VETOQUINOL Corporate brochure 2012 (year 2011)

02 INTERVIEW Interview with Matthieu Frechin, Vétoquinol CEO HOW WOULD YOU DESCRIBE VÉTOQUINOL’S PERFORMANCE IN 2011? In 2011, the Vétoquinol Group posted sales of € 284.1 million, a stable result compared to 2010 and a fine performance considering the arrival of Marbocyl ® generics on the market and economic conditions that were less favorable to the Group’s geographical and product mix. The Group’s financial structure remains strong and healthy. Net cash flow is positive after allowing for the impact of the Brazil acquisition, and the Group’s operating cash flow and investment capacity are both strong. Thus Vétoquinol has the necessary means to continue its international growth. I would like to emphasize the fact that we are constantly striving to expand our product portfolio in all three of the species we cater for: pets, cattle and pigs. 2011 was a good illustration of this strategy in action, with the launch of many new products, especially in Europe. Finally, let me stress the particular attention we devote to our relationship with our veterinary partners. Over the years we have built up a sustainable, personalized relationship of trust with them and we have learned to understand their expectations so that we can develop the right products in the future. I believe in the strength of our cultural model, and my belief is shared by all our teams, whose qualities, both human and professional, I cannot praise too highly. Vétoquinol is at the crossing point between the quality of human relations, the long- term vision of a family-owned group and the respect for our values: commitment, boldness, innovation, authenticity. DO YOU FEEL THAT YOUR INCREASING INTERNATIONAL EXPOSURE MAY CONSTITUTE A RISK FACTOR? I prefer to see the 83% sales generated outside France as an opportunity for the Vétoquinol Group rather than a risk. We have been able to direct our attention rapidly towards foreign markets and thus make Vétoquinol products available to a broader public. The European markets are extremely varied, with France, Germany, the UK, Poland and Italy, which, let me remind you, is the 8 th biggest animal health market in the world. These represent our traditional operating base, and we continue to grow in this region. Disappointing results in the USA, where we operate only in the companion animal sector, have forced us to realign our strategy in this key market. In Canada and Mexico, however, sales are booming. Last year we acquired a subsidiary in Brazil, the world’s second largest animal health market, and we expect to grow rapidly and achieve success on this huge market. Lastly, the Asia Pacific region, which accounts for 12% of our business, continues to progress year on year and offers strong prospects for future growth. No company can grow without taking risks; but the risks must be calculated, assessed and measured. I believe that we at Vétoquinol are succeeding in doing this. IN PRECISE TERMS, WHAT FUTURE DEVELOPMENTS DO YOU EXPECT TO SEE FOR VÉTOQUINOL IN FRANCE AND IN EUROPE? Here I would mention what I see as our two crowning successes of 2011. The first was the European launch of Cimalgex ® , our new anti-inflammatory drug.