Profit and Loss Account. In order to permit calculation of the Supplemental Royalty, PMC hereby agree to maintain a profit and loss account, which shall include PMC's and Aphton's Product Costs and Expenses (the "P/L Account") for the purpose of determining Net Profits. The Steering Committee will develop an operating plan (the "Operating Plan") to be implemented by the parties prior to Commercial Launch which will set forth the mechanism for allocation of costs and expenses to the P/L Account and the reimbursement of costs to each party. The Steering Committee will be responsible for approving the P/L Account based on the approved Internal Accounts of each party and the invoices of Net Sales submitted by PMC. Except for the Product Costs and Expenses entered into the P/L Account, all other costs and expenses, including, without limitations, any indirect costs and expenses, incurred by either party in connection with the promotion, marketing, distribution and selling of the Product shall be borne solely by such party..
Profit and Loss Account. 7.1 MAINTENANCE STOCKS ------------------ . Expenditure on plant and machine spares is written off as incurred.
Profit and Loss Account. Ø There is a dedicated line for all provisions on contracts movements. They are included on the line PD900N “Total Costs of sales” and separately identified on the quarterly schedule 9A40/A174 which shows 3 lines: XP004: cost of the period XL004: Addition to contract related provision XL109: Release of contract related provisions PX9002 = XP004 + XL004 + XL109 PD9002 = PD900N Ø Provisions for environmental costs have to be disclosed on the half-yearly schedule 9A41/A173. This schedule includes four lines: XP003 Charges for the period XL003 Addition to provisions XL106 Application of provisions XL107 Release of provisions
Profit and Loss Account
