Annual financial report 2007 - Virbac

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302007FinancialreportManagement report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31•53Report concerning the conditions for preparingand organising the work of the supervisory boardand internal control procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54•62Report from the statutory auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63Consolidated financial statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64•101Certificate issued by the person responsiblefor the annual financial report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102Supervisory board report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103Resolutions put to the general annualshareholders’ meeting of 20 June 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104•105
31Managementreport 2007With a growth in sales of 9.2% in 2007 (8.0% at constantexchange rates and scope), the Virbac Groupshowed strong growth once again this year.All the geographic regions experienced favourable growth,particularly Europe and Asia.Growth amounted to 11.1% at constant exchange ratesin the companion animal segment thanks to the considerabledevelopment of parasiticides, specialties, specialized petfoodand dermatology.The food producing animal segment, which benefitedfrom the Indian and Italian acquisitions, grew by 14.7%(at constant exchange rates) in relation to 2006.Major eventsin 20071 Launch in January 2007 in USA of a new wormer formulaagainst heartworms under the name Iverhart Max . Thismajor innovation on the American internal parasiticidesmarket offers overall protection against the three maininternal parasites in dogs: roundworms, tapeworms andheartworms.1 Acquisition at the beginning of January 2007 of Bio SolutionInternational, a Thai company involved in the manufactureand distribution of aquaculture products. With thisacquisition, the Group has strengthened its development inthe aquacultural sector in Asia, which represents 85% of theworld market.1 After obtaining central European marketing authorisation,Cortavance ® , a new-generation dermocorticoid thatcombats inflammatory and pruriginous dermatoses in dogs,was launched in 24 European countries in 2007. With thisproduct,Virbac has confirmed its status as a pioneer indermatology.
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 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: Africa &Middle EastPositions streng
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
Page 75 and 76: 71out during the second half of the
Page 77 and 78: 73Other non-recurring operating rev
Page 79 and 80: 75Notes to the consolidated financi
Page 81 and 82: 771 USA: acquisition of Rebound Ani
Page 83 and 84: 79Note B4 - Other financial assets2
Page 85 and 86:
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
Page 95 and 96:
91ResultsFrance Europe Latin North
Page 97 and 98:
93Note A3 - Management of risks con
Page 99 and 100:
95The financial interest rate deriv
Page 101 and 102:
97Note A6 - Information regardingth
Page 103 and 104:
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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