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IFRS Information - First Half of 2007
Date:9/13/2007

illion (2006: $12.2 million). The increase in finance costs in 2007 over 2006 follows the acquisition of New River which was partly funded by $1.3 billion of term loans, utilized under Shire's $2.3 billion banking facility. These term loans were subsequently partially repaid using the proceeds from Shire's 2.75% convertible bond issued in May 2007. The remaining $200 million of the term loans was also repaid during the six months to June 30, 2007. Finance costs for the six months to June 30, 2007 include a $7.9 million write-off of deferred financing costs following the repayment of these term loans. Finance costs relating to the convertible bonds, representing interest expense, amortized discount and issue costs totaled $10.8 million for the six months to June 30, 2007.

In the six months to June 30, 2007 and 2006 finance costs included a provision for interest, which may be awarded by the Court in respect of amounts due to those ex-TKT shareholders who have requested appraisal of the acquisition consideration payable for their TKT shares. The original trial date for the appraisal rights litigation was set for April 23, 2007, but this trial date has since been postponed to May 2008.

Share of post tax profits from associates and joint ventures

Profits of $1.2 million were recorded for the six months to June 30, 2007 (2006: $4.3 million). This comprised profits of $3.1 million from the 50% share of the antiviral commercialization partnership with GSK in Canada (2006: $3.2 million), offset by losses of $1.9 million being Shire's share of losses in the GeneChem and EGS Healthcare Funds (2006: profit of $1.1 million).

Taxation

The effective rate of tax for the six months to June 30, 2007 was 77% (2006: 32%). The effective rate of tax in the six months to June 30, 2007 has increased over the six months to June 30, 2006 as a result of the inclusion in 2007 of non-deductible goodwill impairment charges totaling $80.9 million (2006: $nil). Exclu
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SOURCE Shire plc
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