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Annual Report 2008
Octapharma strives to earn the trust
of our customers and partners
by continuously developing effective
and safe biopharmaceuticals.
Content
6 Facts and Figures 2008
8 Foreword by the Chairman of the Group
10 The Management Board
12 Research and Development
13 Plasma Derivatives
14 Recombinant Products
15 Plasma Procurement
19 Sales and Marketing
22 Worldwide Production
26 Annual Accounts 2008
32 Finance
33 Key Figures of the Octapharma Group
35 Income Statement of the Octapharma Group
36 Balance Sheet of the Octapharma Group
38 Cash Flow Statement of the Octapharma Group
39 The Auditor’s Statement
40 Octapharma Contact Details
Company Snapshots
Largest privately-owned plasma products company in the world
26 years focus on plasma products
Manufacturing facilities in 5 countries
Sales in more than 80 countries
Sales of Euro 886 million in 2008
22% average annual growth since 1995
Facts and Figures 2008
2008
– 6 –
Founded: in 1983
Mission:
“For the safe and optimal use of human proteins“
Employees: 3,037
Turnover: Euro 886 million
Headquarters:
Octapharma AG, Lachen, Switzerland
Production:
Octapharma Pharmazeutika
Produktionsges.mbH, Vienna, Austria
Octapharma SA, Lingolsheim, France
Octapharma AB, Stockholm, Sweden
Octapharma S.A. de C.V., Mexico City, Mexico
Octapharma Produktionsgesellschaft
Deutschland mbH, Springe, Germany
Research and Development:
Octapharma Pharmazeutika
Produktionsges.mbH, Vienna, Austria
Frankfurter Innovationszentrum, Frankfurt,
Germany
2008
2008Charité Universitätsmedizin Berlin, Germany
Octagene GmbH, Munich, Germany
(contract research)
Octapharma AB, Stockholm, Sweden
Corporate Medical, Regulatory:
Octapharma Pharmazeutika
Produktionsges.mbH, Vienna, Austria
Octapharma GmbH, Langenfeld, Germany
International Corporate Marketing:
Octapharma AG, Lachen, Switzerland
Subsidiaries and Representative Offices:
37
Markets:
Europe, Asia, Russia, Middle East, USA, South
America, Canada, Mexico, Australia, New Zealand
Brands: (registered trademarks)
octaplas®, octagam®, octanate®, octanyne®,
octaplex®, octavi SD Optimum®,
octalbin®, uniplas®, rhesonativ®, aunativ®,
gammonativ®, atenativ®, gammanorm®,
nanotiv®, octonativ®, octanine F®, wilate®
Innovations:
One of the world’s first factor
VIII concentrates – AHF concentrate
(KABI 1965 – through acquisition)
The first albumin-free genetically engineered
factor VIII (development started by KABI
in the 1980s – through acquisition)
First company to commercially implement
solvent detergent (SD) technology for virus
inactivation (1986)
First SD virus-inactivated, standardised
plasma for transfusion (1991)
First liquid, ready-to-use intravenous
immunoglobulin with a two year shelf-life
at room temperature (1994)
First virus-inactivated universally
applicable transfusion plasma (2004)
First double virus-inactivated von Willebrand
factor concentrate product (2005)
This year, in the face of a widening global financial crisis, Octapharma has once again achieved record growth. Sales have increased
by 18% to Euro 886 million and we have further increased our EBIT to Euro 256 million, an increase of 8% compared with 2007. This
follows a compound annual growth rate of 22% since 1995.
The impressive annual growth rate at Octapharma is a result of the hard-earned trust of our customers in the quality of our products.
We are proud to say that Octapharma’s products have never been involved in any transfer of transfusion-relevant viruses, or indeed
any other pathogens, in the entire history of the company. Our products are state-of-the-art with very favourable safety profiles.
These results were also built on the mutual trust between the employees and management of Octapharma. Through cooperation and
teamwork, we have demonstrated that great things can be accomplished when everyone pulls in the same direction. Examples have
included the recent acquisition of the Life Therapeutics Group of plasma centres in the US under very difficult circumstances. Another
example is the fast, efficient implementation of a new fractionation process in all of Octapharma’s factories in less than a year, which
will result in substantial savings in future manufacturing costs. This success is set to continue with future technologies and products.
Octapharma successfully filed an Investigational New Drug (IND) application for our first recombinant product in spring 2008.
Octapharma originated from a collaboration with various Red Cross and other non-profit organisations in Europe. These partnerships
resulted in Octapharma providing virally safe factor VIII concentrates from non-profit plasma. This took place during the late 80s, a
time when such products were urgently in need. The factor VIII concentrates were produced using Octapharma’s newly developed
manufacturing process, octavi®, in its partners’ existing manufacturing plants. This enabled the non-profit organisations to rapidly
meet the needs of the haemophilia population. In less than three years, these collaborations were providing factor VIII concentrates
to an equivalent of 3,000 patients. The trust earned from this collaboration allowed Octapharma to expand to its present status,
with five state-of-the-art manufacturing plants providing millions of International Units (IUs) of factor VIII in 2008 for the worldwide
haemophilia population.
In addition, over the last four years our Immune Tolerance Induction (ITI) study programme has documented the successful use of
octanate®, a factor VIII concentrate containing von Willebrand Factor. This has been used to treat inhibitors that can occur in patients
with haemophilia as an immunological reaction to factor VIII concentrates. Some products have an inhibitor incidence of up to 30%.
Through heavy investment in such projects, Octapharma has been able to gain the trust of haemophilia specialists and their patients,
even in conservative markets such as the United Kingdom, France and Canada. Now, the use of octanate® and wilate® in ITI treatment
is rapidly gaining ground in these countries.
Foreword by Wolfgang Marguerre
– 8 –
In 2008, we invested Euro 25 million in R&D for new plasma derived and recombinant products, with Euro 11 million invested directly
in our new recombinant factor VIII concentrate based on a human cell line. The FDA has now approved the initiation of associated
clinical trials in the US. We believe that this recombinant product will earn Octapharma even more confidence among the haemophi-
lia population. It is expected to have less side effects than current therapy such as fewer inhibitors. The factor VIII protein does not
have the rodent carboxylation pattern seen on recombinant products from CHO (Chinese hamster ovary) cell lines and is therefore
expected to be less immunogenic.
In the area of immunotherapy, the launch in Europe of our octagam® immunoglobulin at a new 10% concentration was well accep-
ted by our customers. In addition, our IT platform, the “Octapharma Collaboration Network” set up by our Immunotherapy Business
Unit is setting new standards for collaborations with our partners.
In the area of emergency medicine and intensive care, a similar confidence-building concept has been introduced in the form of the
DUMAS project. This enables our partners to find ever more effective ways of using their blood component therapies, thereby opti-
mising safety and reducing costs simultaneously.
The investment in 2008 of Euro 60 million in our five plants worldwide in addition to more than Euro 80 million to help secure our
plasma supplies will enable us to remain a trustworthy partner for years to come.
Octapharma is the largest private plasma products company in the world. The outlook for 2009 is very positive, despite the turmoil
in other business areas. However we will remain vigilant and ready to adjust our plans if appropriate.
Finally, I would like to thank both our partners and employees for their trust and commitment during 2008.
Wolfgang Marguerre
Chairman of the
Octapharma Group
The Management Board of the Octapharma Group
Kim Björnstrup
Vice Chairman
Octapharma Group
Karl Erik Clausen
Chief Financial Officer
Octapharma Group
Paulo Castro
Member of the Board
Wolfgang Marguerre
Chairman
Octapharma Group
– 10 –
Reinhard Rettinghaus
General Manager
Octapharma Germany
Nicholas Jacobson
Chief Operating Officer
Octapharma Group
Tobias Marguerre
Managing Director
Octapharma Nordic AB
Frederic Marguerre
Member of the Board
Research and Development
Since its establishment, Octapharma has strived
to earn the trust of our customers and partners
by continuously developing effective and safe
biopharmaceuticals. More recently, we have
expanded to develop human proteins based on
recombinant technologies and human cell lines.
During 2008, Octapharma invested more than
Euro 25 million in R&D, split equally between
the areas of plasma derivatives and recombinant
technologies.
“The considerable amount of
time and money invested in R&D
reflects the trust we place in our
staff to achieve extraordinary
results.“
Kim Björnstrup
Vice Chairman
Octapharma Group
Plasma Derivatives
One of the major achievements of 2008 was the European launch of our intravenous immunoglobulin octagam® at a new concentration of 10%. This product has a high infusion rate and a side effect profile that can match the best products of the industry. The associated clinical trial, specifically run for the US market, was finalised in 2008 and it is expected that a license for the product will be obtained in the US during 2009.
In October 2008, Octapharma filed octaplas LG®, a new version of our virus inactivated alternative to transfusion plasma, to the German Health Authorities (PEI) to obtain marketing authorisation. The “LG” refers to a specially developed ligand that enables the specific removal of prions that could theoretically be present. The development of this step was made in collaboration with a partner and has been extremely challenging as octaplas® contains an abundance of different proteins, each with a different stress profile to be taken into consideration. It is expected that the product will be launched in Europe during 2009.
Octapharma is focusing its research mainly on coagulation, immunotherapy and intensive care unit (ICU) products, with several products currently in various stages of development. These include projects such as fibrinogen and universal non-blood-group-specific
– 13 –
Trust in advanced
science
plasma, both of which are to be used in the ICU for various coagulation deficiencies. Another interesting product in development is the human-derived growth factor, to be used for hard-to-heal wounds in patients with diabetes. All of our products include robust steps for purification and virus inactivation. Our proprietary techno-logies will ensure they will live up to the high standards of safety and efficacy set by Octapharma’s current products on the market.
Recombinant Products
The IND application for our recombinant factor VIII was filed in the US in May 2008 and it is expected that clinical trials will be started in early spring 2009.
Octapharma’s Biotechnology Group in Stockholm manages the commercial development of our recombinant products, from pilot studies to a commercial scale. The Biotechnology Group in Munich (Octagene GmbH) oversees the initial creation of the master cell and media. Currently, more recombinant products are in various stages of development. These include, among others, factor IX, von Willebrand Factor, ADAMTS13 and granulocyte-colony stimulating factor (G-CSF). Different technologies for half-life prolongation are also being developed for these proteins in association with our various partners.
– 14 –
Trust in our qualified
staff
Plasma Procurement
Until recently, it was never Octapharma’s strategy to
be directly involved in plasma procurement. Instead,
Octapharma procured plasma resources from both
non-profit and commercial independent suppliers.
However, in 2003/04, it became clear that it was increasingly difficult to secure a steady supply of plasma while sustaining an annual growth of approximately 22% in sales. Consequently, in 2004, the company agreed to actively pursue a strategy of obtaining at least half the required plasma from Octapharma-owned sources. The first establishment of plasma centres was through the acquisition of the Deutsche Gesellschaft für Humanplasma (DGH) plasma centres in Germany. When Octapharma acquired this operation in 2006, DGH was operating five plasma centres. By the end of 2008, this had been increased to seven. On top of this, an agreement was signed with the company International BioResources to develop a further 18 plasma centres. In 2008, this agreement was expanded to involve the establishment of 33 plasma centres across the United States.
Trust in our qualified
staff
“Octapharma depends on the
stable and calculable supply of safe,
high quality plasma from partners
worldwide. Long-term partnerships
with our plasma suppliers would
be unthinkable without the mutual
trust that agreed conditions and
specifications will be maintained
on an ongoing basis. Clear communi-
cation of expectations, and the
understanding of the needs,
strengths, and limitations of both
partners are essential in this respect.”
Barbara Glantschnig
Head of Corporate Quality
Assurance Plasma and Plasma Sourcing
Octapharma Pharmazeutika
Produktionsgesellschaft mbH,
Austria
These centres will be established over the coming years. Octapharma will acquire all the centres by 2011, providing more than 1 million litres of source plasma per year.
At the end of 2007 it became evident that Life Therapeutics, one of Octapharma’s important partners in the US, was facing increasing problems with fulfilling their plasma commitments to Octapharma, for which considerable pre-financing had been provided. It was therefore agreed, in collaboration with the Australian parent company of Life Therapeutics, that Octapharma would take over the management and plasma production of Life Therapeutics. The final result of this was ownership of 12 plasmapheresis centres in the US as of November 2008, as approved by the shareholders of Life Therapeutics.
“Establishing and maintaining
trust is the keystone to the strong
and successful relationships that
we enjoy with our suppliers in the
plasma industry. However, trust is
earned, and can only exist when
the relationship is defined by
open and frank communication,
flexibility, and contracts that are
fair to both parties. Once trust
is established, the business
relationship with our suppliers
becomes more of a partnership.”
Dennis Curtin
President
Octapharma Plasma, Inc., USA
2007 2008 F 2009 F 2010 F 2011
Octapharma's Plasma Supply
92%
72%
28%
64%
36%
52%
48%
45%
55%own plasmacollections
externalsuppliers
8%
During 2007, Octapharma also established its plasma service company in the US, Plasma Procurement Services, Inc. At the end of 2008, Mr Dennis Curtin agreed to become president of the rapidly growing US plasma procurement operation, which is now operating as Octapharma Plasma, Inc. Dennis Curtin joined the company after working for many years as a partner with Octapharma in its collaboration with America‘s Blood Centers. With his extensive knowledge of the plasma industry he will be invaluable to the management of Octapharma Plasma, Inc. Ms Judith Smith is now the chief operating officer (COO) for the operation following a personal recommendation from Dennis Curtin. Judith Smith joined Octapharma after working at similar senior management positions in the industry.
Aside from substantial investment in plasma collection centres, Octapharma continues to value the trust of the large network of non-profit suppliers of recovered plasma in both Europe and the US. Octapharma sincerely believes that this non-profit plasma is a key component in securing the availability of important, life-saving plasma derivative products. The company continues to view these partners as important contributors to the company‘s success.
Finally, Octapharma’s joint venture in Eastern Europe, Sanaplasma, established in 2006, has been very successful in establishing high quality plasmapheresis centres in the Czech Republic.
– 17 –
Trust in experience and
tradition
Trust in modern
technology
“Trust is the basis of everything:
from the patients for a safe
and efficacious drug, from the
health care professionals who
want the best for their patients,
and from the hospitals, who
want guaranteed product supply
at a fair price. Trust is built up
over the years, and trust between
Octapharma employees is the
cornerstone of carrying the
workload together to make
Octapharma the customer’s
preferred provider.”
Laurent de Narbonne
General Manager
Octapharma France,
Belgium and Luxembourg
Sales and Marketing
A compound annual sales growth rate of 22% since
1995 can of course only be achieved by a strong
sales and marketing organisation that continuously
keeps customers well informed about Octapharma’s
products and services, thereby earning their trust.
“Long-lasting solid relationships
are built on mutual trust. The Jeffrey
Modell Foundation has had a close
working partnership with Octapharma
for several years. The mutual trust built
up over that time provides great comfort
to the patient community knowing
that Octapharma and its leadership will
provide the safest and most effective
products for patients with primary
immunodeficiencies.”
Fred Modell
Co-founder
Jeffrey Modell Foundation, USA
“Octapharma’s exclusive partnership
with GSABC has been built on trust.
Each partner has earned the trust
of the other through hard work,
integrity and faithful delivery on
its commitments.“
Jerome Haarmann
President
Group Services for
America‘s Blood Centers, USA
– 19 –
Net Sales in 1,000 EUR and Growth rate
1,400,000
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
40%
35%
30%
25%
20%
15%
10%
5%
0%
B2009200820072006200520042003200220012000
Net Sales Growth rate
Octapharma’s sales increased 18% from 2007 to 2008, with major growth achieved in new markets.
Octapharma has well-established sales and marketing organisations in all European countries, Russia, Asia, North America and selected countries in the Far East, the Middle East and South America. In 2008, Octapharma rapidly expanded this to set up new organisations in the developing markets mentioned above.
“We work in an environment
predominantly served by a relatively
small number of highly sophisticated
customers. We have strived to build
a reputation of an organisation that
is a trustworthy partner that can
truly be relied upon to deliver on its
commitments. Having good working
relationships with our customers
and within Octapharma is critical
to our business.”
Sue Griffin
General Manager
Octapharma Ltd.,
UK and Republic of Ireland
Geograhical distribution of sales
Mio EUR900
600
300
0
2004 2005 2006 2007 2008
1%7%4%
77%
11%
4%6%5%
62%
23%
6%7%5%
62%
20%
4%8%8%
56%
24%
5%
8%
5%
62%
20%
Asia & Pacific
Middle East & Africa
South America
Europa
NAFTA
The number of people in sales and marketing grew from 192 in 2007 to 214 in 2008, with a budget of more than Euro 48 million. In sales and marketing, the primary focus areas are coagulation, immunology and emergency medicine products. Consequently, the central business units for these areas in Switzerland have been further strengthened with personnel and other resources. The growth in sales in 2008 was driven by all major categories of products including IgG, albumin and coagulation products.
The major challenge in 2008 was to ensure a constant, sufficient supply of products to the market. However, with increased investment in plasma procurement, we are striving to guarantee an unbroken supply of these life-saving drugs for the future.
– 21 –
Trust in worldwide
partners
Trust in our
production
“One of the keys to our
performance is the commitment
of our staff.
We place a high level of trust in
our teams at every level of the
organisation.”
Olivier Clairotte
Plant Manager
Octapharma AB, Sweden
Worldwide Production
Octapharma’s fractionation capacity has more than
doubled since 2004, reaching three million litres per
year from our five fractionation plants around the
world. In 2008 alone, Octapharma invested more than
Euro 60 million in the further development of all plants.
“The success of a business
relationship is built upon the
trust between each partner.
Trust is the fibre that binds the
relationship. If the trust is strong,
then the relationship will be
strong. This is the foundation
of the strong lasting relationship
between FFF Enterprises and
Octapharma.”
Patrick Schmidt
Chief Executive Officer
FFF Enterprises, USA
“When conducting ambitious research
programs, trust is a crucial prerequisite.
Trust, not only in the ability and
commitment of a company to follow
through demanding and risky projects
but also personal trust in the individuals
involved, ensures speedy and target
orientated progress. This is what my
team and I find with Octapharma.”
Prof. Dr. S. Meuer
Institute for Immunology,
Ruprecht-Karls-University,
Germany
– 23 –
At the facility in Vienna, Austria, this included the construction of a completely new, high-tech freeze-drying unit with three additional lyophilisers and increased capacity in both the basic and the fine fractionation areas for final product production.
In Stockholm, Sweden, investments were made to improve the fine fractionation area and the recombinant product production area. Octapharma also invested in the construction of a completely new octaplas® line, which will have a capacity of more than 1 million units of octaplas® per year.
In Lingolsheim, France, more than Euro 4 million was invested in new administration and the laboratory building. Over Euro 2 million was invested in a new albumin line, substantially increasing capacity.
In 2008, Octapharma acquired a plant in Springe, Germany, from the German Red Cross. A considerable area of adjacent land was also purchased to provide sufficient space for future facility enlargement. The construction of additional production units is already underway with a total investment of Euro 70 million over the next two years.
At the plant in Mexico City, investments were made to prepare for a basic fractionation of local plasma, as well as an upgrade of other production related areas.
“Trust is an essential prerequisite
for the production of plasma
derivatives. It is founded on the
expectation that all employees
of the plant follow the carefully
established and necessarily
complex rules in providing
high-quality pharmaceuticals to
our customers. Trust, of course,
needs control. This gives basis
for a really trustworthy business.”
Gerold Rempeters
General Manager
Octapharma Produktionsgesell-
schaft Deutschland mbH,
Germany
A unique concept promoted by Octapharma in its manufacturing philosophy is that all major plants should be able to produce all products according to the same method. This is already the case for the three larger plants, Stockholm, Vienna and Lingolsheim. In time, it will also be the case for the plant in Springe. The plant in Mexico will continue to produce albumin and factor VIII for the domestic market. This policy allows Octapharma to achieve a unique efficiency of its production plants. It is envisioned that the introduction of new technologies in all factories in 2008 will considerably shorten the manufacturing processes in 2009. This will further increase capacity in basic fractionation and continue the reduction of manufacturing costs as a percentage of total sales.
As a consequence, we hope that Octapharma will continue to break efficiency records in the fractionation plants, where the annual ratio of litres fractionated per employee has increased from 1,250 in 2004 to 1,740 in 2008. This is thanks to our continual pursuit of excellence in our manufacturing procedures.
– 25 –
Trust in dependable
logistics
“Trust is fundamental for my decision
as a physician to choose the right
products for my patients. Today this
goes far beyond safe and efficacious
pharmaceuticals. In the innovative
competence of a company, trust
becomes more and more an important
criterion when it comes to long term
partnership.”
PD Dr. med. Mario
von Depka Prondzinski
Director
Werlhof Institut, Germany
“It is really an honour for Laboratorios
Clausen to have been the first company
to represent Octapharma in Latin
America in 1999. The worldwide
known line of Octapharma products
has undoubtedly contributed to
enhance Clausen’s image.
For haemoderivatives, nothing is more
important than confidence, efficacy and
safety. This, together with Octapharma’s
support and innovation has allowed us
to position these products as the most
reliable ones in our market.“
Gabriel Fernandez
General Manager
Laboratorios Clausen S.A.,
Republic of Uruguay
– 26 –
Trust in sound
finances
Annual Accounts 2008
For the fourth year in a row the Octapharma Group
has achieved record turnover and profitability.
This is despite a focus on the introduction and
the consolidation of our own plasma production
in 2008. Net turnover increased by 18%, from
Euro 752 million in 2007 to Euro 886 million in 2008.
Gross profit increased from Euro 339 million in 2007 to Euro 367 million in 2008. The gross margin decreased from 45% to 41% owing to the increased plasma costs associated with the introduction of our own plasma production capacities (more than Euro 50 million). Continuous cost awareness ensured that operating costs stayed at Euro 117 million in 2008 compared with Euro 104 million in 2007. This resulted in a satisfying operating income level (earnings before interest and taxes) of Euro 256 million (29% margin) compared with Euro 237 million (32% margin) in 2007.
“There is no lost and found for
lost trust! Our main customers,
the shareholders and the board
of directors, need to make the
right decisions, often very quickly.
In such situations, they need
to trust the information and
figures we produce. Providing
and keeping this trust is the
foundation for our central function
in the Octapharma Group.”
Roger Mächler
Head of Corporate Controlling
Octapharma AG, Switzerland
The result of Euro 231 million versus Euro 207 million in 2007 exceeds the budget and is seen as a satisfying net result, which is in line with management expectations, especially considering the establishment costs related to our own plasma production in the US and Germany.
The continued positive results have ensured that there is a cash buffer of Euro 265 million at the end of the year and an equity of Euro 751 million equivalent to 73% of the balance sum ensuring the financial basis for the planned investments and the continuation of the growth in the coming years.
“We have witnessed a dramatic
change in trust since Octapharma
products were first introduced in
Mexico in 1994. At first, Octapharma
was little known, but the growing
presence of Octapharma at inter-
national scientific forums, the increase
in the number and quality of scientific
publications, and the uninterrupted
supply of the products, has contributed
to the positioning of Octapharma as
a trustworthy partner. The personal
involvement of Octapharma employees
with patients, parents, doctors, and
regulatory officials have undoubtedly
contributed to the development of a
strong relationship based on trust.”
Angel Sosa
General Director
Octapharma Mexico
Cash and cash equivalents in 1,000 EUR / Equity Ratio
300,000
250,000
200,000
150,000
100,000
50,000
0
80%
70%
60%
50%
40%
30%
20%
10%
0%
200820072006200520042003200220012000
Cash and cash equivalents Equity Ratio
Trust in solid
investments
– 29 –
Investments in 1,000 EUR (incl. Acquisitions)
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2008 B200920072006200520042003200220012000
Trust in the
future
“It is extremely important that
our employees can place their
trust in the local human resources
department as we deal with people
on a personal level on a daily basis.
Every employee needs to know that
whatever kind of information they
provide is going to stay within the
department and will be treated in
full confidence. We also place our
trust in outside consultants and
need to be secure in the knowledge
that sensitive information will not
be passed on to third parties.”
Torbjörn Malmkvist
Human Resources Director
Octapharma AB, Sweden
Trust in the
future
– 31 –
“At Octapharma, trust is not
just a slogan, it is a way of life.
Octapharma partners with health
care providers and patients to
provide them with every reason
to trust in our products. From
starting materials to finished
product, Octapharma is committed
to ensuring quality and safety in
each step of the process. It is this
commitment that earns the trust
of our partners and patients.”
Flemming Nielsen
President
Octapharma USA, Inc.
Operativ Cashflow in 1,000 EUR
250,000
200,000
150,000
100,000
50,000
0
20082007200620052004200320022001
Octapharma has evidently benefited from the very positive market development. However, these outstanding results are mainly related to the impressive performance of all employees over the past year.The outlook for 2009 is positive, and the increase in turnover and net income is expected to be above 20% again, even considering the increased competition expected.
– 32 –
2008 2007 2006 2005 2004
Profit from operations 256,045 237,497 126,850 59,940 42,070
Net profit for the year 231,018 206,751 105,694 53,417 30,060
Year-end headcount 3,037 1,968 1,826 1,482 1,360
Return on average equity 35% 45% 32% 18% 14%
Profit from operations per employee 92 130 77 42 31
Current ratio 468% 404% 332% 261% 229%
Days of sales in receivables 101 106 108 109 112
Days of purchases in inventory 135 149 189 196 246
Cash flow from operations 208,180 209,822 85,406 80,864 35,511
Expenditures to ensure future prosperity 140,549 69,367 43,239 31,079 35,565
• Researchanddevelopment 25,115 23,582 19,544 15,291 12,248
• Capitalexpendituresand
investments in activities115,434 45,785 23,695 15,788 23,317
Key Figures of the Octapharma Group
– 33 –
(Monetary figures in 1,000 EUR)
Key Figures of the Octapharma Group
– 34 –
900,000
800,000
700,000
600,000
500,000
400,000
300,000
200,000
100,000
0
2000 2001 2002 2003 2004 2006 2007 20082005
2000 2001 2002 2003 2004 2006 2007 20082005
2000 2001 2002 2003 2004 2006 2007 20082005
Net sales in 1,000 EUR
300,000
250,000
200,000
150,000
100,000
50,000
0
Operating income in 1,000 EUR
3,000
2,500
2,000
1,500
1,000
500
0
Average headcount
Income Statement of the Octapharma Group
– 35 –
2008 2007
Gross sales 924,176 779.058
Sales deductions -38,363 -26,978
Net sales 885,813 752,080
Cost of sales -519,100 -412,616
Gross profit 366,713 339,464
Research and development -25,115 -23,582
Selling and marketing -48,425 -42,894
Regulatory affairs / quality audit -6,284 -5,075
General and administration -37,356 -32,076
Other income 7,742 3,366
Other expenses -1,230 -1,706
Total operating expenses -110,668 -101,967
Operating income 256,045 237,497
Non-operating income and expenses 300 -4,172
Profit before taxes 256,345 233,325
Income tax expenses -25,327 -26,574
Net profit for the year 231,018 206,751
(All figures in 1,000 EUR)
Balance Sheet of the Octapharma Group
– 36 –
31.12.2008 31.12.2007
Assets
Cash and cash equivalents 264,825 204,417
Trade receivables 254,355 225,276
Other receivables 2,131 1,727
Receivables from related parties 263 250
Inventory 211,338 153,650
Other current assets 45,303 16,162
Total current assets 778,215 601,482
Financial investments 1,528 6,171
Loans to related parties 250 500
Deferred tax assets 17,176 12,736
Investments in associates 4,695 2,766
Intangibles assets 34,318 0
Property, plant and equipment 187,555 135,004
Total fixed assets 245,522 157,177
Total assets 1,023,737 758,659
(All figures in 1,000 EUR)
– 37 –
31.12.2008 31.12.2007
Liabilities and equity
Trade payables and other payables 56,295 55,591
Payables to related parties 482 2,072
Income tax payables 21,163 21,376
Accruals and short-term provisions 88,253 69,924
Total current liabilities 166,193 148,963
Other long-term liabilities 28,459 0
Deferred income 581 418
Provisions 52,050 49,962
Deferred tax liabilities 24,982 8,844
Total non-current liabilities 106,072 59,224
Total liabilities 272,265 208,187
Common stock 100 100
Retained earnings 752,552 556,534
Hedging reserve 11,465 0
Currency translation adjustment -12,645 -6,162
Total equity 751,472 550,472
Total liabilities and equity 1,023,737 758,659
(All figures in 1,000 EUR)
Cash Flow Statement of the Octapharma Group
– 38 –
2008 2007
Net profit for the year 231,018 206,751
Depreciation on tangible and intangible assets 35,379 20,056
Change in fair value of non-current assets -5,468 1,159
Share of (profit) loss of associates -264 321
Profit (loss) on sale of property, plant and equipment
306 -17
Changes in long-term liabilities and provisions 17,923 6,158
Cash flow before changes in working capital 278,894 234,428
Increase / decrase of working capital -70,714 -24,606
Net cash from operating activities 208,180 209,822
Acquisition of property, plant and equipment -70,238 -42,698
Investment in associates, short and long-term financial investments
-41,995 -6,335
Proceeeds from sales of property, plant and equipment
266 397
Net cash used in investing activities -111,967 -48,636
Dividends paid -27,000 -26,740
Other changes in equity -8,000 0
Net cash used for financing activities -35,000 -26,740
Effect of exchange rate fluctuations -805 -659
Net change in cash and cash equivalents 60,408 133,787
Cash and cash equivalents beginning of period 204,417 70,630
Cash and cash equivalents end of period 264,825 204,417
(All figures in 1,000 EUR)
Cash Flow Statement of the Octapharma Group The Auditor‘s Statement
– 39 –
KPMG Ltd AuditBadenerstrasse 172 P.O. Box Telephone +41 44 249 31 31CH-8004 Zurich CH-8026 Zurich Fax +41 44 249 23 19 Internet www.kpmg.ch
Octapharma Nordic AB, Stockholm
Summarized consolidated financial statements 2008
As independent auditors, we have audited the consolidated financial statements of Octapharma Nordic AB, Stockholm, for the year ended December 31, 2008, from which the summarized consolidated financial statements were derived, in accordance with International Standards on Auditing. In our report dated February 20, 2009 we expressed an unqualified opinion on the consolidated financial statements in accordance with the International Financial Reporting Standards (IFRS) from which the summarized consolidated financial statements were derived.
In our opinion, the accompanying summarized consolidated financial statements are consistent, in all material respects, with the consolidated financial statements from which they were derived.
For a better understanding of the Company‘s financial position and the results of its operations for the period and of the scope of our audit, the summarized consolidated financial statements should be read in conjunction with the consolidated financial statements from which the sum-marized consolidated financial statements were derived and our audit report thereon.
KPMG Ltd
Fredy Luthiger Markus Ackermann
Zurich, February 20, 2009
Octapharma Contact Details HeadquartersOctapharma AGKim BjörnstrupKarl Erik ClausenFrederic MarguerreSeidenstraße 2CH-8853 LachenSwitzerlandTel. (+41) (55) 4 51 21 21Fax (+41) (55) 4 51 21 10kim.bjoernstrup@octapharma.chkarl.erik.clausen@octapharma.chfrederic.marguerre@octapharma.ch
Australia Octapharma Australia Pty. Ltd.Simon SestichJones Bay Wharf 42/26-32 Pirrama RoadPyrmont NSW 2009AustraliaTel. (+61) 2 8572 5800Fax (+61) 2 8572 5890simon.sestich@octapharma.ch
AustriaOctapharma Pharmazeutika Produktionsgesellschaft m.b.H.Nicholas Jacobson, Bernhard Kerner, Rudolf LukschanderlOberlaaer Straße 235A-1100 ViennaAustriaTel. (+43) (1) 610 32 1220Fax (+43) (1) 610 32 9103nicholas.jacobson@octapharma.combernhard.kerner@octapharma.comrudolf.lukschanderl@octapharma.com
Octapharma Handelsges.m.b.H. Brigitte AignerOberlaaer Straße 235A-1100 ViennaAustriaTel. (+43) (1) 533 566 312Fax (+43) (1) 533 566 333brigitte.aigner@octapharma.com
Azerbaijan The Representative office of Octapharma AG Namik Pashayev 96 Nizami Street, The Landmark III, 4th floor, AZ-1010 Baku Azerbaijan Tel. (+994) 12 498 8172 Fax (+994) 12 493 5931 namik.pashayev@octapharma.com
BelgiumOctapharma Benelux S.A./N.V.Laurent de NarbonneRue de stalle 63/4B-1180 BrusselsBelgiumTel. (+32) (2) 3 73 08 90Fax (+32) (2) 3 74 48 35laurent.de-narbonne@octapharma.com
– 40 –
– 41 –
BrazilOctapharma Brasil Ltda.Samuel Mauricio Av. Ayrton Senna, 1850Sala 118–, Barra da Tijuca22775-001 Rio de Janeiro-RJBrazilTel. (+55) (21) 24 30 31 83Fax (+55) (21) 24 21 16 91samuel.mauricio@octapharma.com.br
ChinaOctapharma BeijingRepresentative OfficeChao YueyunMatt RiordanSuite 815, Zhongkun Plaza59 GaoLiangQiaoXieJieHaiDianQu, Beijing 100044ChinaTel. (+86) 10 621 69126Fax (+86) 10 621 93528chao.yueyun@octapharma.commatt.riordan@octapharma.ch
CanadaOctapharma Canada Inc.Anu Bhucher 171 East Liberty StreetSuite 326Toronto, Ontario M6K 3P6CanadaTel. (+1) 416 531 5533Fax (+1) 416 531 8891anu.bhucher@octapharma.ca
Czech RepublicOctapharma CZ s.r.o.Miroslav GresikArgentinská 38CZ-170 00 Prague 7Czech RepublicTel. (+420) 266 794 310Fax (+420) 266 794 311miroslav.gresik@octapharma.at
DenmarkOctapharma Nordic AB Helle Ording Lyngbyvej 20 DK-2100 Copenhagen Denmark Tel. (+45) 7020 0354 Fax (+45) 7025 1080 helle.ording@octapharma.com
FinlandOctapharma Nordic ABJanne NissiläRajatorpantie 41 CFI-01640 VantaaFinlandTel. (+358) 8520 2710Fax (+358) 8520 2713janne.nissila@octapharma.fi
FranceOctapharma S.A.S.Patrick Selosse / Nicolas Sciard70-72 rue du Maréchal FochBP 33F-67381 LingolsheimFranceTel. (+33) (3) 88 78 89 89Fax (+33) (3) 88 78 89 78patrick.selosse@octapharma.frnicolas.sciard@octapharma.fr
Octapharma France S.A.S.Laurent de Narbonne62 bis Avenue André MorizetF-92100 BoulogneFranceTel. (+33) (1) 41 31 80 00Fax (+33) (1) 41 31 80 01laurent.de-narbonne@octapharma.com
GermanyOctapharma GmbHReinhard RettinghausElisabeth-Selbert-Straße 11D-40764 LangenfeldGermanyTel. (+49) (21 73) 91 70Fax (+49) (21 73) 91 71 11reinhard.rettinghaus@octapharma.de
Octapharma GmbHSybille WernerOtto-Reuter-Straße 3D-06847 Dessau-RosslauGermanyTel. (+49) (3 40) 5 50 80Fax (+49) (3 40) 5 50 81 11sybille.werner@octapharma.de
Deutsche Gesellschaft für Humanplasma mbHHubert FranzaringElisabeth-Selbert-Strasse 11D-40764 LangenfeldGermany Tel. (+49) (21 73) 91 70Fax (+49) (21 73) 91 71 11hubert.franzaring@octapharma.de
Octapharma Produktionsgesellschaft Deutschland mbHGerold RempetersEldagsener Straße 38D - 31832 SpringeTel. (+49) (5041) 77 91 81 70Fax (+49) (5041) 77 91 84 90gerold.rempeters@octapharma.com
GreeceOctapharma Hellas SAGeorge Kalbitzer60, Posidonos Ave.166 75 Glyfada AttikiGreeceTel. (+30) 210 89 86 500Fax (+30) 210 89 86 044octapharma.hellas@octapharma.gr
Kazakhstan Octapharma AG Svetlana Safarova Dostyk Str. 180, office 42 KZ-050051 Almaty Kazakhstan Tel. (+7) 727 3201542 svetlana.safarova@octapharma.com
LuxembourgOctapharma Benelux S.A./N.V.Laurent de NarbonneRue de stalle 63/4B-1180 BrusselsBelgiumTel. (+32) (2) 3 73 08 90Fax (+32) (2) 3 74 48 35laurent.de-narbonne@octapharma.com
MexicoOctapharma S.A. de C.V.Angel SosaCalzada México Tacuba No. 1419Col. Argentina PonienteC.P. 11230 México, D.F.MéxicoTel. (+52) 55 53 99 56 44Fax (+52) 55 55 27 05 27angel.sosa@octapharma.com.mx
New ZealandOctapharma New Zealand LimitedSimon SestichLumley Center88 Shortland StreetAucklandNew ZealandTel. (+61) (2) 85 72 58 00Fax (+61) (2) 85 72 58 90simon.sestich@octapharma.ch
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Octapharma AG
Seidenstraße 2 · CH-8853 Lachen · Switzerland
Tel. (+41) (55) 4 51 21 21 · Fax (+41) (55) 4 51 21 10
www.octapharma.com
Editorial content: Octapharma AG, Kim Björnstrup
Design, artwork, production: Concept Design, Robert Becker
NorwayOctapharma ASTor-Einar Svae FurubakkenNO-2090 HurdalNorwayTel. (+47) (63) 98 88 60Fax (+47) (63) 98 88 65tor-einar.svae@octapharma.com
PolandOctapharma AGJaroslaw CzarnotaIlzecka 26PL-02-135 WarsawPolandTel. (+48) 225 757 082Fax (+48) 225 757 001jaroslaw.czarnota@octapharma.se
PortugalOctapharma Produtos Farmacêuticos, Lda. António Gama da SilvaRua da Graça, 14P-1170-169 LisboaPortugal Tel. (+351) 21 816 08 20 Fax (+351) 21 816 08 30 antonio.silva@octapharma.pt
Octapharma Gestão Estratégica e Operacional, Lda.Paulo CastroRua da Graça, 14P-1170-169 LisboaPortugal Tel. (+351) 21 816 08 20 Fax (+351) 21 816 08 30paulo.castro@octapharma.pt
Latin America UnitEric BallestrazRua da Graça, 14P-1170-169 LisboaPortugal Tel. (+351) 21 816 08 20 Fax (+351) 21 816 08 30 eric.ballestraz@octapharma.pt
RussiaOctapharma RussiaMikhail SmirnovOffi ce 1002, 10th FloorRegus Business CentreSmolensky PassageSmolenskaya sg., 3Moscow 121099Russian FederationTel. (+7) 495 937 80 59Fax. (+7) 495 937 82 76mikhail.smirnov@octapharma.com
Saudi ArabiaOctapharma Regional Scientifi c Offi ceMaher Abu Al-RobAbdel Malik Bin Marwan St.P.O. Box 7633Riyadh 11472Saudi ArabiaTel. (+966) 50 3844897Fax (+966) 1 2170319maher@octapharma.com.sa
SlovakiaOctapharma AG, o.z.z.o.Miroslav GresikZochova 6/8SK-811 03 BratislavaSlovakiaTel. (+421) 2 5464 6701Fax (+421) 2 5441 8321miroslav.gresik@octapharam.com
SpainOctapharma S.A.Diego GarciaParque Empresarial de San FernandoEdif. Berlin - planta BajaAv. Castilla 228830 San Fernando de Henares, MadridSpainTel. (+34) 91 6487298Fax (+34) 91 6764263diego.garcia@octapharma.es
SwedenOctapharma ABTobias MarguerreOlivier ClairotteElersvägen 40SE-11275 StockholmSwedenTel. (+46) 8 566 43000Fax (+46) 8 566 43010tobias.marguerre@octapharma.seolivier.clairotte@octapharma.se
Octapharma Nordic ABTobias MarguerreElersvägen 40SE-11275 StockholmSwedenTel. (+46) 8 566 43000Fax (+46) 8 566 43010tobias.marguerre@octapharma.se
United KingdomOctapharma LimitedSue Griffi nThe Zenith Building26 Spring GardensManchester, M2 1ABUnited KingdomTel. (+44) 161 837 3770Fax (+44) 161 837 3799jo.birch@octapharma.co.uk
USAOctapharma USA, Inc.Flemming Nielsen121 River St., 12th FloorHoboken, New Jersey 07030USATel. (+1) 201 604 1130Fax (+1) 201 604 1131fl emming.nielsen@octapharma.com
Octapharma Plasma, Inc. Dennis Curtin736 North Park Boulevard, Suite 100Clarkston, Georgia 30021USATel. (+1) (404) 300-5000Fax (+1) (404) 300-5302dennis.curtin@octapharmaplasma.com
Plasma Procurement Services, Inc.Dennis Curtin Waterfront Corporate Center 121 River Street, Suite 1201Hoboken, NJ 07030USATel. (+1) 201 604-1130Fax (+1) 201 604-1131dennis.curtin@octapharmaplasma.com
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