 2023 2022 regain purchasing power and return to normalised levels. Trade CASH PERFORMANCE 2023 2022 CHANGE £’000 £’000 and other receivables were broadly in li
Slide 48: Financial Review Continued
Venture Life Group plc Annual Report & Accounts 2023 STRATEGIC REPORT FINANCIAL REVIEW CONTINUED 46 Overview 85% 2022: 69% Cash generated from operations Cash generated from operations increased 59.0% to £9.8 million (2022: £6.2 million) and is reported after Free cash flow Notwithstanding the Group
Slide 49: Corporate Governance Report
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE CORPORATE GOVERNANCE REPORT 47 Overview A focus on strategic clarity, whilst being committed Strategic Review to a high standard of governance, is key to delivering sustainable success for the benefit of all our stakeholders. Governance
Slide 50: Board of Directors
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE BOARD OF DIRECTORS 48 Chair N Nomination Committee R Remuneration Committee A Audit and Risk Committee Overview Strategic Review Governance Board of Directors Statement of Corporate Paul McGreevy Carl Dempsey Mark Adams Jerry Randall Gi
Slide 51: Statement of Corporate Governance
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE 49 Overview Overview The role of the Board • Ensuring alignment of culture, policy, Our culture This report has been structured to follow the The Board is responsible for promoting the practices and beh
Slide 52: Statement of Corporate Governance Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE CONTINUED 50 Overview Board stakeholder engagement Division of Responsibilities Strategic Review Proactive engagement with our stakeholder groups remains a central focus for the Board, Our governance mo
Slide 53: Statement of Corporate Governance Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE CONTINUED 51 Overview The roles and responsibilities of the Board members and Chief • Responsible for the development and Board governance Company Secretary as at 31 December 2023 are set out below. Exe
Slide 54: Statement of Corporate Governance Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE CONTINUED 52 Overview To ensure the continued effectiveness of the Board, the Chairman meets with the Non-Executive Directors without the Conflicts of interest Audit & Risk Committee Report Strategic Re
Slide 55: Statement of Corporate Governance Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE CONTINUED 53 Overview The Audit and Risk Committee usually invites the CFO and our Risk management and internal controls operation and activity reports are provided to the Committee, external auditor to
Slide 56: Statement of Corporate Governance Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE CONTINUED 54 Overview • Considering the robustness of the audit process; and Nomination Committee Report Role and responsibilities and activities undertaken Strategic Review • Reviewing the quality of p
Slide 57: Statement of Corporate Governance Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF CORPORATE GOVERNANCE CONTINUED 55 Overview Board appointment criteria are considered automatically as part Diversity Although the Company has a small Board which provides of the Committee’s review of succession planning. Cu
Slide 58: Directors' Report
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE DIRECTORS’ REPORT 56 Overview Introduction The Board of Directors External directorships The Directors submit their report and the financial statements of The members of the Board of Directors and their biographical It is the Group’s po
Slide 59: Directors' Report Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE DIRECTORS’ REPORT CONTINUED 57 Overview Appointment and replacement of Directors Employee engagement and equal opportunities policy In order to retain flexibility, the Company will propose a resolution The appointment and replacement of
Slide 60: Directors' Report Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE DIRECTORS’ REPORT CONTINUED 58 Overview As at 8 April 2024, the date of this report, the Company had Risk management and internal controls CLA Evelyn Partners Limited, the external auditor of the received the following additional notifi
Slide 61: Remuneration Report
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE REMUNERATION REPORT 59 Overview Remuneration Committee The performance measurement of the Executive Directors Annual bonuses As a company listed on the Alternative Investment Market (AIM), the and the determination of their annual remun
Slide 62: Remuneration Report Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE REMUNERATION REPORT CONTINUED 60 Overview Since 2016, awards have been made under the Company’s Directors’ letters of appointment and contracts Long‑Term Incentive Plan (“LTIP” or the “Plan”) as its primary Strategic Review Senior Execu
Slide 63: Remuneration Report Continued
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE REMUNERATION REPORT CONTINUED 61 Overview Directors’ remuneration 2022 SOCIAL Pensions and other benefits PENSION SECURITY Strategic Review SALARY/FEES BONUS BENEFITS TOTAL CONTRIBUTIONS CONTRIBUTIONS TOTAL The Group contributes to the
Slide 64: Statement of Directors' Responsibilities
Venture Life Group plc Annual Report & Accounts 2023 GOVERNANCE STATEMENT OF DIRECTORS’ RESPONSIBILITIES 62 Overview Directors’ responsibilities • Present information, including accounting policies, in a Directors’ statement The Directors are responsible for preparing the Annual Report manner that p
Slide 65: Independent Auditor's Report (Group)
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (GROUP) 63 Overview Opinion Basis for opinion In addition to these planned meetings, the group audit team sent We have audited the group financial statements of Venture We conducted our audit in ac
Slide 66: Independent Auditor's Report (Group) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (GROUP) CONTINUED 64 Overview KEY AUDIT MATTER DESCRIPTION OF RISK HOW THE MATTER WAS ADDRESSED IN THE AUDIT The carrying value of The valuation of goodwill and other acquired intangible assets bro
Slide 67: Independent Auditor's Report (Group) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (GROUP) CONTINUED 65 Overview Our application of materiality Conclusions relating to going concern Based on the work we have performed, we have not identified The materiality for the group financia
Slide 68: Independent Auditor's Report (Group) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (GROUP) CONTINUED 66 Overview Opinions on other matters prescribed by the In preparing the group financial statements, the directors are We understand that the group complies with the Companies Act
Slide 69: Independent Auditor's Report (Group) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (GROUP) CONTINUED 67 Overview The senior statutory auditor led a discussion with senior or error. The risk of not detecting a material misstatement due Use of our report members of the engagement t
Slide 70: Independent Auditor's Report (Parent Company)
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (PARENT COMPANY) 68 Overview Opinion Basis for opinion Key audit matters We have audited the financial statements of Venture Life Group We conducted our audit in accordance with International Key a
Slide 71: Independent Auditor's Report (Parent Company) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (PARENT COMPANY) CONTINUED 69 Overview Our application of materiality • Comparing the forecast results to those actually achieved in other information and, in doing so, consider whether the other T
Slide 72: Independent Auditor's Report (Parent Company) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (PARENT COMPANY) CONTINUED 70 Overview Matters on which we are required to report basis of accounting unless the directors either intend to We understand that the company complies with the framewor
Slide 73: Independent Auditor's Report (Parent Company) Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS INDEPENDENT AUDITOR’S REPORT (PARENT COMPANY) CONTINUED 71 Overview The procedures we carried out to gain evidence in the above • Understanding of the legal and regulatory requirements areas included: specific to the parent co
Slide 74: Consolidated Statement of Comprehensive Income and Financial Position
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME CONSOLIDATED STATEMENT OF FINANCIAL POSITION 72 For the year ended 31 December 2023 At 31 December 2023 Overview Company number 05651130 Company number 05651130 YEAR ENDED YEAR EN
Slide 75: Consolidated Statement of Changes in Equity and Cash Flows
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS 73 For the year ended 31 December 2023 For the year ended 31 December 2023 Overview FOREIGN SHARE- YEAR ENDED YEAR ENDED SHARE CURRENCY BASED 31
Slide 76: Notes to the Consolidated Statements
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS 74 For the year ended 31 December 2023 Overview 1. General information chain and continue to assess the appropriateness of a temporary increased holding of stock to ensure Venture Life Grou
Slide 77: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 75 For the year ended 31 December 2023 Overview Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the On consolidation, assets and liabi
Slide 78: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 76 For the year ended 31 December 2023 Overview The Group discounts its selling prices from time to time and these discounts are included when determining An item of property, pla
Slide 79: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 77 For the year ended 31 December 2023 Overview Amortisation for the year has been charged to administrative expenses in the Statement of 3.11 Goodwill Comprehensive Income. Goodw
Slide 80: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 78 For the year ended 31 December 2023 Overview Financial assets c) Invoice financing a) Trade and other receivables From time to time the Group utilises an invoice financing with
Slide 81: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 79 For the year ended 31 December 2023 Overview The lease liability is reassessed when there is a change in the lease payments. Changes in lease payments Deferred tax is calculate
Slide 82: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 80 For the year ended 31 December 2023 Overview based payments reserve remains charged into the profit and loss account as the option achieved its policies. The key judgements and
Slide 83: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 81 For the year ended 31 December 2023 Overview of its useful life. Estimates and judgements are applied in determining these future cash flows and the b) New standards, amendment
Slide 84: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 82 For the year ended 31 December 2023 Overview 5.1 Segment revenue and results The reconciliation of segmental operating profit to the Group’s profit before tax is as follows: Th
Slide 85: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 83 For the year ended 31 December 2023 Overview 5.3 Other segmental information The aggregated amount of transaction prices that relate to the performance obligations from existin
Slide 86: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 84 For the year ended 31 December 2023 Overview 8. Employee information The aggregate remuneration of the key management personnel of the Group (who are all persons with The avera
Slide 87: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 85 For the year ended 31 December 2023 Overview 10. Income tax expense As at the reporting date, the Group has unused tax losses of £9,469,282 (2022: £9,867,000) available for off
Slide 88: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 86 For the year ended 31 December 2023 Overview 12. Earnings per share 13. Intangible assets A reconciliation of the weighted average number of ordinary shares used in the measure
Slide 89: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 87 For the year ended 31 December 2023 Overview All trademark, licence and patent renewals are amortised over their estimated useful lives, which Periproducts Ltd is between five
Slide 90: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 88 For the year ended 31 December 2023 Overview Pharmasource BV Helsinn Brands • In 2023, PharmaSource BV achieved revenue growth of 7.0% driven by strong performance in the • In
Slide 91: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 89 For the year ended 31 December 2023 Overview The above impairment assessments of Biokosmes SRL, Periproducts Ltd, the Dentyl brand, the The recoverable amount of each segment w
Slide 92: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 90 For the year ended 31 December 2023 Overview 14. Property, plant and equipment 15. Inventories PLANT AND OTHER RIGHT-OF-USE AT AT Strategic Review EQUIPMENT EQUIPMENT LAND AND
Slide 93: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 91 For the year ended 31 December 2023 Overview The aging analysis of trade receivables that are past due is as follows: 17. Cash and cash equivalents AT AT AT AT Strategic Review
Slide 94: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 92 For the year ended 31 December 2023 Overview 19. Merger reserve The following table illustrates the number and weighted average exercise prices (“WAEP”) of, and In 2010 the Com
Slide 95: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 93 For the year ended 31 December 2023 Overview The inputs into the Black-Scholes model for issuance of stock options were as follows for 2023 and AWARD FOUR 2022: Grant date of a
Slide 96: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 94 For the year ended 31 December 2023 Overview 23. Trade and other payables All bank loans are held jointly by Santander Bank and HSBC Innovation Bank and comprise the Group’s AT
Slide 97: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 95 For the year ended 31 December 2023 Overview A summary showing the contractual repayment of interest-bearing borrowings is shown below: Net debt reconciliation AT 31 DECEMBER 2
Slide 98: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 96 For the year ended 31 December 2023 Overview 25. Statutory employment provision 26. Leases The statutory employment provision includes the liability for severance indemnities r
Slide 99: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 97 For the year ended 31 December 2023 Overview Property Set out below are details of financial instruments held by the Group as at: • The Group’s Italian subsidiary has one opera
Slide 100: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 98 For the year ended 31 December 2023 Overview c) Market risk £ CURRENCY £ CURRENCY Foreign exchange risk IMPACT STRENGTHENING IMPACT WEAKENING Strategic Review The Group is expo
Slide 101: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 99 For the year ended 31 December 2023 Overview Interest rate risk e) Liquidity risk The Group’s principal interest-bearing assets are its cash balances. Liquidity risk is the ris
Slide 102: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 100 For the year ended 31 December 2023 Overview 28. Related party transactions The measures used are Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) and The
Slide 103: Notes to the Consolidated Statements Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED STATEMENTS CONTINUED 101 For the year ended 31 December 2023 Overview Net debt / (cash) 30. Post balance sheet events YEAR ENDED YEAR ENDED Post period end, the Group’s revolving credit facility was r
Slide 104: Parent Company Balance Sheet and Statement of Changes in Equity
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS PARENT COMPANY BALANCE SHEET PARENT COMPANY STATEMENT OF CHANGES IN EQUITY 102 For the year ended 31 December 2023 For the year ended 31 December 2023 Overview Company number 05651130 FOREIGN SHARE- PROFIT AT AT SHARE CURRENCY
Slide 105: Notes to the Parent Company Balance Sheet
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET 103 For the year ended 31 December 2023 Overview 1. Company information Investment in subsidiary undertakings and impairment review Venture Life Group plc is a publicly traded company
Slide 106: Notes to the Parent Company Balance Sheet Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET CONTINUED 104 For the year ended 31 December 2023 Overview Deferred tax is measured at the rates that are expected to apply in the period when the timing differences Key sources of est
Slide 107: Notes to the Parent Company Balance Sheet Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET CONTINUED 105 For the year ended 31 December 2023 Overview Intangible assets Any excess of the cost of the business combination over the Group’s interest in the net fair value of the G
Slide 108: Notes to the Parent Company Balance Sheet Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET CONTINUED 106 For the year ended 31 December 2023 Overview 4. Employee information YEAR ENDED YEAR ENDED The average number of staff, including Executive Directors, employed by the Com
Slide 109: Notes to the Parent Company Balance Sheet Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET CONTINUED 107 For the year ended 31 December 2023 Overview Venture Life Group plc has five UK subsidiary undertakings, Venture Life Limited (Company 6. Intangible assets number 0718620
Slide 110: Notes to the Parent Company Balance Sheet Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET CONTINUED 108 For the year ended 31 December 2023 Overview 7. Debtors 8. Creditors: amounts falling due within one year AT AT AT AT Strategic Review 31 DECEMBER 31 DECEMBER 31 DECEMBER
Slide 111: Notes to the Parent Company Balance Sheet Continued
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS NOTES TO THE PARENT COMPANY BALANCE SHEET CONTINUED 109 For the year ended 31 December 2023 Overview 10. Share capital AT AT Strategic Review 31 DECEMBER 31 DECEMBER 2023 2022 £’000 £’000 Allotted, issued and fully paid: Gover
Slide 112: Company Information
Venture Life Group plc Annual Report & Accounts 2023 FINANCIAL STATEMENTS COMPANY INFORMATION 110 Overview Share Register Enquiries Directors Company Secretary The register for the Ordinary Shares is maintained by Link Group. In the event of queries regarding your Paul McGreevy (Non-Executive Direct
Slide 113: Overview Strategic Review Governance
Overview Strategic Review Governance Board of Directors Statement of Corporate Governance Directors’ Report Remuneration Report Statement of Directors’ Responsibilities Financial Statements
Slide 114: Overview Strategic Review Governance
Overview Strategic Review Governance Board of Directors Statement of Corporate Governance Directors’ Report Remuneration Report Statement of Directors’ Responsibilities Financial Statements