ANNUAL REVIEW 2013ANNUAL REVIEW IBA
IBA // ANNUAL REVIEW 2013 IBA // ANNUAL REVIEW 2013 2013 2013 FIGURES KEY SALES TRENDS BY GEOGRAPHICAL SECTOR (%)* SALES TRENDS BY ACTIVITY* ROW USA 10% Dosimetry Dosimetry Accelerators Other therapy Proton TURNOVER 0% 2% 4% 6% 8% MARGIN TRENDS TRENDS MARGIN 2008
2009 48 48 52 52 2010 2009 2009 21 02 2013 2012 2011
(U 000) (EUR 33 33 67 67 155 574 4 00 3 06 3 86 3 91 4 37 0.2% 387 45 991 38 896 38 086 39 39 815 070 45 70 689 2010 2010 2009
(U 000) (EUR 19 8 0 15 21 0 1 52 8.1% 512 212 106 221 165 203 988 169 4 08 4 12 4 92 4 93 3.6% 923 45 14.4% 902 48 202 121 112 43 213 133 018 157 48 121 884 82 2010 34 34 66 66 segments: IBA in operates two employees1 000 worldwide. Quoted on thepan-European stock IBA is theworldwide leader on the IBA is ahigh-technology medical accelerators” and “Dosimetry”. “Proton therapy and Particle exchange Euronext. market. therapy proton for and theindustry dosimetry. accelerators radiopharmacy, particle therapy, proton on activities its company which concentrates 2011 2011 (U 000) (EUR 2011
(U 000) (EUR rate.(1) Compoundannualgrowth 2012 38 38 62 62 2012 2012 (U 000) (EUR
2013 65 65 35 35 CAGR 2013 2013 (%) (1)
fi*The any donotinclude gures pamcuia activity. pharmaceutical SAVING LIVES MISSION: OUR and Lives. Save completethat we our mission Protect, Enhance to: our employees and our shareholders as it is together of cancer. We about care thewell-being of patients, to bring solutions new for thediagnosis and treatment and with our know-how customers and our partners pushing back thelimits of technology. We share ideas IBAAt dare we to develop innovative solutions Stock market andshareholders review Economic presence global A &ManagementTeam Directors Board of resources Human strategy Global 2013 Highlights IBA at aglance Oeaig results Operating figures Key
INTRODUCTION INTRODUCTION CONTENTS CONTENTS 28 27 27 26 24 22 20 1 6 4 2 IBA // ANNUAL REVIEW 2013 2 IBA // ANNUAL REVIEW 2013 A T A GLANCE GLANCE A AT IBA the oncological world with equipment of unequalled precision. in thedevelopment of innovative proton therapy technologies, supplying therapy and diagnostic technologies. The Company’s special lies expertise IBA is theworldwide technology leader in advanced cancer radiation Proteus Proteus cancers. cancers. pediatric and liver, breast prostate, as well as cord, spinal and stem brain to the close tumors cancers, brain eyeand to treat appropriate Proton is particularly therapy surroundingtissues. tumor damaging without healthy the of center the in directly zone, within a precisely controlled of their energy deposit the majority its reduced side effects. Protons and tumor the to target possible is it which with precision to the fi the in cancer,thanks against ght treatment advanced most the be Proton therapy is consideredto THERAPY PROTON ACTIVITIES MAIN ON THREE TODAY, FOCUSES IBA 56 % ® PLUS PLUS
121 202 202 121 2013 ACTIVITY TURNOVER (EUR 000) than ever.than proton therapy is more accessible solution. With Proteus Proteus several treatmentto rooms radiation. Delivering exactly the of in the delivery is everything Precision radiology. and therapy calibration procedures of radiation checks and the necessary perform enabling hospitals to software monitoring equipment and of range afull offers IBA DOSIMETRY Proteus with from complete solutions ranges The IBA product offer development. and 10 additional centers under therapy centers in operation 16 proton 2013, includes this of end the At systems. IBA are therapy clinical facilities worldwide proton Today, of half than more 23 % ® 45 923 923 45 2013 ACTIVITY TURNOVER ONE
® PLUS with
(1) Proteus Proteus , a single-room ,asingle-room (EUR 000) ® ONE ONE
, success and safety depend on it. it. on depend safety and success Treatment crucial. absolutely is defi body patient’s the in area ned dose to aprescribed precisely activities. industrial sterilization andionization inradiation todevelopexpertise its IBA leverages itsscientific In additiontoitsmedicalactivity, Tomography). mainly PET(Positron Emission radiopharmaceuticals, of for theproduction radiopharmacy the functionaleffia ciency of to design,installandmaximize nuclear medicinedepartments Solutionsteamhelps Radiopharma cancer.the detectionof The IBA radioisotopesfor the productionof themareusedfor The majorityof worldwide. than 400accelerators To date, IBA hasinstalledmore ACCELERATORS PARTICLE 21 % 45 387 387 45 2013 ACTIVITY TURNOVER OUR SOLUTIONS SOLUTIONS OUR (EUR 000)
ftheProteus of a new confi guration nameof the brand 1 Proteus (1) before marketing. before Bodies, etal.) Notifi European ed authorities (FDA, by competent subject toreview new developments some 235, including ® is ONEis ®
3 IBA // ANNUAL REVIEW 2013 4 IBA // ANNUAL REVIEW 2013 2013 HIGHLIGHTS à à à à Therapy Proton
Asia. in success continued contract demonstrates IBA’s therapy system. the first Proteus first the to discover Belgium in factory radiation in therapy leaders its 60 than more gathers IBA Asia to the therapy cancer innovative latest at the forefront of delivering the be will IBA contract, this With proton therapy center in India. first the to install Hospitals Apollo with contract signs IBA October 9 1 July 2 June 21 January Krakow,Poland. Center, in IFJ Therapy Proton supply the new extension of the to (IFJ) Sciences of Academy Polish the of Physics Nuclear InstituteNiewodniczanski of Henryk by the selected is IBA Proteus to install contract signs IBA st nd ® , 2013 ONE , 2013 th region. , 2013 st , 2013 in Taiwan. This Taiwan. in This ®
ONE
proton proton à à
Proteus proton therapy system, IBA’sdevelopment of compact achieved in 2013 inthe Major milestoneswere November 27 • • • Therapy (IGPT) Proton Image-Guided future of foundation for the development asolid Suite, Imaging new its for clearance FDA receives IBA (PBS) technologies. by Pencil BeamScanning suitable for beingused Synchrocyclotron, tolevels beam fromitscompact and extracted aproton IBA alsoaccelerated Louisiana. (WKCC) inShreveport, Knighton CancerCenter line wasshippedtoWillis- beam The compactgantry for marketing authorization. Administration (FDA)Drug totheU.S.gantry Food and compact protontherapy documentation onIBA’s IBA submittedallnecessary ® ONE : th
, 2013 solutions. à Accelerators Particle à à
energy high- and medium- in leader the IBA’sstrengthened as position which regions, all in contracts important won IBA division. Solutions for RadioPharma IBA sales of year 2013 arecord was (USA) in2013. Seattle (USA)andKnoxville completed inTrento (Italy), protontherapy roomswere of treat patients. The installation therapy arereadyto centers proton newly constructed accelerate thepaceat which to demonstrate itscapacityto Throughout 2013IBA continued cancer in precision which enables millimeter technology PBS unique its with several proton therapy centers 2013, equipped IBA During
cyclotrons. treatment. in operations. in therapy rooms of proton 66 share IBA market à Dosimetry à à
accelerators inAsiaandBrazil. accelerators Rhodotron contracts for thesupply of In 2013IBA signedmajor November 4 illnesses. diseases and other critical of cardiovascular diagnosis the in used isotopes of production it to provide the year-round the United States, allowing in radiopharmaceuticals of production to the 70 installcommercial the first to Molecular Zevacor with acontract signs IBA including: market, by the received thatmeetings), were well annual (ASTRO) Oncology Radiation for Society American and (AAPM) Medicine in of Physicists Association at (American major tradeshows several product improvements IBA Dosimetry introduced
MeV Cyclotron dedicated %
® andDynamitron th , 2013
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• • • • Solutions. RadioPharma year for a record sales 2013 radiation during and dose delivery setup patient precise highly in oncologists radiation supports radiology. This new product in interventional implantation easier and safer for designed productthe VISICOIL line, to extension product A new management. graphical user interface and workflow improved an through increase efficiency has new functionalities that verification patient 2D for The replacement software anatomy. 3D in verification treatment and more accurate patient that enables even(3.0) faster Compass of release A new technologies (high dose ofverification new treatment patientaddress treatment to MatriXX successful the of version extended An
therapy.
rate). à à à à highlights Operating December 11December November 18 November 13 June 4 in signed facility loan the of Trento, Italy, repayment in Per la Protonterapia) center in ATreP (Agenzia Provinciale the from payment of receipt The Company announces to an Argos Soditic fund. fund. Soditic Argos to an Cisbio Bioassays business unit its of sale the completes IBA Westdeutsches Protonen awith final settlement towardsprogress reaching good further makes IBA signed in March 2014. March in signed was contract final The (WPE). t April early in closed was Purchase Agreement, which Share the under parties two the between disputes outstanding all to settle Partners Capital SK IBA agreement reaches with herapiezentrum Essen GmbH GmbH herapiezentrum Essen th , 2013 th th th , 2013 , 2013 , 2013 2009.
2012. HIGHLIGHTS
2013 5 IBA // ANNUAL REVIEW 2013 6 IBA // ANNUAL REVIEW 2013 STRATEGY GLOBAL
à based put in place, and from higher service- programs efficiency and productivity from mainly strongly, rose margins to emerging countries. Operating and industrial applications, mainly of accelerators for radiopharmacies and endedyear for arecord sales leadershipits in field thedosimetry therapy market.IBA has also assured leadershipits on thegrowing proton itself for thefuture and consolidate repositioning allows IBA to position and particle accelerators. This therapy, dosimetry proton businesses: repositioned to focus on core its 2013 was theyear was thecompany revenues. revenues. à
proton therapy solution therapy proton of patient thefirst on our compact new We 2014 of reach of 10% operating profit theend at order backlog. The Company should as well contracts as astrongservice an increasing number of long-term therapy. IBA will of thebenefits reap proton adopting hospitals worldwide and seeing a growing number of
2014.
look forward to starting treatment treatment to starting look forward
should theyear be of harvest. Proteus ® ONE CEO Olivier Legrain, Right Chairman Mottet, Pierre Left year. harvest the 2014 , TRATEGY S GLOBAL
7 IBA // ANNUAL REVIEW 2013 8 IBA // ANNUAL REVIEW 2013 ON A GROWING MARKET AGROWINGON MARKET THERAPY LEADER WORLD IBA, PROTON Proteus Proteus in Interest more patients for accessible therapy becomes Proteus Proteus three sold already has IBA growing: mainstream with with mainstream become should trend This ACCESSIBLE MORE THERAPY PROTON MAKES IBA to years the in rooms therapy proton increase inworldwide demand for a strong anticipates therefore signifito increase cantly.IBA therapy is is recommended going proton which for indications of share the parallel, In 10 years. radiotherapy double in the next by treated cancers of share the to see We expect world. the in cases cancer of number the in increase unavoidable an Unfortunately, we are witnessing ability needs. to our meet department demonstrated innovation in thefi eld of proton therapy and chosen were they for their unique image guidance and remaining within thebudget of our hospital system. IBA has continually ofform proton therapy, thepencil beam scanning, while taking advantage of advances in theWillis-KnightonAt Cancer Center Louisiana, in Shreveport, thelatest wanted to we offer Proteus Proteus With to fi easier ultimately and nance. to operate easier to install, easier affordable, smaller, is more which the compact solution single-room exclusive in-factory demonstration demonstration exclusive in-factory an for Belgium in gathered 15 countries from leaders therapy conference,users radiation 60 therapy IBA’sat proton annual 2013, June In Taiwanand (China). Nice (France) (USA), Shreveport come. come. ® ® worldwide. worldwide. , proton ,proton ONE
systems in in systems ONE
Proteus Proteus ® is is ONE
® ONE , ONE
Proteus Proteus of – such as the report by the by the report the as – such radiotherapy treatments,studies 1% of than less represents today therapy proton While indications. cancer of number increasing an in mode treatment this of superiority the establish that studies clinical of number growing the is therapy proton accelerate the movement towards will which factor Another THERAPY PROTON OF ADVANTAGES OF THE CLINICAL RECOGNITION GROWING the development of in achieved were milestones major standpoint, atechnology From therapy. proton in takes community radiation therapy worldwide signifithe the that interest cant attending, underlines participants the of expertise high-level the Scanning (PBS) Scanning Beam Pencil in use for suitable levels to the Synchrocyclotron, compact its from beam a proton extracted and accelerated also IBA authorization. marketing for (FDA) Administration Drug and Food U.S. to the gantry IBA’s compact proton therapy on documentation necessary all 2013.in submitted IBA Lane R Rosen MD, Director of Radiation Oncology, Willis-Knighton Cancer Center. Cancer Willis-Knighton Oncology, Radiation of Director MD, RRosen Lane ® . This visit and and visit .This ONE
technologies. technologies. Proteus Proteus ® ONE ONE
PT in amounts substantial to invest intend and modality treatment this of value medical the recognize Netherlands the and Kingdom governments of the United the instance, For world. the throughout technology of kind this in investment for support of international governmental levels to increasing leading is therapy proton of advantages evidenceGrowing of the clinical clinicalcertifi cation and training built IBA partners, academic with in cooperation 2013, In associations. patient and other educational platforms foundations, of support the through patients and doctors to information didactic and educational distribute helps also IBA cancers. pancreatic and breast lung, as such indications new for protocols of development and distribution the on and studies clinical on together clinical with partners Specifi works cally, IBA by technique. this would benefi beingfrom t treated by radiotherapy treated patients 17% than of more that estimate – Council) Health (Netherlands Nederlands Gezondheidsraad Gezondheidsraad Nederlands equipment.
bodies. bodies. (2) (2)
STRATEGY STRATEGY gezondheidsraad.nl 786-7 http://www. ISBN 978-90-5549- 2009/17E. publication no. 2009; Netherlands, the Council of Hague:Health The scanning report. radiotherapy. Horizon Proton the Netherlands. (2) HealthCouncilof GLOBAL GLOBAL 9 IBA // ANNUAL REVIEW 2013 10 PROTON IBA // ANNUAL REVIEW 2013 therapy solutions. 510(k) K132847). 510(k) K132847). *adaPT Insightis the brandname the brandname f eiso aseriesof of software I2C I2C software used by IBA in its proton in itsproton (I2C: FDA
THERAPY THERAPY à à theprotonbeamenable itto: of physical properties The particular possible totargetthetumor. itis to theprecisionwithwhich the futureincancertreatment, due specialists tobethetechnology of radiotherapy consideredby many Proton therapy of isaform THERAPY? PROTON IS WHAT period. time unrivalled an building; the of delivery the from 12just months of pace accelerated the at room fiand treatment rst state-of-the-art line beam cyclotron, functioning aclinically to install able is IBA Seattle, in Center Therapy Proton ProCure by the demonstrated As and fi nancialrisk for stakeholders. thereby reducing the technological patients, to treat ready are centers proton constructed newly therapy accelerate the pace at which todemonstrate its capacity to 2013,In continued IBA combined! installations competitive major all on than more – equipment IBA on treated been 25 Over 000 by IBA. equipped is market therapy proton thanMore half of the worldwide leader. market world uncontested of position the enjoys also since the Companyparticularly future, the for growth of source IBA’s is principal therapy Proton POSITION LEADING MARKET TO STRENGTHEN ITS CONTINUES IBA cancers andgrowthanomalies cancers secondary reducetheriskof thetumor; surrounding delivered in healthy tissue reducetheradiation dose patients have have patients
proton therapy centers excellence intheinstallation of developed uniqueoperational The Company hasover time are inoperation –to26institutions. 53 which 74 treatment rooms–of market andthesaleof share of its positionasleaderwitha50% 2013IBA confiAt theendof rmed à software. imaging its for (FDA) Administration Drug and Food U.S. the from authorization marketing received 2013, IBA November In therapy. protonfor image-guided solutions innovative partners precision, IBA develops its with treatment to optimize order In tumors. complex-shaped in even uniformity, dose and conformity of levels high very with delivered to be dose proton the allowing enables millimeter precision technology PBS months. coming the in equipped be will centers 12 and additional technology PBS benefiTen centers from already t (PBS). Scanning Beam Pencil technology, IBA’s IMPT unique with equipped to be about are by IBA built currently centers therapy proton all Almost new technology deployment. demonstrate its leadership in to 2013,In continued IBA CLINICAL VALUE ADDED HIGH SOLUTIONS WITH TECHNOLOGICAL DEPLOYS IBA effects. effects. by signifi cantly reducingside life duringandaftertreatment patients abetterqualityof offer tissue; healthy linked totheradiation of
Proteus PRODUCTS PRINCIPAL therapy. beam proton of precision the leverage to fully as so time, real in environment immediate its and location tumor the of view precise a very to obtain is techniques these of fi The solutions. (IGPT) goal nal Proton Therapy Image-Guided specifi future to develop allow c will software imaging new This modes of beamdistribution. modes of treatment roomsandfour of and tochoose betweenfour types theirneeds center infunctionof the possibilitytoconfi guretheir Proteus treatment moreaffordable. initiative aimed at makingproton This compactsolution isanIBA proton therapy treatment room. ® ® offers customers customers PLUS offers asingle ONE consistsof group of vendors to come through with bringing facility on time and on budget. in theworld with proton therapy. Based on their experience, think we arethemost they likely brings technology thebest to thetable. We believe have they themost experience important in excited proton therapy about and We arevery apartnership we with IBA. do believe IBA We took along time going through and theprocess analyzing thelandscape of vendors OM SOLD ROOMS ROOMS INOPERATION SHARE MARKET 49 Competitors 34 Competitors
% %
IBA 51 IBA 66
% % James Metz, M.D. University of Pennsylvania School of Medicine. Medicine. of School Pennsylvania of University M.D. Metz, James
STRATEGY STRATEGY GLOBAL GLOBAL 11
IBA // ANNUAL REVIEW 2013 12 IBA // ANNUAL REVIEW 2013 RADIATION THERAPY AND RADIOLOGY RADIOLOGY AND RADIATION THERAPY IN LEADER THE QUALITY ASSURANCE DOSIMETRY good image quality. In radiation radiation In quality. image good maintaining whilst patient to the doses imaging the a minimum to to decrease generally is goal the imaging, medical In risks. associated the minimize as well as therapy, and diagnosis the of quality the maximize both to order in carefully and wisely applied to be has radiation However, patient. the for outcome the to improve used is radiation applications, both In therapy). (radiation therapy cancer in and tomography) computer or X-ray as (such imaging medical by aided diagnosis during patients: for radiation of use the of applications main two are There fast and easy to use.very solid calculation algorithm, simple require very input data and thecommissioning is process demanding(...). solutions offers The IBA Dosimetry our that meet needs. Theyprovide avery of commissioningThe process and testing planning treatment different three systems is very Alberto Perez Medical Physicist, Hospital Universitario Virgen de la Victoria Málaga, Spain. Spain. Málaga, Victoria la de Virgen Universitario Hospital Physicist, PerezMedical Alberto the healthy tissues. sparing whilst mass tumor the on accuracy pinpoint with radiation cell-killing of cancer doses high to focus is goal the therapy, segment will grow further, with (QA) Assurance Quality and higher patient safety, the dosimetry of awareness increasing market’s by patients. the healthcare With and received treatment doses imaging the analyze and measure to solutions assurance quality professionals high-end with leader in providing healthcare market the is Dosimetry IBA overWith worldwide, 10 users 000 GROWTH CONTINUOUS benefi t oftheir patients. use of their investments to the effi and safe the maximize cient effi more effectively and ciently equipment end dosimetry enabling to users utilize high- level, highest the at programs training dosimetry advanced of avariety offered (ICC) Center International Competence Dosimetry 2013, IBA the During synergies for IBA Dosimetry. imaging devices provides further radiation therapy machines with The acceleratingof trend merging indigit emerging growth markets. developed markets and double in rates growth annual digit single
STRATEGY STRATEGY GLOBAL GLOBAL 13
IBA // ANNUAL REVIEW 2013 14 DOSIMETRY IBA // ANNUAL REVIEW 2013 à à several product improvements: introduced 2013,In Dosimetry IBA INNOVATION CONTINUOUS anatomy. anatomy. verifitreatment 3D in cation patient accurate more and that enables even(3.0) faster Compass of release A new rate). dose (high technologies treatment new of patient treatment verification to address MatriXX successful the of version extended An à à radiation therapy. therapy. radiation during and dose delivery setup patient precise highly in oncologists radiation supports product new This radiology. in interventional implantation easier and safer for designed line, product VISICOIL the to extension product A new management.interface workfl ow and graphical user effi improved an through ciency functionalities that increase verifi patient 2D new has cation for The replacement software our clinical routine for patient plan verifi cation. COMPASS (…) has made it an indispensable tool in provided solutions byThe theIBA safety Dosimetry COMPASS PRODUCTS PRINCIPAL à WHAT IS DOSIMETRY? before thedoseis atreatment even and efficiency of clinical decisionsonthesafety healthcare professionals tomake inside thepatient body, enabling the exact dosedistribution In contrast, traditional phantom-basedQA. advanced solutionthat overcomes ain safety patient for procedures calibration and assurance quality imaging medical therapy, radiation in risks minimize and efficiency that maximize services and solutions high-quality innovative of range afull offers Dosimetry IBA ® COMPASS is the first andmost isthefirst
Hospital Universitario Virgen de la Victoria, Málaga, Spain. Spain. Málaga, Victoria, la de Virgen Universitario Hospital . delivered ® visualizes
. dose delivery. target volume andmoreprecise the more accurate delineation of for It minimizes imagingartifacts patient setup(IGRT /IGPT). targeting basedonimageguided enable pinpointtreatment dose into thepatient’s tumorvolume to Visicoil isacoilmarker implanted Dental, Mammography. Radiography, Fluoroscopy, in allx-ray imagingmodalities; verification andqualityassurance solution for advanced beam MagicMaXistheoptimized Physicist, Perez Medical Alberto
STRATEGY STRATEGY GLOBAL GLOBAL 15
IBA // ANNUAL REVIEW 2013 16 IBA // ANNUAL REVIEW 2013 KNOW-HOW UNIQUE WORLDWIDE A RADIOPHARMACY IBA sold its Cyclone center. Moreover, production up setting a radiopharmaceuticals for equipment and services combines that solution IntegraLab IBA’s of unique part were sold cyclotrons the of Most cyclotrons. high-energy and medium- in leader the as IBA’s position )confi East Middle the and rming Russia America, North Europe, (Asia, regions all in contracts important won IBA division. Solutions RadioPharma IBA for sales of year 2013 arecord was SOLUTIONS FOR IBA RADIOPHARMA AN EXCEPTIONAL YEAR center.radiopharmacy effi and a consistent cient into integrated to be equipment auxiliary and components all requires that one capability, fully-functional radiopharmacy a acquiring of project complex fi the only indeed the in step rst is acyclotron macy. Acquiring aradiophar- operate and build to design, centers distribution cal hospitals and radiopharmaceuti- innuclear medicine departments helps team Solutions Pharma the IBA Radio- ing expertise, longstand- this on Based centers. production radiopharmaceutical in upexperience setting medical IBA has developed in-depth the year-round production of of production year-round the assure will which States United from IBA’s experience to obtain our FDG market authorization. multiple production of FDG, F-Dopa, NaF and We others. also benefi ted Thanks to IntegraLab’s team, our PETcenter is fully GMP compliant for ® 70 in the 70 the in Manager Department Nuclear Medicine/ Cyclotron MCA Alkmaar, The Netherlands. Netherlands. The Alkmaar, MCA Cyclotron Medicine/ Nuclear Department Manager production centers. (c)GMP radiopharmaceuticals in-depth experience insettingup systems,...), IBA hasdeveloped systems, synthesizers, control equipment (cyclotrons, targetry high-quality technology production management. Inadditionto from projectdesigntothefacility providing themglobalsolutions, radioisotopes productionby withtheirin-house centers distribution pharmaceutical hospitalsandradio- supports Solutions IBA RadioPharma RADIOPHARMACY? WHAT IS THE this segment are very positive in in positive very are segment this in IBA for perspectives Growth market. cyclotrons Energy Mid the of 40% approximately sold IBA 5years, last the Over world. the in modules chemistry 330 and cyclotrons 200 installed already has Solutions RadioPharma IBA cyclotron. energy a70 MeV high install successfully to required expertise internal the with company only the is and illnesses. other IBA critical diseases cardiovascular of diagnosis the in used isotopes tion of tion of mated synthesizer for theproduc- wide range of radiochemistries. wide rangeof is designedtoaccommodate a chemistry module. module. chemistry IntegraLab PRODUCTS PRINCIPAL IntegraLab marketed 2013 company the In innovation. constant through its leadership and differentiation to develop continues also IBA in emerging countries. throughout the particularly world, radiopharmaceuticals (PET) Tomography Emission Positron for demand increased the of view IntegraLab centers. Amongstotherservices, production radiopharmaceutical for theestablishment of services solution combiningequipmentand radiopharmaceuticals. Synthera compounds (FCH,FLT, NaF)and on the Company’s Synthera Company’s the on produced be can that molecules new to develop continues and integrated center), radiopharmacy Synthera production goals. the customer’s radioisotope technology equipmenttomatch suitable high- installation of selection, integration, supply and compliance, andthe regulatory full design, completionof 18 F-FDG, other Gommans Dr. Geert ® is a multi-purpose auto- isamulti-purpose ® ® ® includes thebuilding ONE (a ready-to-run ready-to-run (a ONE isafully-integrated 18 F-labeled ®
®
STRATEGY STRATEGY
GLOBAL GLOBAL 17
IBA // ANNUAL REVIEW 2013 18 IBA // ANNUAL REVIEW 2013 FOR MEDICAL DEVICES DEVICES FOR MEDICAL X-RAY AND STERILIZATION E-BEAM ACCELERATORS INDUSTRIAL are available. decisionbest ever. IBA keeps on upgrading it whenever developments new Purchasing fi the Rhodotron rst in theelectron-beamsterilization installed power more than60%of integrator. Today IBA supplies itspositioningasa systems of on aproductlevel andinterms both differentiation strategy of IBA Industrialhasdeveloped a theRhodotron, characteristics of theunique future. Inviewof the isthetechnology of which access toX-ray sterilization Rhodotron DUOaimstofacilitate or by electronbeam treatment. devices eitherby X-ray treatment tosterilizeits customers medical a newconfiguration that allows launched RhodotronDUOin2013, In thesterilization market, IBA inAsianmarkets. particularly achieved excellent salesin2013, (crosslinking). IBA Industrial polymers of physical properties the and theimprovement of single-usemedicalproducts of on twomarkets: thesterilization electron beamsandfocuses The IBA Industrialdivisionexploits in 2012 which enables Rhodotron in 2012which thanks toaninnovation patented new markets arenowaccessible ethylene oxide sterilization. These markets such asgamma ray and to breakintoothersterilization equipment market andplans à FOR INDUSTRY? THE ACCELERATORS ARE WHAT than competitors. to cover awiderpowerrange medical devices sterilization, applications,different such as solutions aimedat many and customized irradiation E-beam andX-ray equipment auniquerangeof offers in electronaccelerators, IBA leader Industrial,theworld ® was areal was challenge. has It my been Managing Director de SynergyHealth. SynergyHealth. de Director Managing ®
services offer.services due toaglobalproductsand thisgrowth a majorshareof performance. IBA hascaptured superior more compactandoffer by electronbeamsthat areboth moving towardscables treated are automobilemanufacturers of For example, agrowingnumber showsstronggrowth. currently The polymer crosslinkingmarket Rhodotron PRODUCTS PRINCIPAL polymer ionization. device sterilization and for for accelerators medical standards set theindustry or food pasteurization. (crosslinking anddegradation) polymer enhancement ® and Hans Hartmann, Hartmann, Hans Dynamitron ®
STRATEGY STRATEGY GLOBAL GLOBAL 19
IBA // ANNUAL REVIEW 2013 20 IBA // ANNUAL REVIEW 2013 R E SO U R CES U ESO R R CES HUMAN EMPLOYEE ACTIVITY PROFILE cancer. today IBA isable to If deployed inthefightagainst and experience, orsuch energy competence such ahighlevel of activitieshas in thissectorof advantage. Noothercompany and itsprincipalcompetitive resource the Company’s primary talent stays! The IBA workforce is Technologies may change, but TO IBA SUCCESS KEY WOMEN, MEN AND Administration 23
% Development Research & 25 and other Engineers COGS 41
%
% 11 Marketing Sales &
% unrivalled technologies. with us tosupply customers andenablesmakes thedifference IBA teamswhich of expertise accumulated over time. Itisthis training andexperience professional continuous teamwork, comesfrom understanding technologies perfectly. This ouradvancedpeople understand a recordtime, itisbecauseits install aprotontherapy roomin IBA EMPLOYEES WORLDWIDE 76% 76% 24% 24% This is why we offer our This weoffer iswhy expertises. complementary multiple and composed of in thismulticultural collectivity addedvalue todayOur true lies cooperation. and astrongspiritof facilitates employee’s autonomy The IBA culture corporate INNOVATION PRODUCING CONTINUOUS COOPERATION,OF A STRONG ETHIC GRAY 16% GERMANY BLIM 49% BELGIUM OHR 9% OTHERS CIA 6% CHINA UA 20% USA several years, the Company has activities. For sports for personnel healthcare programsandsupport itsemployees, such as of initiatives todevelop thewellbeing IBA hasintroducedarangeof ATMOSPHERE WORKING POSITIVE innovation. collaboration for continuous of isdevelopingpersonnel aspirit between ouractivitiesthat our andthesynergies global structure Company. This isalsothroughthe toevolveopportunities inthe trained continuously aswell employees thepossibilitytobe system and providing for asmooth operation. in their fiexperts eld, done job awonderful and on maintaining they’ve our has wonderful. been had The people on board have that been they’ve Our experience with IBA has excellent. been The quality of theequipment Company” by theassociation “BestWoman Friendly the titleof In additionIBA wasawarded the fightagainst cancer. activitiesdedicated to of support specialized brochures andthe on cancerthroughconferences, also provided trainingsessions loyalty. Everyone intheCompany IBA workforce is thefoundation of human needs, challenges serving one’s withitstechnological work, The abilitytofeel passionate about mission: thefightagainst cancer. strongly withtheCompany’s IBA andstay becausethey identify Many professionalspersonnel. join its loyalty of highlevelthe very of IBA is Another characteristic of TO THE IBA MISSION COMMITTED EMPLOYEES University of Florida Proton Therapy Institute. Institute. Therapy Proton Florida of University Director. Executive MHA Klein, Stuart working atmosphere.working focus onamutually-respectful IBA’s recognition of a warm Belgianengineers. This is of understanding of itsobjectives. of understanding itsresourcesandabetter ment of the Grouptocreate abetteralign- This reorganization hasenabled zational changes initiated in2012. Company completedtheorgani- The year 2013waspivotal asthe towards it. their competenciestocontribute shares themissionanddevelops GroupVice-President HumanResources NOLF FRÉDÉRIC
RESOURCES RESOURCES HUMAN HUMAN 21
IBA // ANNUAL REVIEW 2013 22 DIRECTORS DIRECTORS OF BOARD IBA // ANNUAL REVIEW 2013 OF DIRECTORSOF B Yves Windelincx OARD OARD Director Board of on IBA’s information For more s Marcel Miller Eric DeLamotte Kathleen Vandeweyer Pierre Mottet Pierre Dr Mary Gospodarowicz Dr Mary Yves Jongen Dr Pierre Scalliet Dr Pierre Olivier Legrain TEAM MANAGEMENT Chief FinancialOfficer Jean-Marc Bothy Chief ResearchOfficer Yves Jongen Chief ExecutiveOfficer Olivier Legrain President IBADosimetry Rob Plompen
Group Vice-PresidentHumanResources Frédéric Nolf Management information information For more on IBA’s Team MANAGEMENT AM AM TE 23
IBA // ANNUAL REVIEW 2013 24 IBA // ANNUAL REVIEW 2013 A GLOBAL PRESENCE l
Headquarters Headquarters • • • • AMERICA NORTH
> 1400usersofIBA Dosimetrysolutions > 35acceleratorsRadioPharmaSolutions > 100acceleratorsforIndustry 12 protontherapycenters l
Other offiOther ces • • • AMERICA SOUTH
> 200usersofIBA Dosimetrysolutions > 5acceleratorsRadioPharmaSolutions > 5acceleratorsforIndustry l
Proton therapy centers installed by IBA by centers installed IBA Proton therapy l l l l l l l l l • • • AFRICA AND MIDDLEEAST
> 200usersofIBA Dosimetrysolutions > 20acceleratorsRadioPharmaSolutions 2 acceleratorsforIndustry l l • • • • RUSSIA AND EUROPE
> 8100usersofIBA Dosimetrysolutions > 80acceleratorsRadioPharmaSolutions > 70acceleratorsforIndustry 9 protontherapycenters • • • • OCEANIA AND ASIA
> 1200usersofIBA Dosimetrysolutions > 70acceleratorsRadioPharmaSolutions > 30acceleratorsforIndustry 5 protontherapycenters l l
PRESENCE PRESENCE A GLOBAL GLOBAL A 25
IBA // ANNUAL REVIEW 2013 ECONOMIC REVIEW
OPERATING RESULTS
2012(a) 2013(a) Change CAGR(1) ECONOMIC (EUR 000) (EUR 000) (EUR 000) (%) Sales and services 221 106 212 512 -8 594 -3.9% Gross margin 86 888 88 427 1.8% REBITDA(2) 20 425 22 743 2 318 11.3% REVIEW REBITDA/Sales and services 9.2% 10.7% 15.9% REBIT(3) 16 816 18 359 1 543 9.2% REBIT/Sales and services 7.6% 8.6% 13.6% Net profit(*) -5 800 6 064(*) 11 864 N/A Net profit -5 800 -1 010 4 790 82.6%
IBA reported a 3.9% relating to the Essen project Cash flow from investing was decrease in revenues to litigation, SK Capital transaction, positive EUR 5.9 million due to OTHER KEY FIGURES EUR 212.5 million during 2013 sale of Bioassays and the net EUR 13.1 million received Capital expenditure 7 155 3 933 -3 222 -45.0% (2012: EUR 221.1 million), driven restructuring expenses, have led for the sale of Bioassays in the Research and development expenses 23 580 23 046 -534 -2.3% Equity 57 660 67,238 9 578 16.6% by FX and a slowdown in the US to a net profit of EUR 6 million, second half of 2013. Net cash position(4) -27 985 -18 130 9 855 35.2% radiotherapy market for Dosimetry, before the impact of the recycling Net debt at the year-end was Total assets 386 199 281 753 -104 446 -27.0% as well as low conversion rate of of CTA into the income statement EUR 18.1 million, down from Return on Equity -10.1% -1.5% PT projects. However, this was further to the liquidation of IBA Return on Capital Employed (ROCE) 14.3% 15.3% EUR 58.0 million at mid-year. mitigated by an increase of more Mediflash Holding. During the year, IBA repaid in full Share price at December 31 (Euro) 5.53 7.80 41.0% than 47% in PT service-based The recycling of the CTA results its EUR 31.5 million bank loan Number of shares 27 374 028 27 635 439 1.0% revenues provided to the growing Net earnings per share (EPS) in a reclassification from the related to the Trento project in -0.21 -0.04 installed base. (Euro per share) category “cumulative translation Italy and repaid EUR 2.5 million Price/Earnings -26.10 -213.42 Some changes in the allocation of difference” to “retained earnings” of its loan to the EIB. In H1 2013, Market capitalization(5) 151 378 215 556 42.4% 26 costs between COGS and OPEX via the Income Statement following the SRIW (investment fund of the Book value per share 27 (Euro per share) 2.11 2.43 15.5% relating to the implementation of a the closing down of the dormant Walloon Region) also increased Dividend per share 0.00 0.00 2013 new accounting and operational holding company in Sweden for by EUR 10 million its subordinated 2013 Enterprise value(6) 179 363 233 686 30.3% information system (integrated an amount of EUR 7.1 million. loan on top of the already EV/REBITDA 8.8 10.3 17.0% ERP) have altered the comparison This reclassification has no outstanding EUR 10 million between 2013 and 2012. A total influence on the total equity of the since 2012. Employees at December 31 1 260 1 037 -223 -17.7% of EUR 3.7 million has shifted Company which increased during // ANNUAL REVIEW ANNUAL // from COGS to OPEX G&A, the year from EUR 57.7 million to (*) 2013 Net Result before technical recycling of currency translation adjustment to income statement further to liquidation of a dormant REVIEW ANNUAL // Swedish entity (IAS 21.48). IBA IBA which explains the increase of 67.2 million at year end. (a) The figures don’t include any pharmaceutical activity. EUR 3.1 million in G&A from 2012 The Board of Directors intends to 2013 despite the cost reduction to recommend to the General CONTINUING OPERATIONS plan implemented in the Company. Assembly that no dividend Adjusted for this impact, G&A 2012 2013 Change Change be paid in respect of 2013 in PROTON THERAPY AND OTHER ACCELERATORS would have decreased by 1.9%. (EUR 000) (EUR 000) (EUR 000) % order to contribute to reinforce Net Sales 172 204 166 589 -5 615 -3.3% Recurring operating profits the equity of the group that will - Proton therapy 133 213 121 202 -12 011 -9.0% before interest and taxes (REBIT) be needed to face the growth - Other accelerators 38 991 45 387 6 396 16.4% (1) CAGR: Compound annual growth rate. continued to improve compared expected in Proton therapy in the (2) REBITDA: Recurring with 2012, due to the growth in coming years. REBITDA 12 402 15 320 2 918 23.5% earnings before interest, taxes, depreciation service revenues (+27.6%) and % of Sales 7.2% 9.2% Operating cash flow during and amortization. benefits from the implementation REBIT 9 148 11 644 2 496 27.3% (3) REBIT: Recurring 2013 amounted to EUR 6.8 million. earnings before taxes of the Company’s productivity % of Sales 5.3% 7.0% This was a substantial and financial charges. and efficiency programme. The DOSIMETRY (4) Cash and cash improvement versus equivalents less long- Company’s REBIT increased 9.2% Net Sales 48 902 45 923 -2 979 -6.1% the negative EUR 30.7 million term and short-term in 2013 from EUR 16.8 million in Dosimetry 48 902 45 923 -2 979 financial debts. in 2012, mainly due to the (5) The share price on 2012 to EUR 18.4 million in 2013 payment received from REBITDA 8 023 7 423 -600 -7.5% December 31 multiplied despite the decrease of 3.9% by the number of shares. For more the PT customer in Trento % of Sales 16.4% 16.2% (6) Market capitalization information on in revenues. to cover the reimbursement of REBIT 7 668 6 715 -953 -12.4% less the net cash position IBA financial or increased by the statements Non-recurring events, mostly the supplier’s credit facility. % of Sales 15.7% 14.6% net debt. THE STOCK MARKET AND SHAREHOLDERS
IBA STOCK STOCK MARKET PRICES
IBA stock is quoted on the EUR 11.90 (adjusted for a 5 to 1 IBA stock closed at EUR 7.80 at Euronext Brussels continuous split in June, 1999). There was December 31, 2013. market (Compartment B since no convertible bond or bond with At December 31, 2013, January 17, 2013). It was warrants issued or outstanding as 2 212 335 options were issued introduced on the Stock Exchange of December 31, 2013. and outstanding. on June 22, 1998 at a price of
IBA’ S SHAREHOLDERS
% % 61,55 Public 27,36 Belgian Anchorage SCRL1
% 2,21 IBA Investments SCRL2
% 28 0,27 IBA SA % 1,54 UCL ASBL 2013 % 1,92 Sopartec SA
% 5,15 Institut des radioéléments FUP // ANNUAL REVIEW ANNUAL // IBA
SHAREHOLDERS’ AGENDA
Interim statements, fi rst quarter 2014 May 14, 2014
2014 Annual Shareholders’ Meeting May 14, 2014
Publication of the mid-year results as of June 30, 2014 August 29, 2014
Interim statements, third quarter 2014 November 13, 2014
Publication of the annual results on December 31, 2014 March 26, 2015
(1) Belgian Anchorage is a company established and wholly owned by IBA Management and a number of IBA employees. (2) IBA Investments is a second-tier To consult at any time the last version of the Shareholders’ Agenda: subsidiary of IBA SA. http://group.iba-worldwide.com/legal-and-regulatory-information#fi nancial-calendar IBA // ANNUAL REVIEW 2013 http://www.iba-worldwide.com/?page=investor-relations#overview inenvironmentally-friendlyIt ismanufactured factories. paper. offset wood-free isprintedonFSCcertified report This www.thecrewcommunication.comDesign &Production: 1348 Louvain-la-Neuve, Belgique. E.R.: IBA 3 SA,CheminduCyclotron, Website: www.iba-worldwide.com E-mail: [email protected] RPM Nivelles -TVA BE428.750.985 Tel.: +3210 475811-Fax: +32104758 1348 Louvain-la-Neuve, Belgique 3 Chemin duCyclotron, ION BEAMAPPLICATIONS, SA Version disponiblesurdemande. française E-mail: [email protected] Tel.: +3210475890 Communication Corporate Vice-President RaletThomas CONTACTIBA