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2012 Gedeon Richter Annual Report Gedeon Richter annual report 2012 WorldReginfo - e64f6d7c-27ef-4dd3-b875-e8259c334c8c Table of Contents I. Richter – Corporate Review 4 1. Fact Sheet 5 2. Financial Highlights 6 3. Chairman’s Letter to the Shareholders 9 4. Investor Information 10 a. Share Price and Market Capitalisation 10 b. Annual General Meeting 11 c. Dividend 11 d. Investor Relations Activities 11 e. Analysts Providing Coverage 12 f. Information Regarding Richter Shares 12 5. Corporate Governance 15 6. Company’s Boards 17 7. Risk Management 20 8. Litigation Proceedings 21 II. Managing Director’s Review 22 III. In Transition 26 1. The Pharmaceutical Industry 27 2. Transition from Regional Midpharma to Pan-European Specialty Pharma 27 3. Strategic Focus – Innovation 28 a. Female Healthcare 28 b. Original Research – Focus on CNS 31 c. Biosimilars 32 IV. Business Review 34 1. Pharmaceuticals 35 a. Research and Development 35 b. Manufacturing and Supply 39 c. Products 39 d. Sales by Markets 45 e. Corporate Social Responsibility 55 f. People 57 2. Wholesale and Retail 61 3. Group Figures 61 a. Business Segment Information 62 b. Consolidated Turnover 62 c. Key Financial Data 63 d. Profit and Loss Items 63 e. Balance Sheet Items 66 f. Cash Flow 67 g. Treasury Policy 67 h. Capital Expenditure 68 V. Consolidated Financial Statements 69 VI. Appendices 136 Annual Report | Gedeon Richter 2012 | 3 WorldReginfo - e64f6d7c-27ef-4dd3-b875-e8259c334c8c 1. Fact Sheet ichter Group is active in two major busi- marketing of pharmaceutical products are the core R ness segments, primarily Pharmaceuticals activities of Richter and in this endeavour the Group comprising the research and development, is supported by a number of subsidiaries, joint manufacturing, sales and marketing of ventures and associated companies. Manufacturing pharmaceutical products, and it is also engaged subsidiaries of the Group which operate in in the Wholesale and Retail of these products. In traditional markets together with a broad network addition, there is a third group (’Other’) of companies of trading affiliates which ensure a strong market comprising those members of the Group which presence have together created the foundation for provide auxiliary services to the former segments. regional leadership and a pan-European presence in Research, development, manufacturing and the specialty area of Gynaecology. 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 [email protected] Website www.richter.hu Established 1901 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 Auditing 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 [email protected] Website www.richter.hu I. Richter – Corporate Review Annual Report | Gedeon Richter 2012 | 5 WorldReginfo - e64f6d7c-27ef-4dd3-b875-e8259c334c8c 2. Financial Highlights Earnings per share* 4,000 Consolidated financial highlights 3,000 2012 2011 Change 2012 2011 Change 2,000 HUFm HUFm % EURm EURm % HUF 1,000 Total revenues 326,702 307,868 6.1 1,130.1 1,099.5 2.8 Profit from operations 48,721 60,927 -20.0 168.5 217.6 -22.6 0 Profit for the year 49,080 49,453 -0.8 169.8 176.6 -3.9 2008 2009 2010 2011 2012 Note: * Earnings per share calculations were based on the total number of shares issued. 2012 2011 Change 2012 2011 Change HUF HUF % EUR EUR % Earnings per share (EPS) (1) 2,643 2,644 0.0 9.14 9.44 -3.2 Earnings per share* Dividends per ordinary shares (2) 660 660 0.0 2.28 2.36 -3.4 14 Notes: (1) Earnings per share calculations were based on the total number of shares issued. (2) The amount of 2012 dividend per ordinary share is HUF 660 as proposed by the Board of Directors. 12 10 8 Revenues EUR 6 4 350,000 2 300,000 0 250,000 2008 2009 2010 2011 2012 200,000 HUFm Note: * Earnings per share calculations were based on the total number of shares issued. 150,000 100,000 50,000 0 Dividends per ordinary share* 2008 2009 2010 2011 2012 1,000 800 Revenues 600 1,200 HUF 400 1,000 200 800 0 600 EURm 2008 2009 2010 2011 2012 400 Note: * The amount of 2012 dividend per ordinary share is HUF 660 as proposed by the Board of Directors. 200 0 Dividends per ordinary share 2008 2009 2010 2011 2012 4 3 2 EUR 1 0 2008 2009 2010 2011 2012 6 | Annual Report | Gedeon Richter 2012 Annual Report | Gedeon Richter 2012 | 7 WorldReginfo - e64f6d7c-27ef-4dd3-b875-e8259c334c8c 3. Chairman’s Letter to the Shareholders am pleased to present Richter’s Annual Report for 2012, an I eventful year with satisfactory financial and operational results. The economic and debt crisis in the EU had cast a shadow over the Wes- tern economies; despite these difficulties Richter’s achievements were noteworthy: I am proud to report that Cariprazine is the Company’s first registration with the U.S. Food and Drug Administration, a discovery made by Richter researchers. Forest Laboratories, our strategic partner in the USA, submitted the New Drug Application in November 2012, a major milestone in the Company’s history. A further most encouraging development is our target to improve women’s healthcare; the European Commission granted its marke- ting approval for ESMYA® in February 2012, an original product for the treatment of uterine fibroids which was also introduced in a number of European countries. This development enhances our strategic aim to become increasingly a specialty Pharma Company with high added value products. Significant advances were also recorded in the execution of our biosimilar strategy during 2012. In April, Richter’s state-of-the-art mammalian cell manufacturing plant in Debrecen, the second largest city in Hungary, was officially inaugurated in the presence of Mr Viktor Orbán, Hungary’s Prime Minister. We expect that the Company will start to manufacture its first test batches during the second half 2013. None of the above results would have been possible without the leadership of Mr Erik Bogsch, the Managing Director, who has been at the helm of the Company for twenty years, supported by the members of his Executive team. On behalf of the Board I would like to record our sincere appreciation for their devoted service, to our employees both in Hungary and abroad who contributed a great deal for the long-term success of the Company in the year under review. William de Gelsey – Chairman I am confident that Richter will continue to strive to create increasing value for its shareholders. William de Gelsey KCSG Chairman Annual Report | Gedeon Richter 2012 | 9 WorldReginfo - e64f6d7c-27ef-4dd3-b875-e8259c334c8c 4. Investor Information Market Capitalisation* 1,000 a. Share Price and index with effect from 1 December 2012 led to a drop 800 Market Capitalisation of 12.6 percent in the share price between 14 and 600 30 November 2012 and a historic record number of HUF 400 Richter share price on 2 January 2012 was HUF 34,205. shares traded was set on the last trading day prior to 200 Following local peaks slightly above HUF 39,000 in the exclusion - more than 1.1 million shares were trad- February 2012, Richter shares weakened back by June ed that day representing 5.9 percent of total shares 0 close to their early January levels. A period of steady outstanding. Richter shares traded at HUF 36,210 on 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 increases was suddenly broken by a fall in mid No- 28 December 2012. Note: * All data based on year-end prices. Calculations based on the total number of shares issued. vember as a result of the exclusion of Richter shares from the MSCI index which was announced two The company’s market capitalisation followed Market Capitalisation* weeks in advance of its occurrence. Such a measure the performance of its share price on the Budapest 3,500 was taken as a result of falling liquidity experienced Stock Exchange and by the end of 2012 at 3,000 in the 12 months preceding the announcement, a HUF 675 billion reflected a 6.0 percent increase, period when a rather stable shareholder base and a in HUF terms when compared to its value recorded 2,500 generally decreasing level of transactions recorded at on 31 December 2011. Market capitalisation on 31 2,000 the Budapest Stock Exchange resulted in the level of December 2012 in Euro terms was EUR 2.3 billion, EUR 1,500 traded Richter shares falling short of the minimum 14.4 percent above the EUR 2.0 billion amount 1,000 amounts required. The exclusion from the MSCI recorded on 31 December 2011. 500 0 Gedeon Richter share price on the Budapest Stock Exchange compared to BUX and CETOP20 indices 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Note: * All data based on year-end prices. Calculations based on the total number of shares issued. 125% Euro calculations adjusted with HUF/EUR exchange rate. 120% 26 April 2012 totalled HUF 12,211 million (EUR 41.2 115% b. Annual General million) in respect of 2011. The portion payable in 110% Meeting relation to ordinary shares amounted to HUF 660 The Annual General Meeting is the highest decision- per share, 66 percent of the nominal share value.
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