Annual financial report 2007 - Virbac

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Strateg y and financeVirbac’s development strategyis based on these key principles:Share price(daily price)Virbac shares increased by 46.2% in 2007.■ Virbac share ■ SBF 250 index Base 1 January 200710 • 2007 ANNUAL REPORT
1 focus on animal health and the quality of the overallcustomer relationship;1 global ambition in the companion animal segment.It is designed to ensure a dominant position in certainhighly-profitable niches (such as dermatology and equineparasiticides) and to create major differentiation in the morecompetitive segments such as vaccines. At the same time,the Group is continuing its targeted expansion by countryand segment in the field of food producing animals;1 innovation targeted first and foremost at satisfying customerrequirements, covering research, development and licensing;1 top priority growth areas (North America followed by Asiaand Latin America) and growth and profitability optimisationareas (Europe and Pacific);1 an ongoing effort to identify possible acquisitions;1 emphasis on the human factor in strategy implementation.DebtratiosIn 2007, the Group’s net debt amountedto €19.8 million.Net debt amounted to €47.4 millionat 31 December 2007, i.e. 23.9%of total equity and provisions compared to€67.2 million and 37.7% at the end of 2006,respectively.The Group’s cash flow from operationsamounted to €45.7 million compared to€41.9 million in 2006, i.e. an increase of 9%.Net debt/cash flow fromoperations0.401.601.04Net debt/consolidated Group equityand provisions8.3%37.7%23.9%20052006 200720052006 20072007 ANNUAL REPORT • 11
Page 1 and 2: 2007Annual reportPassionate about a
Page 3 and 4: Overview of the Virbac GroupA labor
Page 5 and 6: Contents2 Message from the chairman
Page 7 and 8: This strong organic growth in the f
Page 9 and 10: iuUnited States: optimise the St. L
Page 11 and 12: The supervisory boardThe supervisor
Page 13: Cash flow(in € million)Investment
Page 17 and 18: Established in 5 continents through
Page 19 and 20: Europe6.5% sales growth in European
Page 21 and 22: Milteforan® the first oraltreatmen
Page 23 and 24: NorthAmericaSynergy between the Uni
Page 25 and 26: LatinAmericaNow in its fourth year,
Page 27 and 28: PacificPreparing the premises in Au
Page 29 and 30: 1 Architect: Farr Yacht Design (Uni
Page 31 and 32: AsiaChina: Virbac, pioneer in compa
Page 33 and 34: Africa &Middle EastPositions streng
Page 35 and 36: 31Managementreport 2007With a growt
Page 37 and 38: 33Companion animalsAt 31 December 2
Page 39 and 40: 351 HollandGrowth here essentially
Page 41 and 42: 371 New ZealandIn 2007, the New Zea
Page 43 and 44: 39• an automatic filling line for
Page 45 and 46: 41Dividends over the past three yea
Page 47 and 48: 43• member of the management boar
Page 49 and 50: 45Informationon shareholdersand sto
Page 51 and 52: 47either new products ready to be m
Page 53 and 54: 49KWh (kilowatt-hours) 2007 2006 20
Page 55 and 56: 51Change in workforce per geographi
Page 57 and 58: 53Fees paid by the Groupto the stat
Page 59 and 60: 55Preparationand organisation of th
Page 61 and 62: 57is responsible for its own operat
Page 63 and 64: 59The strategy of implementing a co
Page 65 and 66:
61The Legal Department ensures lega
Page 67 and 68:
63Report of the statutory auditors
Page 69 and 70:
65Consolidated financial statements
Page 71 and 72:
67Cash flow statement(€ thousands
Page 73 and 74:
69Notes to theconsolidated financia
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71out during the second half of the
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73Other non-recurring operating rev
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75Notes to the consolidated financi
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771 USA: acquisition of Rebound Ani
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79Note B4 - Other financial assets2
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81Note B10 - Cash and cash equivale
Page 87 and 88:
83Note B14 - Provisions2006 Charges
Page 89 and 90:
85Note R3 - Other operating revenue
Page 91 and 92:
87Note A1 - Segment informationThes
Page 93 and 94:
89Trade receivablesFrance Europe La
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91ResultsFrance Europe Latin North
Page 97 and 98:
93Note A3 - Management of risks con
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95The financial interest rate deriv
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97Note A6 - Information regardingth
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99• 2007 plan: same conditions as
Page 105 and 106:
101Report of the statutory auditors
Page 107 and 108:
103Supervisory board reportThe exec
Page 109 and 110:
105Fourth resolution (regulated agr
Page 111 and 112:
107IndexFlap• Animal health marke
Page 113:
Virbac13 e rue LID - BP 2706511 Car
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Annual financial report 2007 - Virbac

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