†rsrapport Nycomed - Takeda Pharmaceuticals International GmbH

ACCOUNTSCHIEF FINANCIAL OFFICER`s REPORTResult of the yearThe year 2000 was Nycomed’s first full year as an independent company.Consequently no direct comparison can be made between the results for 2000and 1999. However, proforma results for the 1999 full year have been preparedfor the Nycomed group and references to these figures are made below, in orderto help explain the development of Nycomed’s financial performance.The operating result for 2000 increased by 15.4% to DKK 293 million, comparedto 1999 on a full year basis, even though the 1999 result includes amortisationof intangible fixed assets for a seven month period only. The operating result for2000 before interest, depreciation and amortization (EBITDA) increased by23.2% to DKK 680 million when compared to the full year 1999. Additionally, theoperating result for 2000 was negatively impacted by approximately DKK 20 millioncompared to 1999 due to the sale of the Diagnostics division in February2000.To summarise, the financial results for 2000 have exceeded expectations andare very satisfactory.Net turnoverNet turnover increased by 7.6% to DKK 3,428 million. The growth in sales wasaffected by both the sale of the Diagnostics division which had a negative impactof DKK 136 million and the establishment of a separate legal entity in Germanywhich had a positive impact of approximately DKK 70 million. Excluding these twostructural changes, net turnover increased by 9.4% or approximately DKK 310million.The sales increase was spread over almost all markets in which Nycomed operatesand was mainly driven by key products such as CalciChew ® , Pantoloc ® /Zurcale ® and Tachocomb ® .–35–