VETOQUINOL Corporate brochure 2009 (year 2008)

! 9%!2 /& 42!.3)4)/. 6mTOQUINOL´S REVENUE FOR REACHED MILLIONS EUROS 7ITH A CONSTANT PERIMETER AND AT A CONSTANT EXCHANGE RATE GROWTH IS 3IMPLI½ED NOMINAL ACCOUNTS IN - E #HANGE 2EVENUE #ONSTANT EXCHANGE RATE AND SCOPE #ASH EARNINGS FROM OPERATIONS !S A OF REVENUE !DJUSTED EARNINGS FROM OPERATIONS AFTER NON RECURRING ITEMS .ET INCOME GROUP SHARE 2ECLASSI½CATION OF THE 2ESEARCH 4AX #REDIT THE ½GURES FOR WERE ADJUSTED TO MAKE THEM COMPARABLE WITH THE ½GURES FOR -ODEST INCREASE IN REVENUES IN A MARKET THAT WEAKENED IN THE FOURTH QUARTER -IRRORING THE OVERALL MARKET FOR ANIMAL HEALTH 6mTOQUINOL´S SALES WERE UNEVEN IN WITH STRONG GROWTH IN THE ½RST HALF AND WEAKER PERFORMANCE IN THE SECOND HALF PARTICULARLY IN /CTOBER AND .OVEMBER 4HE SLOWDOWN IN THE FOURTH QUARTER WAS DUE PRIMARILY TO REDUCTIONS IN THE INVENTORIES OF CERTAIN WHOLESALERS IN &RANCE AND #ANADA AND THE CRISIS IN THE PIG MARKET IN 3PAIN AND 0OLAND 2EVENUES FOR THE YEAR WERE NEVERTHELESS HIGHER THAN IN THE PREVIOUS YEAR DESPITE THE IMPACT OF THE SHARP DECLINE IN THE POUND STERLING AND THE WEAKENING OF THE 5 3 AND #ANADIAN DOLLARS 7ITH EXCHANGE RATES HELD CONSTANT THE GROWTH IN ANNUAL REVENUES WAS )N THE COURSE OF THE YEAR 6mTOQUINOL INCREASED ITS MARKET SHARE IN %UROPE AND THE 5NITED 3TATES 4HE ACQUISITIONS MADE DURING THE YEAR ¯ THE 3CANDINAVIAN COMPANY 6IAVET IN *ANUARY ASSETS OF 6ETCOM )NC IN #ANADA IN *ULY AND THE )TALIAN COMPANY !SCOR #HIMICI IN $ECEMBER ¯ ACCOUNTED FOR PERCENTAGE POINTS OF THE GROWTH IN REVENUES )N TERMS OF MAJOR GEOGRAPHICAL REGION WITH THE SCOPE OF BUSINESS AND EXCHANGE RATES HELD CONSTANT REVENUES IN 7ESTERN %UROPE AND .ORTH !MERICA GREW BY APPROXIMATELY WHILE REVENUES IN %ASTERN %UROPE DECLINED BY DUE TO PROBLEMS IN THE 0OLISH MARKET )N TERMS OF SPECIES REVENUES FOR COMPANION ANIMALS INCREASED BY AND REVENUES FOR CATTLE INCREASED BY WHILE REVENUES FOR PIGS DECLINED BY #ASH EARNINGS FROM OPERATIONS CONSISTENT WITH FORECASTS OF REVENUES $ESPITE THE SALES DECLINE IN THE SECOND HALF OF THE YEAR THE IMPACT OF THE FALL IN THE POUND 3TERLING MILLIONEUROS ANDNON RECURRINGCOSTSASSOCIATED WITH CHANGES IN MANAGEMENT MILLION EUROS CASH EARNINGS FROM OPERATIONS TOTALLED MILLION EUROS OR OF REVENUES 4HIS WAS MILLION EUROS LESS THAN THE PREVIOUS YEAR 3TRONG ½NANCIAL STRUCTURE WITH A GEARING RATIO BELOW !FTER ½NANCING EXTERNAL GROWTH IN MILLION EUROS THE NET ½NANCIAL DEBT OF THE GROUP TOTALLED MILLION EUROS AT THE END OF THE YEAR 4HE GEARING RATIO STANDS AT AND THE GROUP REMAINS WELL BELOW ALL OF THE TRIGGERS OF ITS LOAN COVENANTS AFTER HAVING OBTAINED MEDIUM TERM ½NANCING OF MILLION EUROS IN *ANUARY 4HIS BALANCE SHEET STRENGTH ENABLES 6mTOQUINOL TO CONTINUE PURSUING ITS STRATEGY OF EXTERNAL GROWTH ACTIVITY REPORT RESULTS