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Cash flow and liquidity risk The Group presently relies on its invested funds rather than its trading receipts to meet its spending commitments. These invested funds are accessible to ensure that sufficient liquid funds are available to meet current operating requirements.

The Directors do not consider that there is presently a material cash flow or liquidity risk. Pricing risk The Directors do not consider the risk of adverse movements in prices to be significant due to the differentiation of its core products. Derivative financial instruments and hedging There were no derivatives at 30 June 2006 or 30 June 2005, and hedge accounting has not been used.

Directors' Report (cont.) Health, and safety The Company acknowledges that the key to successful Health & Safety management requires an effective policy, organisation and arrangements, which reflect the commitment of senior management.

To sustain that commitment we will continually measure, monitor and revise where necessary an annual plan to ensure that Health and Safety standards are adequate. It is the policy of the Company to ensure, so far as is reasonably practicable, the Health, Safety and Welfare of all the employees working for the Company. Equally, the Company accepts accept a similar responsibility all about tramadol for the Health and Safety of other persons who may be affected by our actions. Every employee has a legal and moral obligation to see that their acts or omissions do not place other com new tramadol cod online employees, members of the public or colleagues in jeopardy. The Company regards all Health and Safety legislation as the bare minimum and expects management to achieve their managerial targets without compromising Health and Safety. The Company will provide, so far as is reasonably practicable, safe places and systems of work, safe plant and machinery, safe handling of materials and substances, the provision of adequate safety equipment and ensure that appropriate information, instruction and training is given. The Company will ensure that suitable and sufficient risk assessments are completed as required by statutory legislation and all recommendations implemented. When this has been undertaken all relevant employees will be provided with sufficient information to enable them to complete their work activity safely. The Company will ensure continued consultation with the workforce to enable all viewpoints and recommendations to be discussed at regular intervals.

Research and development expenditure The group actively reviews technical development in its markets with a view of taking advantage of all about tramadol the available opportunities to maintain and improve its competitive position. The group has continued to invest in the development of new pharmaceutical products during the year as detailed in note 3. Payment to Suppliers It is the Group's policy to abide by the payment terms agreed with suppliers whenever it is satisfied that the supplier has provided goods and services in accordance with agreed terms and conditions.

Creditors days during the year were 75 days, (2005:53 days). Employees Our most important asset is our employees. We are committed to developing policies that encourage all employees to achieve their greatest potential and to continue to contribute to the success of the Group.

We seek to develop employees' potential by encouraging them to attend seminars, training courses, and providing help in seeking necessary professional all about tramadol qualifications to further their careers. We all about tramadol operate equal opportunities in recruitment, training and promotion regardless of gender, ethnic origin, nationality or disability. Every employee qualifies for our EMI share option plan. The conditions and restrictions on qualifying employees are set out on pages 23 to 24 of the Directors Remuneration report. This ensures that employees are able to share the success of the business as it grows and have a sense of ownership.



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