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3.2 Guerbet's missionGuerbet is positioned in this sector of diagnostic performance with the goal of contributing to better patientcare by proposing healthcare professionals contrast agents, injection systems and innovative medicaldevices and solutions, essential for diagnostic and interventional imaging to improve patient outcomes andquality of life.Passionate about our profession, our efforts are deployed daily to combine performance, quality andsustainable development.3.3 The medical contrast media marketThe market for medical contrast agents is dependent on three parameters:- The level of the installed base;- The pathologies for which examinations require the injection of a contrast agent to confirm orimprove the diagnosis and guide the therapeutic response;- Recommendations on exam methods and choices in daily healthcare practice according torecommendations issued by medical and scientific experts issued by medical societies and/orhealth authorities.The market for contrast agents and radiopharmaceuticals is estimated at €6.5 billion, breaking down asfollows:- X-rays: 50%; MRI: 13%; Nuclear medicine 33%; Ultrasound > 5%;- USA 39%: Europe 27%: Japan 16%: Rest of the World: 18%.There are two areas for development linked to the installed base for equipment (MRI equipment and X-rayscanners):- Countries with established economic potential, whose installed bases, often defined in terms of ageratio per million of inhabitants, are already high. Procedures for patient healthcare are highlycodified by healthcare bodies both to guarantee proper use and also ensure the effectivemanagement of public healthcare costs. For these countries, annual expansion of the installed baseof equipment is low or even nil in turn resulting in annual volumes and market levels characterisedby low or flat growth.- In countries with strong economic growth, access to healthcare represents a major strategic issueand the increase of the installed base has a real impact on the number of contrast-enhanced MRIexaminations resulting in significant growth in annual volumes and market levels.Imaging examinations are performed to detect, characterise and monitor a pathology. When a pathologyhas been identified, the precision of information acquired by the diagnostic images is essential foroptimising the chances of patient recovery and survival under the best possible conditions.Every year, more than 36 million imaging exams are performed in Europe with 60% by x-ray scanner, 16%by MRI and 24% by scintigraphy (Nuclear Medicine) This data highlights the importance of diagnosis inproviding optimal patient care.Serious pathologies such as cardiovascular disorders, cancer or central nervous system diseases bythemselves account for 25 million examinations.Number of examinations (in millions) X-ray MRI Nuclear medicine TotalOncology 8.4 2.0 3.9 14.3Cardiology 4.7 0.6 2.2 7.5Central Nervous System (CNS) 1.6 1.5 0.2 3.3Total 14.7 4.1 6.3 25.2Source: AMR 2009 – TOP 5 Europe9
3.4 The pathologiesIn Oncology, the impact of the main forms of cancer (lung, breast, prostate, colorectal…) is regularlyincreasing and more than 14 million exams involving injections of contrast agents are carried out every yearin Europe's five largest countries. This increase is linked to the ageing of the population as well asestablished risk factors (tobacco, eating habits, stress and the environment, etc.). It contributes to a rise inthe number of examinations for increasingly early diagnosis to achieve improved patient outcomes in termsof prognosis and survival under the best possible conditions for quality of life.Trends in the treatment of breast cancer (200,000 new cases per year) provide a perfect illustration of theplace occupied by the different medical imaging techniques: MRI occupies a key role in diagnosis andmonitoring the evolution of the illness.Based on European data, more than 40 million women in Europe 50 years and older are expected toreceive systematic radiographic screening. This approach contributes to earlier diagnosis which significantlychanges therapeutic strategies and contributes to remission of the illness without recurrence.In Cardiology, evaluating cardiovascular disorders through contrast agent injections represents a criticalstep in exploring the consequences of serious pathologies for symptomatic and/or at-risk patient groups(obesity, diabetes, hypercholesterolemia, stress, hypertension, tobacco, etc.). More than 7 millionexaminations are performed to analyse the condition of the vascular network (ex: narrowing of arteriesrelated to cholesterol plaque build-up) and the consequences on blood flow for adequate infusion for keyorgans such as the heart (risk of heart attacks) and the brain (risk of strokes).Diagnostic performance makes it possible to rank patients according to their risk profiles, the presence orabsence of clinical signs, to determine the most appropriate treatment approach (preventive monitoring,choice in favour of drug treatment alone or combined with either major or interventional surgery).In this speciality, through the injection of a contrast agent, interventional radiology makes it possible, forexample, to visualise the region of stenotic vessels requiring treatment, guide the surgical act andimmediately control the effectiveness of the resulting dilatation. This type of therapeutic intervention hasreplaced in a number of cases surgery very often too invasive for the patient and involving higher publichealthcare costs (length of hospital stays, procedures for patient monitoring).In Neurology, it is through Central Nervous System (CNS) imaging that MRI has become a critical toolmaking it possible to diagnose for the first time lesions not visible using x-ray scanners. In addition toexploring brain tumours and searching for metastases of a primary cancer, contrast agent injections inneurology make it possible to explore degenerative illnesses such as Parkinson's, multiple sclerosis andAlzheimer's disease. Confirmation of the diagnosis is supported by MRI imaging data. These chronicpathologies, for which available drug treatments are still insufficient to stop their evolution, represent amajor public health challenge linked to population ageing, longer lifespans and high intensity care for thesedependent patients. For this reason, early screening represents a focus of research both at the level ofimaging examinations and medical research.10
Page 3 and 4: CONTENTSCHIEF EXECUTIVE OFFICERS’
Page 5 and 6: CHIEF EXECUTIVE OFFICERS’ MESSAGE
Page 7 and 8: THE GUERBET GROUP1) History of the
Page 9: 3) Business overview3.1 Guerbet is
Page 13: Guerbet's offering of products is c
Page 16 and 17: c) Research & development• R&D ob
Page 18 and 19: • A proactive partnering strategy
Page 20 and 21: 5) Group organisation at 31 Decembe
Page 22 and 23: e) DistributionGuerbet distribute i
Page 24 and 25: DirectorsOther offices and director
Page 26 and 27: There exist no arrangements or unde
Page 28 and 29: Summary of compensation for Marie-C
Page 30 and 31: • Stock options granted to non-of
Page 32 and 33: I - 1Organisation of the work of th
Page 34 and 35: "Research and Innovation" Committee
Page 36 and 37: II - Internal control and risk mana
Page 38 and 39: 4) Statutory Auditors’ report pre
Page 40 and 41: SHAREHOLDER INFORMATION1) The Guerb
Page 42 and 43: As at 31 December 2010SHARESVOTING
Page 44 and 45: considered to have automatically re
Page 46 and 47: 10) Provisions of the Articles of A
Page 48 and 49: c) Earnings highlightsIFRS(in thous
Page 50 and 51: g) OutlookStrongly focused on the n
Page 52 and 53: 3) Risk factorsThe company conducte
Page 54 and 55: • Sourcing risksGuerbet has an ex
Page 56 and 57: • Information technology risksAn
Page 58 and 59: • Five-year summary of consolidat
Page 60 and 61:
• Other information included in t
Page 62 and 63:
• Recruitment and dismissalsGuerb
Page 64 and 65:
and employee savings. The goal is s
Page 66 and 67:
• Measures adopted to promote emp
Page 68 and 69:
) Pollution and waste managementThe
Page 70 and 71:
3) Societal informationa) Territori
Page 72 and 73:
• Consolidated income statementIn
Page 74 and 75:
In thousands of euros• Statement
Page 76 and 77:
Changes in standards and interpreta
Page 78 and 79:
g) Research and development expendi
Page 80 and 81:
Held to maturity investmentsHeld-to
Page 82 and 83:
creation are recorded under "Other
Page 84 and 85:
III) Notes to the financial stateme
Page 86 and 87:
Aged trial balance information for
Page 88 and 89:
2.2 - Borrowings by currencyCurrenc
Page 90 and 91:
3.3 - Analysis of the sensitivity o
Page 92 and 93:
Revenue2012European companiesfor th
Page 94 and 95:
In 2005, the Group acquired for ¥5
Page 96 and 97:
6.2 - Analysis of property, plant a
Page 98 and 99:
The change in the net value of inve
Page 100 and 101:
12.2 - Accrued employee benefitsa)
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Change in net liabilities of the pe
Page 104 and 105:
14.4 - Personnel by region at year-
Page 106 and 107:
Note 22 - Research and development
Page 108 and 109:
Note 25 - Related parties25.1 - Rel
Page 110 and 111:
Note 27 - Basic earnings per share
Page 112 and 113:
2) Auditors’ report on the consol
Page 114 and 115:
3) Parent company financial stateme
Page 116 and 117:
• Income statementIn thousands of
Page 118 and 119:
• Statement of cash flowsIn milli
Page 120 and 121:
c) Property, plant and equipmentPro
Page 122 and 123:
Note 1 - Intangible assets1 - 1 - C
Page 124 and 125:
Note 6 - Receivables by maturityCos
Page 126 and 127:
Note 9 - Regulated provisionsInvest
Page 128 and 129:
Note 13 - Sales by region2012 2011F
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Tax income or expense recorded in t
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Debt waiver agreements granted to a
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Capital lease commitments relative
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4) Auditors' report on the separate
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5) Auditors' special report on rela
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ORDINARY AND EXTRAORDINARY GENERAL
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RESOLUTION THREE (Special report of
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Extraordinary resolutionsRESOLUTION
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3) Report of the Board of Directors
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Application of legal provisions gov
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• Tenth draft resolution: stock s
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2) The Statutory Auditorsa) Statuto
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6) Articles of association (selecte
Page 156 and 157:
7) 2013 shareholders calendarEventD
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) Annual financial reportInformatio
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