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Richter Annual Report2010.Pdf This Report contains consolidated data, unless otherwise indicated. GEDEON RICHTER H-1103 Budapest, Gyömrői út 19-21. Phone: + 36 1 431 4000 • Fax: + 36 1 260 6650 [email protected] • www.richter.hu 00Borito_136_oldal_angol_2011.indd 2 3/23/11 6:15:23 PM CONTENTS Richter Group – Fact Sheet . 2 Consolidated Financial Highlights . 3 Chairman’s Statement . 4 Directors’ Report . 6. Information for Shareholders . 7 Shareholders’ Highlights . 7 Market Capitalisation . 7 Annual General Meeting . 8 Investor Relations Activities . 8 Dividend . 9. Information Regarding Richter Shares . 10 Shares in Issue . 10. Treasury Shares . 10. Registered Shareholders . 10 Share Ownership by Company Board Members . 11 Risk Management . 12 Corporate Governance . 15 Company’s Boards . 16 Board of Directors . 16 Executive Board . 19 Supervisory Committee . 20. Managing Director’s Review . .23 Operating Review . 26. Consolidated Turnover . .27 Markets – Pharmaceutical Segment . 28. Hungary . 29. International Sales . 31 European Union . .32 CIS . .34 USA . .36 Rest of the World . .36 Wholesale and Retail Activities . 37. Research and Development . 38. Female Healthcare . .40 Products . 44. Manufacturing and Supply . .48 Corporate Social Responsibility . .50 People . 52. Financial Review . 56. Key Financial Data . .57 Cost of Sales . .57 Gross Profit . 57. Operating Expenses . 58. Profit from Operations . 59. Net Financial Income . .59 Taxation . .60 Profit for the Year . .60 Net Income Attributable to Equity Holders of Parent Company . .60 Balance Sheet . .60 Cash Flow . 61. Capital Expenditure . 62. Treasury Policy . 63. Pending Litigation Proceeding . 64. Consolidated Financial Statements . 65 Independent Auditor’s Report . .66 Notes to the Consolidated Financial Statements . 75. Appendices . .131 Consolidated Financial Record 2004-2010 . 132. Unconsolidated Financial Record 2004-2010 . 134. RICHTER GROUP – FACT SHEET Richter Group is active in two major business segments, primarily Pharmaceuticals comprising the research and develop- ment, manufacturing and marketing of pharmaceutical products, and it is also engaged in the Wholesale and retail of these products . In addition, there is a third group of companies comprising those members of the Group which provide auxiliary services to the former segments . Research, development, manufacturing and marketing of pharmaceutical products are the core activities of Richter and in this endeavour the Group is supported by a number of subsidiaries, joint ventures and associated companies . Manufac- turing subsidiaries of the Group which operate in traditional markets together with a broad network of trading affiliates which ensure a strong market presence have together created the foundation for regional leadership . PARENT COMPANY DATA Headquarters . 1103. Budapest, Gyömrői út 19-21 ., Hungary Mail address . 1475. Budapest, Pf . 27 ., Hungary Phone . +36. 1431 4000 Fax . +36. 1260 4891 E-mail . posta@richter .hu Website . www. .richter .hu Established . 19. 01 Main activity . research,. development, manufacturing and marketing of pharmaceutical products VAT Number . 10484878-2-44. HU 10484878 Share capital . HUF. 18,637,486,000 Number of shares issued . 18,637,486. Auditor . PriceWaterhouseCoopers. Ltd . Shares listed at . Budapest. Stock Exchange ISIN: HU0000067624 . Luxembourg Stock Exchange ISIN: US3684672054 GDRs . issued. by BNY Mellon . GDR / Ordinary share ratio = 1:1 INVESTOR RELATIONS DEPARTMENT Address . 1103. Budapest, Gyömrői út 19-21 ., Hungary Mail address . 1475. Budapest, Pf . 10 ., Hungary Phone . +36. 1431 5764 Fax . +36. 1261 2158 E-mail . investor. .relations@richter .hu Website . www. .richter .hu 2 Richter Group – Fact Sheet CONSOLIDATED FINANCIAL HIGHLIGHTS 2010 2009* Change 2010 2009* Change HUF m HUF m % EUR m EUR m % Total sales 275,312 267,344 3 .0 998 .2 952 .4 4 .8 Profit from operations 62,653 52,469 19 .4 227 .2 187 .0 21 .5 Profit for the year 64,640 50,953 26 .9 234 .4 181 .5 29 .1 2010 2009 Change 2010 2009 Change HUF HUF % EUR EUR % Earnings per share (EPS) 3,460 2,736 26 .5 12 .54 9 .74 28 .7 Dividends per ordinary shares 86860 770 11 .7 3 .12 2 . 7 4 13 .9 * Note: Adjusted . HUF m Sales EUR m Sales 300,000 1,000 250,000 800 200,000 600 150,000 400 100,000 50,000 200 0 0 05 06 07 08 09 10 05 06 07 08 09 10 HUF Earnings per share EUR Earnings per share 3,500 14 3,000 12 2,500 10 2,000 8 1,500 6 1,000 4 500 2 0 0 05 06 07 08 09 10 05 06 07 08 09 10 HUF Dividends per ordinary share EUR Dividends per ordinary share 1,000 4 .00 800 3 .00 600 2 .00 400 1 .00 200 0 0 05 06 07 08 09 10 05 06 07 08 09 10 Notes: Earnings per share calculations were based on the total number of shares issued . The amount of 2010 dividend per ordinary share is HUF 860 as proposed by the Board of Directors . Consolidated financial highlights 3 CHAIRman’S STATEMENT It is my pleasure to present Richter’s report for 2010, an important year of strategic decisions . Sound market performance, improving margins and an outstanding financial income contributed to achieve the largest profit in the Company’s history . High volume of sales to Russia and to the Other CIS countries went hand in hand with improving Hungarian turnover which more than offset declining sales to the USA . Notwithstanding increasing price competition and regulatory pressures in many of Richter’s traditional markets the Group reported good growth across these geographical areas . Undoubtedly the most important decision of the past year was the acquisition of PregLem Holding SA of Switzerland . The proprietary products developed by PregLem, as a research oriented company will expand the scope of our original research – traditionally undertaken exclusively in the area of Central Nervous System – into the field of gynaecology . As a result of this acquisition Richter will be strengthened in Western European markets based on gynaecology, its core specialty business . An additional acquisition, namely the oral contraceptive portfolio divested by Grünenthal GmbH of Germany makes a perfect match with the PregLem deal . This offers in the core area of gynaecology a possibility of increased turnover by means of enhanced margin business in the same Western European markets where the future PregLem products are expected to be launched during 2012 . The credit facility of EUR 150 million of 2010 intends to ensure the financial stability . You will be interested to learn that we concluded marketing agreements and co-operation in the field of biosimilar devel- opment with a Japanese company and generic oral contraceptives with a Chinese company, which is a new endeavour for Richter in the growing important Asian region . We are proud to report that 2010 proved to be an important development for our original research, which is the primary strategic aim of the Company; Cariprazine a most promising compound successfully passed Phase II/b clinical trials for the treatment of schizophrenia and bipolar mania, and is now undergoing the Phase III clinical trial . Good progress was also recorded in the development of biotechnology and in the setting up of manufacturing capacity in Debrecen which is expected to become operational next year . In conclusion taking into account the important strategic developments and the outstanding profit of 2010 may I on behalf of the Board record a special recognition and thanks to Mr Erik Bogsch, the Managing Director and his management and supporting team, both at home and abroad . I also wish to extend my sincere thanks to my colleagues on the Board for their support of the Management by their exper- tise and wise counsel . I am therefore confident that your Company will continue to create increasing value for its investors . William de Gelsey, KCSG Chairman 4 Chairman’S Statement William de Gelsey – EchairmainlnÖK DIRECTORS’ REPORT 6 Directors’ Report INFORMATION FOR SHAREHOLDERS SHAREHOLDERS’ HIGHLIGHT Gedeon Richter share price on the Budapest Stock Exchange compared to BUX and CETOP20 indices 120 % Richter 110 % BUX 100 % CETOP20 90 % 80 % 2010 04 .01 04 .02 04 .03 04 04. 04 .05 04 .06 04 .07 04 .08 04 .09 04 .10 0 4 .11 04 .12 Gedeon Richter share price on the Budapest Stock Exchange compared to FTSE Global Pharmaceuticals to ftseurofirst 300 Pharmaceuticals indices 110 % Richter on the BSE (US$) 100 % FTSE Global Pharmaceuticals 90 % FTSEurofirst 300 Pharmaceuticals 80 % 70 % 2010 04 .01 04 .02 04 .03 04 04. 04 .05 04 .06 04 .07 04 .08 04 .09 04 .10 0 4 .11 04 .12 Notes: BUX Index constituents are: Econet, EGIS, ÉMÁSZ, FHB, FoteX, MOL, Magyar Telekom, OTP, Pannergy, PhylaXIA, RÁBA, RICHTER, SYNERGON, TVK . CETOP20 Index (Central European blue chip index): BANK Pekao, BANK Pko BP, BRE BANK, CETV, CEZ, EGIS, Erste BANK, HT, KGHM, KOMERCNI BANKA, MOL, Magyar Telekom, NWR, OTP, PGNIG, PKN ORLEN, RICHTER, Telefonica O2, Telekom Polska, Unipetrol FTSE Global Pharmacuticals Index (FTGPH) constituents are: NOVartis, ROCHE, GlaXOSMITHKLINE, SANOFI-AVENTIS, AstraZeneca, Takeda, NOVO NORDISK, Astellas, DAIICHI Sankyo, CSL, Chugai, EISAI, SHIONOGI, PFIZER, Johnson&Johnson, AMGEN, Abbott Laboratories, MERCK, GILEAD SCIENCES, Bristol-MYERS SQUIBB, SCHERING Plough, ELI Lilly, GENENTECH, Celgene, GENZyme, BIOGEN IDEC, Allergan, Forest Laboratories, AmerisourceBERGEN FTSEurofirst 300 Pharmaceuticals Index (E3PHRM) constituents are: NOVartis, ROCHE, GlaXOSMITHKLINE, SANOFI-AVENTIS, AstraZeneca, NOVO NORDISK, SHIRE, ACTELION, UCB, MERCK KGAA . MARKET CAPITALISATION The company’s market capitalisation followed the performance of its share price on the Budapest Stock Exchange and by the end of 2010 at HUF 793 billion reflected a broadly flat performance, (1 .3 percent growth in HUF terms) when compared to its value recorded on 31 December 2009 . Market capitalisation on 31 December 2010 in Euro terms was EUR 2 9. billion, 3 .4 percent lower than the EUR 3 .0 billion amount recorded on 31 December 2009 . HUF bn Market Capitalisation EUR m Market Capitalisation 1,000 3,500 3,000 800 2,500 600 2,000 400 1,500 1,000 200 500 0 0 00 01 02 03 04 05 06 07 08 09 10 00 01 02 03 04 05 06 07 08 09 10 Notes: All data based on year-end prices .
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