VETOQUINOL Corporate brochure 2009 (year 2008)

4 A YEAR OF CONTRASTS ± ² ACTIVITY REPORT -ESSAGE FROM THE 0RESIDENT HE YEAR WAS MARKED FOR 6mTOQUINOL BY CONTRASTING PERFORMANCES 4HE ½RST SIX MONTHS WERE ON THE RISE AND THE FOLLOWING SIX MONTHS SUFFERED FROM THE WORLDWIDE ECONOMIC CRISIS 4HE MEASURES TAKEN AS FROM THE TH QUARTER ALLOWED TO MAINTAIN OUR PERFORMANCE IN THE HIGH RANGE OF OUR ECONOMIC MODEL (IGH PRO½TABILITY AND ½NANCIAL RELIABILITY /UR /0#/ REVENUES RATIO IS KEPT IN THE RANGE AT ACCORDING TO OUR ECONOMIC MODEL TO !S REGARDS OUR LOW GEARING BELOW DESPITE THE ACQUISITIONS PERFORMED IT STILL ALLOWS US TO RESORT TO LOANS FOR FUTURE EXTERNAL GROWTH .EW PRODUCTS NEW TERRITORIES )N 6mTOQUINOL WAS VERY ACTIVE IN TWO MAJOR ½ELDS OF ITS STRATEGY THE LAUNCH OF NEW PRODUCTS AND EXTERNAL GROWTH 4HUS SEVERAL NEW PRODUCTS WERE MARKETED IN %UROPE AND IN .ORTH !MERICA AND THE MARKETING TERRITORY OF A NUMBER OF EXISTING PRODUCTS WAS EXTENDED 4HANKS TO ACQUISITIONS WE HAVE REINFORCED OUR POSITIONS IN #ANADA IN 3CANDINAVIA AND ABOVE ALL IN )TALY WHERE WE NOW HAVE OUR OWN SUBSIDIARY 0ROGRESSING ON THE STRATEGIC DIRECTIONS 6mTOQUINOL CONTINUED IN ITS STRATEGY OF FOCUSING ON THE ANIMAL SPECIES THE THERAPEUTIC ½ELDS AND THE TERRITORIES IDENTI½ED AS BEING PRIORITIES 4HE SALE OF OUR MEDICINES FOR CATTLE AND PETS ACCOUNTING FOR OF OUR TURNOVER INCREASED 4HE YEAR WAS MORE DIF½CULT ON THE SWINE MARKET ESPECIALLY IN %UROPE AND #ANADA 7E PERFORMED WELL ON EACH OF OUR THREE EXPERTISE ½ELDS ANTI INFECTIVES PAIN IN¾AMMATION AND CARDIOLOGY NEPHROLOGY 4HE SHARE OF THE OTHER PRODUCTS PROGRESSIVELY DECREASES ACCORDING TO OUR STRATEGY ,AST WE HAVE MAINTAINED OUR MARKET SHARES AT WORLDWIDE LEVEL !LTHOUGH OUR SUBSIDIARIES IN 3PAIN AND 0OLAND FACED UNFAVOURABLE LOCAL SITUATIONS WE HAVE RECORDED GOOD PERFORMANCES IN THE 5NITED 3TATES AND IN THE 5NITED +INGDOM PROSPECTS IS A COMPLEX YEAR WITH A CHANGING ECONOMIC CONTEXT WHICH PROMPTS US TO BE PRUDENT "UT THE LINES FOUNDING OUR STRATEGY REMAIN UNCHANGED 4HUS WE CONTINUE OUR SIGNI½CANT INVESTMENTS IN RESEARCH DEVELOPMENT IN ORDER TO DISCOVER INNOVATING MEDICINES /UR RESEARCH AIMS AT FACILITATING THE DISEASE MANAGEMENT AND THE CONDITIONS OF USE OF THE PRODUCTS !S REGARDS EXTERNAL GROWTH THE ADMINISTRATIVE FORMALITIES FOR OUR INSTALLATION IN #HINA ARE ON GOING 7E ARE ALSO EXAMINING SEVERAL ACQUISITION DOSSIERS ESPECIALLY IN )NDIA AND IN !MERICA 7E PAY PARTICULAR ATTENTION TO THE OPPORTUNITIES THAT WILL FOLLOW FROM CURRENT MERGERS BETWEEN THE MAJOR PLAYERS OF THE MARKET 4O CONCLUDE 6mTOQUINOL CONTINUES ITS CONTROLLED AND PRO½TABLE GROWTH GUARANTEEING IT CONTINUITY "Y bTIENNE &RECHIN 0RESIDENT