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ICON Plc Unaudited Interim Financial Statements For the Interim Period from 1 January 2015 to 31 July 2015 Registered number: 145835 These unaudited interim financial statements have been prepared solely to present infor

Thursday, August 27, 2015 6 min read
Key Takeaway: ICON Plc Unaudited Interim Financial Statements For the Interim Period from 1 January 2015 to 31 July 2015 Registered number: 145835 ICON Plc Unaudited Interim financial statements Contents Page Directors and other information 1 Unaudited interim income statement 2 Unaudit

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ICON Plc
Unaudited Interim Financial Statements
For the Interim Period from 1 January 2015 to 31 July 2015
Registered number: 145835
ICON Plc
Unaudited Interim financial statements
Contents Page
Directors and other information 1
Unaudited interim income statement 2
Unaudited interim statement of comprehensive income 3
Unaudited interim statement of financial position 4
Unaudited interim statement of cash flows 5
Unaudited interim statement of changes in equity 6 -7
Notes forming part of the interim financial statements 8 - 30
ICON Plc
Directors and other information
Directors Thomas Lynch (British)
Ciaran Murray
Dr. John Climax
Dr. Ronan Lambe
Prof. Dermot Kelleher
Declan McKeon
Mary Pendergast (American)
Prof. William Hall
Dr. Hugh Brady
Secretary Diarmaid Cunningham
Registered office South County Business Park
Leopardstown
Dublin 18
Solicitors A & L Goodbody
IFSC
25-28 North Wall Quay
Dublin 1
Cahill Gordon Reindel LLP
80 Pine Street
NY 10005
USA
Registrars Computershare Investor Services (Ireland) Limited
Herron House
Corrig Road
Sandyford Industrial Estate
Dublin 18
Bankers Citibank
Canada Square Canary Wharf
London E145LB
United Kingdom
Unaudited interim income statement
for the period ended 31 July 2015
Note Period ended Year ended
31 July 31 December
2015 Unaudited 2014 Audited
$'000 $'000
Turnover - continuing operations 2 34,958 74,409
Direct costs 3 (15,666 ) (30,925 )
Other operating expenses, net 4 (22,543 ) (48,201 )
Operating loss - continuing operations (3,251 ) (4,717 )
Profit on disposal of subsidiary undertaking 5 350,000 -
Financing income 6 - 141,030
Profit on ordinary activities before taxation 346,749 136,313
Tax on profit on ordinary activities 7 (491 ) (876 )
Profit for the interim period - equity 346,258 135,437
On behalf of the Board
Declan McKeon Ciaran Murray
Director Director
Unaudited interim statement of comprehensive income
for the period ended 31 July 2015
Period ended Year ended
31 July 31 December
2015 Unaudited 2014 Audited
$'000 $'000
Other Comprehensive Income
Items that are or may be subsequently reclassified to the income statement:
Currency translation differences (54,538 ) (84,923 )
Other comprehensive loss for the interim period net of tax (54,538 ) (84,923 )
Profit for the interim period 346,258 135,437
Total comprehensive income for the interim period 291,720 50,514
Attributable to:
Equity holders of the Company 291,720 50,514
Total comprehensive income for the interim period 291,720 50,514
On behalf of the Board
Declan McKeon Ciaran Murray
Director Director
Unaudited interim statement of financial position
for the period ended 31 July 2015
Period ended Year ended
Note 31 July 31 December
2015 Unaudited 2014 Audited
ASSETS $'000 $'000
Non-current assets
Property, plant and equipment 9 404 614
Intangible assets 10 152 197
Investment in subsidiaries 11 400,737 468,124
Deferred tax asset, net 7 531 410
Total non-current assets 401,824 469,345
Current assets
Other current assets 12 3,678 2,951
Amounts due from subsidiary undertakings 395,048 148,272
Current taxes receivable - 151
Cash and cash equivalents 81,951 4,516
Total current assets 480,677 155,890
Total assets 882,501 625,235
EQUITY
Share capital 13 5,008 5,037
Share premium 14 232,956 221,965
Capital redemption reserve 14 363 305
Share based payment reserve 14 65,103 58,614
Other reserves 14 6,071 6,071
Functional currency translation reserve 14 (113,576 ) (59,038 )
Retained earnings 14 673,013 368,553
Attributable to equity holders 868,938 601,507
Total equity 868,938 601,507
LIABILITIES
Current liabilities
Accounts payable 158 27
Accrued and other liabilities 13,076 23,701
Current taxes payable 329 -
Total current liabilities 13,563 23,728
Total liabilities 13,563 23,728
Total equity and liabilities 882,501 625,235
On behalf of the Board
Declan McKeon Ciaran Murray
Director Director
Unaudited interim statement of cash flows
for the period ended 31 July 2015
Period ended Year ended
31 July 31 December
2015 Unaudited 2014 Audited
$'000 $'000
Profit for the financial period 346,258 135,437
Adjustments to reconcile net income to net cash generated from operating activities
Depreciation 163 423
Amortisation of intangible assets 85 186
Share based payment 5,557 7,567
Profit on disposal of subsidiary (350,000 ) -
Income tax expense 491 976
Operating cash inflow before changes in working capital 2,554 144,589
(Increase)/decrease in other current assets (726 ) (224 )
Increase/(decrease) in accounts payable and accrued and other liabilities (10,479 ) 263
Increase/(decrease) in income taxes payable 359 7
Cash (used in)/provided by operations (8,292 ) 144,634
Income taxes paid (491 ) (976 )
Net cash (outflow)/inflow from operating activities (8,783 ) 143,659
Investing activities
Purchase of computer software (60 ) (106 )
Purchase of property, plant and equipment - (90 )
Disposal of subsidiary undertaking 350,000
Increase in investment in subsidiaries - (13,283 )
Net cash provided by/(used in) investing activities 349,940 (13,479 )
Financing activities
Increase in amounts due from subsidiary undertakings (216,543 ) (10,667 )
Proceeds from exercise of share options and RSU's 11,024 22,274
Share issuance costs (4 ) (20 )
Repurchase of ordinary shares (57,892 ) (140,030 )
Share repurchase costs (289 ) (1,032 )
Net cash used in financing activities (263,704 ) (129,475 )
Net increase in cash and cash equivalents 77,453 705
Effect of exchange rate changes (18 ) (22 )
Cash and cash equivalents the at start of the period 4,516 3,833
Cash and cash equivalents at the end of the period 81,951 4,516
Unaudited interim statement of changes in equity
for the period ended 31 July 2015
Capital Share Based
Number Share Share Redemption Payment Other Currency Retained Total
of shares Capital Premium Reserve Reserve Reserves Reserve Earnings Equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2015 60,106,780 5,037 221,965 305 58,614 6,071 (59,038 ) 368,553 601,507
Total comprehensive income for the interim period:
Profit for the interim period - - - - - - - 346,258 346,258
Other comprehensive income
Foreign currency translation - - - - - - (54,538 ) - (54,538 )
Total other comprehensive income - - - - - - (54,538 ) 346,258 291,720
Total comprehensive income for the interim period - - - - - - (54,538 ) 346,268 291,720
Transactions with owners, recorded directly in equity
Exercise of share options 422,255 29 10,980 - - - - - 11,009
Share-based payment 22,872 22,872
Issue of shares arising from issue of restricted share units 222,805 - 15 - - - - - 15
Share issue costs - - (4 ) - - - - - (4 )
Repurchase of ordinary shares (882,419 ) (58 ) - 58 - - - (57,892 ) (57,892 )
Share repurchase costs - - - - - - - (289 ) (289 )
Transfer of exercised and expired share-based awards - - - - (16,383 ) - - 16,383 -
Total contributions by and distributions to owners (237,359 ) (29 ) 10,991 58 6 , 489 - - (41,798 ) (24,289 )
1
Total transactions with owners (237,359 ) (29 ) 10,991 58 6,489 - - (41,798 ) (24,289 )
Balance at 31 July 2015 59,869,421 5,008 232 , 956 363 65,103 6,071 (113,576 ) 673,013 868,938
Statement of changes in equity (Audited)
for the year ended 31 December 2014
Capital Share Based
Number Share Share Redemption Payment Other Currency Retained Total
of shares Capital Premium Reserve Reserve Reserves Reserve Earnings Equity
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2014 61,587,727 5,168 199,785 100 44,785 6,071 25,885 365,282 647,076
Total comprehensive income for the year:
Profit for the year - - - - - - - 135,437 135,437
Other comprehensive income
Foreign currency translation - - - - - - (84,923 ) - (84,923 )
Total other comprehensive income - - - - - - (84,923 ) 135,437 50,514
Total comprehensive income for the year - - - - - - (84,923 ) 135,437 50,514
Transactions with owners, recorded directly in equity
Exercise of share options 926,407 74 22,182 - - - - - 22,256
Share-based payment 22,725 22,725
Issue of shares arising from issue of restricted share units 233,726 - 18 - - - - - 18
Share issue costs - - (20 ) - - - - - (20 )
Repurchase of ordinary shares (2,640,610 ) (205 ) - 205 - - - (140,030 ) (140,030 )
Share repurchase costs - - - - - - - (1,032 ) (1,032 )
Transfer of exercised and expired share-based awards - - - - (8,896 ) - - 8,896 -
Total contributions by and distributions to owners (1,480,477 ) (131 ) 22,180 205 13,829 - - (132,166 ) (96,083 )
Total transactions with owners (1,480,477 ) (131 ) 22,180 205 13,829 0 0 (132,166 ) (96,083 )
Balance at 31 December 2014 60,106,780 5,037 221,965 305 58,614 6,071 (59,038 ) 368,553 601,507
Notes to the unaudited financial statements for the interim period ended 31 July 2015
Years
Computer software 2-8
Years
Computer software 2-8
Office furniture and fixtures 8
2. Turnover
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Activity
Management services 17,842 35,750
Clinical research income 17,116 38,659
34,958 74,409
2. Turnover (continued)
Geographical area
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Ireland 17,842 35,750
Europe 17,116 38,659
34,958 74,409
3. Direct costs
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Payroll and related costs 14,897 28,947
Other project related expenses 769 1,978
15,666 30,925
4. Other operating expenses
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Payroll and related costs 11,095 17,881
Administrative expenses 12,450 30,802
Depreciation expense 163 423
Amortisation of intangible assets - computer software 85 186
Other income (40 ) (145 )
Exchange gain (1,210 ) (946 )
22,543 48,201
5. Profit on disposal of subsidiary undertakings
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Profit on disposal of subsidiary undertakings 350,000 -
350,000 -
6. Financing income
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Dividend income - 141,030
7. Income tax expense
The components of the current and deferred tax expense for the period ended 31 July 2015 and year ended 31 December 2014 were as follows:
Period ended 31 July 2015 Year ended 31 December 2014
$'000 $'000
Current tax expense
Current period/year 403 1,054
Under /(over) provided in prior years 209 (163 )
612 891
Deferred tax charge/(credit)
Origination and reversal of temporary differences (2 ) (5 )
Over provided in prior years (119 ) (10 )
(121 ) (15 )
Total income tax expense in the income statement 491 876
A reconciliation of the expected tax expense, computed by applying the standard Irish tax rate to income before tax to the actual tax expense, is as follows:
Period ended 31 July 2015 Year ended 31 December 2014
$'000 $'000
Profit before tax 346,749 136,313
Taxes at Irish standard tax rate of 12.5% (2014: 12.5%) 43,344 17,039
Effects of:
Non-taxable income and non-tax deductible expenses (43,012 ) (16,357 )
Reversal of prior year under/(over) provision in respect of
current foreign taxes 90 (173 )
Foreign and other income taxed at higher rates 174 321
Other (105 ) 46
Tax expense on profit for the period/year 491 876
7. Income tax expense (continued)
The net deferred tax assets at 31 July 2015 and 31 December 2014, were as follows:
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Deferred taxation assets:
Accrued expenses and payments on account 425 274
Property, plant and equipment 69 106
Loans to subsidiaries 52 52
Total deferred taxation assets 546 432
Deferred taxation liabilities:
Property, plant and equipment (15 ) (21 )
Accrued expenses and payments on account - (1 )
Total deferred taxation liabilities (15 ) (22 )
Net deferred taxation asset 531 410
The movement in temporary differences during the period ended 31 July 2015 and year ended 31 December 2014 was as follows:
Balance Balance
1 January Recognised in 31 July
2015 Income 2015
$'000 $'000 $'000
Deferred taxation assets
Accrued expenses and payments on account 274 151 425
Property plant and equipment 106 (37 ) 69
Loans to subsidiaries 52 - 52
Total deferred taxation assets 432 114 546
Deferred taxation liabilities
Property, plant and equipment (21 ) 6 (15 )
Accrued expenses and payments on account (1 ) 1 -
Total deferred taxation liabilities (22 ) 7 (15 )
Net deferred taxation asset 410 121 531
7. Income tax expense (continued)
Balance Balance
1 January Recognised in 31 December
2014 Income 2014
$'000 $'000 $'000
Deferred taxation assets
Accrued expenses and payments on account 270 4 274
Property plant and equipment 105 1 106
Loans to subsidiaries 52 - 52
Total deferred taxation assets 427 5 432
Deferred taxation liabilities
Property, plant and equipment (29 ) 8 (21 )
Accrued expenses and payments on account (3 ) 2 (1 )
Total deferred taxation liabilities (32 ) 10 (22 )
Net deferred taxation asset 395 15 410
At 31 July 2015 and 31 December 2014 the Company had no net operating loss carry forwards for income tax purposes and there were no deferred tax assets that have not been recognised.
Options Outstanding Number of Shares Weighted Average Exercise Price Weighted Average Fair Value Weighted Average Remaining Contractual Life
Outstanding at December 31, 2014 2,227,700 $28.00 $10.40 -
Granted 259,059 $68.25 $19.75 -
Exercised (422,255 ) $26.07 $10.03 -
Forfeited (46,648 ) $23.47 $10.02 -
Outstanding at July 31, 2015 2,017,856 $33.67 $11.70 4.85
Exercisable at July 31, 2015 962,227 $25.88 $9.89 3.50
Restricted Share Units ("RSU's") and Performance Share Units ("PSU's") outstanding at 31 July 2015 were as follows:
PSU Outstanding Number of Shares PSU Weighted Average Fair Value PSU Weighted Average Remaining Contractual Life RSU Outstanding Number of Shares RSU Weighted Average Fair Value RSU Weighted Average Remaining Contractual Life
Outstanding at December 31, 2014 669,171 $39.78 1.77 1,038,996 $35.19 1.67
Granted 269,875 $68.06 378,804 $66.85 -
Shares vested - - (222,805 ) $25.36 -
Forfeited (3,981 ) $31.49 (44,570 ) $39.48 -
Outstanding at July 31, 2015 935,065 $47.24 1.72 1,150,425 $47.35 1.92
The Company accounts for share-based awards in accordance with IFRS 2 Share-based Payments. The grant date fair value of these awards is calculated using a binomial lattice model and expensed to the income statement over the period the related service is received. Operating profit for the period is stated after charging $5.6 million (2014: $7.6 million) in respect of share-based payments expense, representing the portion of the overall Group charge which relates to share-based awards granted to employees of the Company. Share-based payment expense has been recorded in the income statement as follows:
Period Ended 31 July 2015 Year Ended 31 December 2014
$'000 $'000
Other operating expenses 5,557 7,567
Total 5,557 7,567
9 . Property, plant and equipment
Leasehold Computer Office furniture &
improvements equipment fixtures Total
$'000 $'000 $'000 $'000
Cost
At 1 January 2015 852 1,834 1,370 4,056
Disposals - - (23 ) (23 )
Foreign currency movement (63 ) (136 ) (102 ) (301 )
At 31 December 2015 789 1,698 1,245 3,732
Depreciation
At 1 January 2014 756 1,602 1,084 3,442
Charge for the period 16 75 72 163
Eliminated on disposals - - (23 ) (23 )
Foreign currency movement (56 ) (118 ) (80 ) (254 )
At 31 July 2015 716 1,559 1,053 3,328
Net book value
At 31 July 2015 73 139 192 404
At 31 December 2014 96 232 286 614
Notes to the unaudited financial statements for the interim period ended 31 July 2015
9 . Property, plant and equipment (continued)
Leasehold Computer Office furniture &
improvements equipment fixtures Total
$'000 $'000 $'000 $'000
Cost
At 1 January 2014 980 2,017 1,563 4,560
Additions 2 85 3 90
Foreign currency movement (130 ) (268 ) (196 ) (594 )
At 31 December 2014 852 1,834 1,370 4,056
Depreciation
At 1 January 2014 817 1,636 1059 3,512
Charge for the year 55 194 174 423
Foreign currency movement (116 ) (228 ) (149 ) (493 )
At 31 December 2014 756 1,602 1,084 3,442
Net book value
At 31 December 2014 96 232 286 614
At 31 December 2013 163 381 504 1,048
10. Intangible assets
Computer Software $'000
Cost:
At 1 January 2015 1,148
Additions 60
Foreign exchange movement (90 )
At 31 July 2015 1,118
Accumulated amortisation:
At 1 January 2015 951
Arising during the period 85
Foreign exchange movement (70 )
At 31 July 2015 966
Net book value:
At 31 July 2015 152
At 31 December 2014 197
Cost:
At 1 January 2014 1,396
Additions 106
Disposals/reclassifications (192 )
Foreign exchange movement (162 )
At 31 December 2014 1,148
Accumulated amortisation:
At 1 January 2014 892
Arising during the year 186
Foreign exchange movement (127 )
At 31 December 2014 951
Net book value:
At 31 December 2014 197
At 31 December 2013 504
11 . Investment in subsidiaries
Investment in Subsidiary Undertakings $'000 Long Term Advances to Subsidiary Undertakings $'000 Total $'000
Cost:
At 1 January 2015 436,030 32,094 468,124
Share based payments 17,318 - 17,318
Share subscription payment from subsidiary companies (41,501 ) - (41,501 )
Foreign exchange movement (40,277 ) (2,927 ) (43,204 )
At 31 July 2015 371,570 29,167 400,737
Investment in Subsidiary Undertakings $'000 Long Term Advances to Subsidiary Undertakings $'000 Total $'000
Cost:
At 1 January 2014 488,337 36,473 524,810
Additions (2) 13,283 - 13,283
Share based payments 15,160 - 15,160
Share subscription payment from subsidiary companies (20,497 ) - (20,497 )
Foreign exchange movement (60,253 ) (4,379 ) (64,632 )
At 31 December 2014 436,030 32,094 468,124
31 July 31 December
2015 2014
$'000 $'000
Prepayments 1,269 1,503
Other receivables 2,409 1,448
Total 3,678 2,951
Authorised share capital: No. of Ordinary Shares
Ordinary shares of par value 0.06 100,000,000
31 July 31 December
2015 2014
$'000 $'000
Allotted, called up and fully paid
59,869,421 (31 December 2014: 60,106,780) ordinary shares of 0.06 each 5,008 5,037
31 July 31 December
2015 2014
$'000 $'000
Issued, fully paid share capital
At beginning of period/year 5,037 5,168
Exercise of share options 29 74
Repurchase of ordinary shares (58 ) (205 )
At end of year 5,008 5,037
Rights of Ordinary Shares
Holders of ordinary shares will be entitled to receive such dividends as may be recommended by the Board of Directors of the Company and approved by the Shareholders and/or such interim dividends as the board of Directors of the Company may decide. On liquidation or a winding up of the Company, the par value of the ordinary shares will be repaid out of the assets available for distribution among the holders of the ordinary shares of the Company. Holders of ordinary shares have no conversion or redemption rights. On a show of hands, every holder of an ordinary share present in person or proxy at a general meeting of shareholders shall have one vote, for each ordinary share held with no individual having more than one vote.
13. Share capital (continued)
During the period ended 31 July 2015, 422,255 share options were exercised by employees for total proceeds of $11.0 million. During the period ended 31 July 2015 222,805 ordinary shares were issued in respect of RSU's previously awarded by the Company for total proceeds of $15,000.
During the year ended 31 December 2014, 926,407 share options were exercised by employees for total proceeds of $22.3 million. During the year ended 31 December 2014, 233,726 ordinary shares were issued in respect of certain RSU's previously awarded by the Company for total proceeds of $18,000.
Share repurchase programme
On 1 May 2015 the Company commenced a buyback program under which the Company could acquire its outstanding ordinary shares (by way of redemption), in accordance with Irish law, the United States securities laws and the Company's constitutional documents through open market share acquisitions.
The buyback program gave a broker authority to acquire the Company's ordinary shares from time to time on the open market in accordance with agreed terms and limitations up to $60 million. The acquisition of shares pursuant to the buyback program was effected by way of redemption and cancellation of the shares, in accordance with the Constitution of the Company.
During the interim period ended 31 July 2015, 882,419 ordinary shares were redeemed by the Company under this buyback program for a total consideration of $58.2 million. All ordinary shares that were redeemed under the buyback program were cancelled in accordance with the Constitution of the Company and the nominal value of these shares transferred to a capital redemption reserve fund as required under Irish Company Law.
On 28 July 2015 the Company announced a further buyback program of up to $400 million under which the Company can acquire its outstanding ordinary shares (by way of redemption), in accordance with Irish law, the United States securities laws and the Company's constitutional documents through open market share acquisitions. The buyback program gives a broker authority to acquire the Company's ordinary shares from time to time on the open market in accordance with agreed terms and limitations. The acquisition of shares pursuant to the buyback program will be effected by way of redemption and cancellation of the shares, in accordance with the Constitution of the Company.
31 July 31 December
2015 2014
$'000 $'000
Ordinary share capital 5,008 5,037
Share premium 232,956 221,965
Share based payment reserve 65,103 58,614
Capital redemption reserve 363 305
Other reserves 6,071 6,071
Foreign currency translation reserve (113,576 ) (59,038 )
Retained Earnings 673,013 368,553
Total 868,938 601,507
Share based payment reserve
The grant date fair value of share-based awards is calculated using a binomial lattice model and recorded in the Company financial statements over the period the related service is received, as an expense in the income statement in respect of awards to Company employees and as a financial asset in respect of awards to other Group employees, with a corresponding increase in the share-based payments reserve in both cases. On exercise or forfeiture of the award, an amount equal to the grant date fair value is transferred from the share-based payments reserve to retained earnings.
Capital redemption reserve
The Capital Redemption Reserve comprises the nominal value of shares repurchased and cancelled by the Group and transferred from share capital to the capital redemption reserve fund, as required under Irish Group Law. During the period ended 31 July 2015, 882,419 (31 December 2014: 2,640,610) ordinary shares were repurchased and cancelled by the Group.
In 2005 the Company recognised a share-based payment charge of $6.1 million, representing the fair value of 576,000 ordinary shares held by Dr. John Climax and Dr. Ronan Lambe, the founding Directors of the Company, which were transferred to Mr. Peter Gray, the then Chief Executive Officer of the Company.
Foreign currency translation reserve
The currency reserve comprises all foreign exchange differences arising from the translation of the financial statements of the company and its branches since 1 June 2004, the date of transition to IFRS.
In addition to the profit for the period a credit of $16.4 million (2014: $8.9 million) has been recognised during the year in respect of the grant date fair value of exercised and expired share-based awards transferred from the Share-based payments reserve.
Period ended Year ended
31-Jul 31-Dec
2015 2014
$'000 $'000
Income Statement:
Management services 17,842 35,750
Profit on disposal of interest in subsidiaries (1) 350,000 -
Dividend received from subsidiary undertaking (2) - 141,030
Total 367,842 176,780
Cash Flow Statement
Increase in intercompany debtors and investments (216,543 ) (10,667 )
Total (216,543 ) (10,667 )
15 . Related parties (continued)
The aggregate payroll costs of Directors of the Company for the period ended 31 July 2015 was as follows:
Period ended Year ended
31 July 31 December
2015 2014
$'000 $'000
Salary and fees 1,483 2,330
Bonus 1,210 5,393
Other benefits 17 196
Pension costs for defined contribution pension schemes 77 62
Share-based payment 4,353 5,944
Total 7,140 13,925
16 . Commitments and Contingencies
The Company has several non-cancellable operating leases that expire over the next 3 years. These leases generally contain renewal options and require the company to pay all executory costs such as maintenance and insurance. The company recognised $1.5 million and $3.2 million in rental expense (including rates) for the interim period ended July 31, 2015 and the year ended December 31, 2014 respectively. Future minimum rental commitments for opening leases with non-cancellable terms in excess of one year are as follows:
Minimum rental
payments
$'000
2015 1,070
2016 2,252
2017 1,760
2018 1,027
Thereafter -
Total 6,109
17. The Company is not party to any litigation or other legal proceedings that the Company believes could reasonably be expected to have a material adverse effect on the Company's business, results of operations and financial position.
18. Group relationships and controlling parties
The Company is a public limited company incorporated in the Republic of Ireland. The Company's ordinary shares are traded on the NASDAQ market. The Company prepares consolidated financial statements for itself and its subsidiary undertakings. These consolidated financial statements may be obtained from the Company's website www.iconplc.com .
19. Approval of financial statements
The board of directors approved these financial statements on 27 August 2015.
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Last updated: Aug 27, 2015