Annual financial report 2007 - Virbac

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MissionAn animal health specialist, Virbachas been treating companion and foodproducing animals for almost 40 years.Striving to enhance our knowledgeand understanding of them every day,we endeavour to design treatmentsthat meet their specific needs.We offer practitioners and animalowners products that are easy to useand services that are evermoreeffective.We also make every effort to promoteanimal health throughout the world.
Overview of the Virbac GroupA laboratory dedicated to animal healthFounded in 1968 by a French veterinarian, Virbac is the first independent laboratoryworldwide, exclusively dedicated to animal health. Present in more than 100 countries,the company develops, makes and distributes the widest range of products and servicesintended for the prevention and treatment of the main pathologies in companion andfood producing animals.Animal health marketRank Companies Sales 2007 MarketMUSD share1 Schering-Plough 2,710 15.1%2 Pfizer 2,639 14.7%3 Merial 2,449 13.7%4 Bayer (1) 1,308 7.3%5 Fort Dodge 1,042 5.8%6 Elanco 996 5.6%7 Novartis (1) 990 5.5%8 Virbac (1) 600 3.3%9 Boehringer Ingelheim 558 3.1%10 CEVA (1) 460 2.6%(1) excluding non animal health businessDistribution of sales in percentage■ 22% France■ 32% Rest of Europe■ 17% North America■ 7% Latin America■ 5% Africa & Middle East■ 10% Asia■ 7% Pacific*Source: Vetnosis, formerly the animal health business of Wood Mackenzie 2007**CEESA Western Europe 2007***proforma at constant exchange rates
Page 1: 2007Annual reportPassionate about a
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 and 14: Cash flow(in € million)Investment
Page 15 and 16: 1 focus on animal health and the qu
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
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49KWh (kilowatt-hours) 2007 2006 20
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51Change in workforce per geographi
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53Fees paid by the Groupto the stat
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55Preparationand organisation of th
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57is responsible for its own operat
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59The strategy of implementing a co
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61The Legal Department ensures lega
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63Report of the statutory auditors
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65Consolidated financial statements
Page 71 and 72:
67Cash flow statement(€ thousands
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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
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83Note B14 - Provisions2006 Charges
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85Note R3 - Other operating revenue
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87Note A1 - Segment informationThes
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89Trade receivablesFrance Europe La
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91ResultsFrance Europe Latin North
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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
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105Fourth resolution (regulated agr
Page 111 and 112:
107IndexFlap• Animal health marke
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Virbac13 e rue LID - BP 2706511 Car
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Annual financial report 2007 - Virbac

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