Here We Continue to Demonstrate Bold Scientific and Treatment of Patients with High-Grade, Unresponsive Commercial Leadership
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Building families and helping people live better lives Ferring Group Annual Report 2020 Ferring Group Annual Report 2020 Contents Message from Frederik Paulsen, Chairman 9 Finance income and costs ..................................................................................................................... 82 Accelerating our transformation journey ................................................................................................. 6 10 Income taxes ........................................................................................................................................... 83 11 Earnings per share .................................................................................................................................. 86 Message from Per Falk, President 12 Property, plant and equipment ............................................................................................................... 87 Overcoming challenges together ........................................................................................................... 8 13 Intangible assets ...................................................................................................................................... 88 Message from Dominic Moorhead, Chief Financial Officer 14 Right-of-use assets and lease liabilities ................................................................................................. 92 Delivering an impressive performance despite COVID-19 ..................................................................... 10 15 Non-current receivables .......................................................................................................................... 94 Ferring at a glance ............................................................................................................................. 14 16 Investments in financial assets ............................................................................................................... 94 17 Inventories ................................................................................................................................................ 95 Helping people live better lives ......................................................................................................... 15 18 Receivables and prepayments ............................................................................................................... 95 Science in the service of people ....................................................................................................... 20 19 Cash and cash equivalents .................................................................................................................... 98 20 Disposal groups held for sale ................................................................................................................. 99 Building families – from conception to birth ..................................................................................... 30 21 Shareholder’s equity ..............................................................................................................................100 Streamlining our global supply network ........................................................................................... 34 22 Borrowings .............................................................................................................................................101 Purpose, People, Planet: Towards a sustainable future .................................................................. 35 23 Pensions ................................................................................................................................................102 24 Provisions ...............................................................................................................................................108 Our Leadership ................................................................................................................................... 40 25 Deferred income ....................................................................................................................................109 Ferring Products ................................................................................................................................ 44 26 Contingent consideration liabilities .......................................................................................................110 27 Other financial liabilities .........................................................................................................................110 Independent Auditor’s report ............................................................................................................ 48 28 Accruals and other liabilities .................................................................................................................111 Consolidated statement of income .................................................................................................. 54 29 Reconciliation of liabilities arising from financing activities .................................................................111 Consolidated statement of comprehensive income ........................................................................ 55 30 Financial risk management ...................................................................................................................112 31 Financial instruments by category ........................................................................................................118 Consolidated statement balance sheet ............................................................................................ 56 32 Contingent liabilities ...............................................................................................................................123 Consolidated statement of changes in shareholder’s equity ........................................................... 58 33 Commitments ........................................................................................................................................124 34 Related party transactions ....................................................................................................................125 Consolidated statement of cash flows ............................................................................................. 60 35 Business combinations .........................................................................................................................127 Notes to the consolidated financial statements 36 Audit fees and non-audit services fees ...............................................................................................128 37 Principal subsidiary companies and associates .................................................................................129 1 General information ................................................................................................................................. 62 ............................................................................................................................... 2 Basis of preparation and presentation ................................................................................................... 62 38 Subsequent events 132 3 Significant accounting policies ............................................................................................................... 66 4 Operating segments ............................................................................................................................... 76 Ferring Holding SA Financial Statements 5 Revenues ................................................................................................................................................. 78 Independent Auditor’s report .............................................................................................................. 134 6 Cost of sales ............................................................................................................................................ 79 Balance sheet as at 31 December 2020 ............................................................................................. 135 7 Staff costs ................................................................................................................................................ 79 Statement of income for the year ended 31 December 2020 .............................................................. 136 8 Other operating expenses ...................................................................................................................... 80 Notes to the financial statements ........................................................................................................ 136 Proposal of the board of directors for appropriation of available earnings ............................................ 143 4 5 Ferring Group Annual Report 2020 Ferring Group Annual Report 2020 Accelerating our In 2020, Ferring marked its 70th anniversary. While We made solid progress in our pipeline across therapy transformation journey we proudly paid tribute to seven decades of helping areas. Our global gonadotropin programmes stayed people live better lives, we did so under circumstances on track despite the disruption brought about by none of us could have foreseen. The global pandemic COVID-19. In the microbiome