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The Evolution of Dechra the Evolution

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The Evolution of Dechra the Evolution ® Annual Report and Accounts for the year ended 30 June 2012 Dechra Pharmaceuticals PLC Stock code: DPH Annual Report and Accounts for the year ended 30 June 2012 The Evolution of Dechra 21587-04 10/08/2012 Proof 3 Highlights uncertainty. Therefore, nothing in this publication should be construed as a profit forecast bytheCompany. forecast nothingin thispublicationshouldbeconstruedas aprofit Therefore, uncertainty. of involving adegree and thereby toeventsthatmayoccurinthe future andrelate these statementsdepend uponcircumstances andupto thepublicationoftheseAccounts.Bytheir verynature, and informationavailable totheCompanyduringpreparation theknowledge statementswhichreflect Statements:ThisAnnualReportcontainscertainforward-looking Forward-Looking † Adjustedforthebonuselementof RightsIssue. * quality products exclusivelyforveterinariansworldwide quality products manufacturing, distribution,salesandmarketingofhigh business. Ourexpertiseisinthedevelopment, Dechra isaninternational veterinarypharmaceutical unwinding of discounts on deferred andcontingentconsideration(see notes4and5). unwinding ofdiscountsondeferred impairmentcharges,lossonextinguishment ofdebtand anddevelopmentprogramme, technology fortheresearch acquire intangibles,acquisitionexpenses,rationalisation costs,paymentsto Non-underlyingitemscompriseamortisation ofacquired up £ million Revenue up pence Share Dividend per 2008 7.58† 2008 304.0 9.5 10.3 2009 8.36† 2009 350.0 2010 9.64† 2010 369.4 % % 2011 11.12† 2011 389.2 2012 12.27† 2012 426.0 £ million Operating Profit up £ million Operating Profit* Underlying 2008 14.1 2008 19.1 15.0 2009 17.7 2009 25.0 2010 19.9 2010 28.2 % 21587-04 2011 21.7 2011 31.8 2012 20.9 2012 36.6 up £ million Taxation* Before Underlying Profit £ million Taxation Before Profit 10/08/2012 2008 11.7 2008 16.9 9.6 2009 16.1 2009 23.4 2010 17.7 2010 26.1 % 2011 18.5 2011 30.1 Proof 3 Proof 2012 16.8 2012 33.0 up pence Share* Earnings per Underlying pence Share Earnings per 2008 13.04† 2008 19.11† 2.7 2009 15.86† 2009 23.53† 2010 18.34† 2010 27.09† % 2011 19.59† 2011 31.53† 2012 15.65† 2012 32.37† Dechra Pharmaceuticals PLC Annual Report and Accounts for the year ended 30 June 2012 Delivering Growth 1 July 2000 to 1 July 2001 to 1 July 2002 to 1 July 2003 to 1 July 2004 to 1 July 2005 to 30 June 2001 30 June 2002 30 June 2003 30 June 2004 30 June 2005 30 June 2006 September 2000 December 2001 April 2003 December 2003 November 2004 July 2005 Dechra listed on Vetoryl® launched in North Western Entered into a Granted a full EU Received approval the London Stock the UK Laboratories rebranded European marketing licence for Felimazole to market Vetoryl in Exchange at 120 pence to NationWide agreement with and granted a UK 19 major European per share, with a market Laboratories Janssen Animal Health, licence for a new countries capitalisation of April 2002 allowing Janssen 2.5mg Felimazole £60 million full marketing and tablet Acquired North May 2003 distribution rights to June 2006 Western Laboratories Felimazole and Vetoryl and Cambridge Entered into a sub- in mainland Europe Signed a development December 2000 Specialist Laboratory licence agreement April 2005 and marketing NVS’s semi automatic Services for a with Bioenvision® Inc Granted a range agreement for Vetoryl picking system consideration of to develop Vetoryl for extension for a 30mg in Japan with Kyoritsu commissioned at a £2.75 million, enabling future marketing in the Vetoryl capsule Seiyaku cost of £0.5 million Dechra to extend its USA and Canada service offering to the veterinary profession April 2005 Opened a US operation based in April 2002 Kansas City Felimazole® launched in the UK April 2005 Acquired Vetivex®, May 2002 a licensed veterinary Acquired Anglian fluid therapy product, Pharma Plc for a for £0.8 million consideration of £2.5 million which more than doubled Dechra’s contract manufacturing revenues Revenue Revenue** £ million Revenue £ million Revenue £ million 232.5 Revenue £ million 210.3 £ million 186.8 Underlying Profit Revenue 179.3 Underlying Profit Before Taxation 170.2 Underlying Profit Before Taxation £ million £ million Underlying Profit Before Taxation £ million Before Taxation 11.0 156.4 Underlying Profit £ million 9.7 Before Taxation £ million Dividend Underlying Profit 8.1 £ million 6.7 Dividend per Share Before Taxation 7.3 Dividend per Share Dividend pence £ million per Share pence † per Share † 5.73 5.8 Dividend pence 4.78 per Share pence † Dividend pence 3.78† 4.32 per Share 3.78† pence 3.44† * From this point forward reported under IFRS. 21587-04 10/08/2012 Proof 3 1 July 2006 to 1 July 2007 to 1 July 2008 to 1 July 2009 to 1 July 2010 to 1 July 2011 to 30 June 2007 30 June 2008 30 June 2009 30 June 2010 30 June 2011 30 June 2012 December 2006 January 2008 December 2008 November 2009 October 2010 January 2012 Acquired the Acquired VetXX® VetXX integrated and Achieved mutual Acquired DermaPet® Acquired the intellectual property for Holding A/S, a leading rebranded Dechra recognition of Inc., a Florida based worldwide rights Equidone® Gel developer, producer Veterinary Products Malaseb® in dermatological (excluding Canada) and marketer of 17 European countries business, for a potential to HY-50® for a cash companion animal consideration of consideration of April 2007 products, for a total December 2008 US$64.0 million. The 8.03 million Canadian consideration of £61.7 February 2010 acquisition strengthened dollars Acquired Leeds million Received FDA Dechra’s position as a Veterinary Laboratories approval for Vetoryl in DVP UK’s logistics leader in the worldwide for £0.75 million the USA and finance function veterinary dermatological May 2012 integrated into a market central logistic and Acquired Eurovet® May 2007 May 2009 shared service centre Animal Health B.V., an in Uldum, Denmark expert in developing, Secured a long term New therapeutic December 2010 registering, producing trademark licence and canine diet developed Acquired Genitrix® and marketing added marketing agreement and marketed to Limited, a privately value, companion and with Pharmaderm aid treatment of owned veterinary farm animal veterinary Animal Health for osteoarthritis in dogs, company with a pharmaceutical ® a consideration of known as Specific range of products products, for a total US$5.0 million, to CJD complementary to cash consideration of supply a range of Dechra’s, for a potential €135 million dermatological, total consideration of ophthalmic and optic June 2009 £6.4 million products to the US veterinary market Received approval to market Felimazole in USA Revenue £ million Revenue £ million 426.0 Revenue Revenue £ million 389.2 Underlying Profit £ million Before Taxation 369.4 Underlying Profit £ million Revenue 350.0 Before Taxation 33.0 £ million Underlying Profit £ million 304.4 Underlying Profit Before Taxation 30.1 Dividend Revenue Before Taxation £ million per Share Dividend £ million Underlying Profit £ million 26.1 pence 23.4 per Share 12.27† 253.8 Before Taxation Dividend pence £ million Dividend per Share 11.12† Underlying Profit 16.9 per Share pence Before Taxation pence 9.64† £ million Dividend † per Share 8.36 12.7 pence Dividend 7.58† per Share pence 6.89† * From this point forward reported under IFRS. † Adjusted for the bonus element of the Rights Issue. 21587-04 10/08/2012 Proof 3 www.dechra.com Stock Code: DPH 01 Contents Our Business Our Strategy 02 Group at a Glance • To develop an international high growth, cash generative, specialist 04 Our Business Model veterinary products business; and 06 Your Questions Answered • To sustain growth and innovate in our Services business Directors’ Report: Our Performance Our Business Our Highlights 08 Chairman’s Statement 10 Chief Executive’s Review • €135 million acquisition of Eurovet® Animal Health B.V. (“Eurovet”) 14 Key Products and Specialisations completed, funded by successful Rights Issue and debt re-financing 16 The Business and its Markets 17 Product Development • Strong performance from Pharmaceuticals in both Europe and the USA 18 Product Pipeline 20 Introducing the DVP Country Managers • NVS operating margin stabilised in second half 22 European Pharmaceuticals • Investment in product pipeline increased by 10% 25 US Pharmaceuticals 26 Services • Strong second half cash inflow resulted in a 92% full year conversion 30 HR rate 32 Key Performance Indicators 34 Financial Review Directors’ Report Directors’ Our Performance 38 Risks and Uncertainties Our Key Strengths Directors’ Report: • Unique Products • Development Pipeline Our Governance • People and Expertise • Strong Market Position • Strategic Focus • Growing Markets 40 Board of Directors 42 Senior Management • International Footprint • Customer Satisfaction 44 Corporate Governance 55 Audit Committee Report • Strong Financial Platform • Innovation 59 Directors’ Remuneration Report 71 Social, Ethical and Environmental Responsibilities Report Directors’ Our Governance 76 Other Disclosures 80 Statement of Directors’ Responsibilities Our Accounts 81 Independent Auditor’s Report 83 Consolidated Income Statement 84 Consolidated Statement of Comprehensive Income 85 Consolidated Statement of Financial Position 86 Consolidated Statement of Changes in Shareholders’ Equity Our Accounts 87 Consolidated Statement of Cash Flows 88 Notes to the Consolidated Financial Statements 133 Company Balance Sheet 134 Reconciliation of Movements in Shareholders’ Funds 135 Notes to the Company Financial Statements 142 Financial History Shareholder Information 143 Glossary 144
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