1
Special Purpose Acquiring Private Equity Fund
戰略收購基金
The document does not constitute an offer of securities. Such an offer will only be made by means of a Confidential Memorandum to be furnished to investors at a later date. The manager may make changes to this document without notification.
本文件不構成證券要約。此類要約僅通過日后向投資者提供的機密備忘錄產生。經理人可變更本文件，無須事先通知。
 
Confidential
機密

 
2
Fund Structure
基金架構
 
l  Fund Size: EURO 850 Million; 基金規模：8.5億歐元
l  Fund Administration: JP Morgan; 基金管理：JP摩根
l  Fund Legal Advisor: Sidley Austin; 基金法律顧問：盛德國際律師事務所
l  Leading Limited Partners Commitments: EURO 200 million; 特殊有限合伙人承諾：2億美元
l  Domicile: Hong Kong; 住所：香港
 Fee: 2% management fee; 20% carried interest; 費率：管理費2%;附帶權益20%
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Hurdle Rate: 8%;最低可接受費率：8%
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l  Leverage Ratio: 1:3; 杠桿率：1：3
l  Leading LP: YNBY & Partners; 首席合伙人：YNBY & Partners
l  GPs: Vincent Shen & Partners. 基金合伙人：Shen & Partners
 

 
3
Acquiring Strategies and Benefits
收購戰略和利益
l  Acquiring over 50% of the targeted company (Rottapharm/ Madaus) with leverage ratio 1:3; 收購目標公司(Rottapharm/ Madaus)50%的股權，杠桿率為1：3
l  To bring in YNBY management team (MBI Strategy) growing revenues for both YNBY and the New Co.;獲得YNBY管理團隊（MBI戰略）在YNBY和新公司方面日益增長的收入
l  The New Co. issuing debts to acquiring € 30 million to € 50 net profits from China companies within one year;新公司發行的債務，在一年內從中國公司獲得3000-5000萬歐元凈利潤
l  The New Co. planning IPO in HK after M&As completed;新公司將在并購完成后在香港IPO。
l  Employee Stock Option Plan attracting talents;職工股票優先購買權計劃吸引人才加入。
l  The listed New Co. keeping acquiring companies with novel technologies around the world to accelerate YNBY’s global strategy;上市新公司不斷收購全球各地擁有創新技術的新公司，以加速YNBY的全球戰略。
l  Targeting Money Multiple from the investment 3 folds in 3 years. 3年內現金投資回饋倍數為3倍。
 

 
4
Vision Statement
基金遠景
We focus on the development of healthcare and life science in the Greater China region because we think that’s the best way to have great impact, and we focus on the issues in the particular area because we think they are the biggest barriers that prevent people from having better quality of life.
我們關注大中國區健康和生命科學的發展，這是因為我們認為這是產生重要影響的最好道路，而且我們關注一些特殊領域的問題，我們認為這些問題是阻止人們提高生活質量的最大壁壘。
 

 
5
Reasons for the Healthcare & Life Sciences Boom in China KPMG 2013
為什么健康和生命科學能在中國獲得發展？
High growth and vast middle class高速發展和規模龐大的中產階段
GDP is forecasted to grow at around 8 percent in 2013; projected to be world’s largest by 2016.
預測2013年GDP增長率在8%左右，到2016年將成為世界最大的國家。
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Middle class to reach 700mn by 2020, indicating high potential for upgraded healthcare demand.
 2020年中產階級將達到7億人，這意味著醫療保健市場將有巨大增長潛力。
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Government support for universal healthcare政府對公眾醫療保健事業的支持
 
The primary mega force driving healthcare & life sciences is the government’s determination to provide quality healthcare for all citizens, which led to the sweeping health reforms of 2009.
驅動醫療保健和生命科學的主要動力是政府向市民提供優質醫療保健的決定，這導致了2009年大范圍的醫療保健市場改革。
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The 12th Five Year Plan is another important booster, triggering increased opportunities and investment for all healthcare & life sciences players. This has led to a new era of consolidation and M&A as a means of coping with complex healthcare demands.
“十二五”計劃是另一個重要推動力，在醫療保健和生命科學行業觸發了大量投資和機遇，從而開啟了一個新的并購時代，以應對錯綜復雜的醫療保健需求。
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Urbanization pressures and changing lifestyles城市化壓力和變化的生活方式
 
l  China’s urban population will hit the 1bn mark by 2030. By 2025, China will have more than 220 cities with 1mn–plus inhabitants.
l  中國的城市人口在2013年將達到10億，到2015年，中國將出現220座百萬人口城市。
l  The creation of mega-cities with populations in excess of 20mn is leading to enormous healthcare challenges. The prevention of disease is crucial in such high-density environments, and there is a growing need to tackle ailments arising out of sedentary lifestyles and changing diets.
l  人口超過2千萬的特大城市的出現產生了無數醫療保健方面的問題。在此類高密度環境中疾病預防至關重要，靜態生活方式和不斷變化的飲食習慣導致的許多疾病也急需解決。
Aging population and increasing awareness of healthcare人口老齡化趨勢和日益強烈的醫療保健意識
 
China’s ageing population is a significant factor. At least 185mn people are now over the age of 60 (13.7 percent of the population). A substantial increase in spending on pensions and social security will result in a relatively wealthy segment of elderly consumers.
中國的人口老齡化趨勢也是一個重要因素。目前超過60歲以上老人已經超過1.85億（占總人口的13.7%）。養老金和社會保險方面開支急劇增加也導致老年消費者占較大比例。
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In urban centers, there is a growing awareness of healthcare needs. Strong economic growth will finance such awareness, by triggering a rise in per capita health expenditure. This is currently very low in China at USD 186, compared with USD 8,000 in the United States and USD 870 in Brazil.
在城市中心，人們對醫療保險的意識日益增強。而且強大的經濟增長通過提高人均醫療費用也會促進這種意識。目前這個數字在中國非常低，為186美元，而美國人均8000美元，巴西870美元。

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6
Our Core Competency
核心競爭力
New areas for investment新投資領域
私募股權基金專注于健康䕶理及生物科技-China has a much smaller share of global private equity investment, mainly because there are still much fewer mega deals. The market is dominated by growth capital and minority stake investments. However private equity has emerged as a key provider of capital to the liquidity starved private sector of the economy in China with real policy support. New regulators are driving strong markets and activities, particularly merger and acquisition activity in the healthcare and life science industry. -私募股權基金專注于健康護理及生物科技-中國只占全球PE投資市場的很小部分，這主要是由于大規模交易的數量要少得多。市場主要由成長資本和少數股權投資主導。但是，PE已經逐漸成長為中國流動性嚴重不足的私有領域的關鍵資本來源。新任調控者們正在努力驅動市場和市場活動，尤其是醫療保健和生命科學行業的并購活動。
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The new generation of private equity funds
新一代PE基金
結合相關產業成功之科學家/企業家/金融家之專業團隊- Our team of General Partners is energized and highly aligned. We have innovative ideas for embracing new market opportunities. Our high quality, professional General Partners, with intensive know-how and expertise, will thrive as a result of our experience and the growing markets.
-我們的基金合伙人團隊齊心協力，干勁十足，擁有精深的專業知識和技術，將利用我們的經驗在這個不斷成長的市場大顯身手。
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Sustainable capability of sourcing deals to identify, execute and manage popular investment themes識別、執行和管理最熱投資主題的可持續獲得交易能力
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全球菁英擁有在地智慧透過其全球價值網絡以永續力/執行力/創造力經營投資項目- In China, the days when private equity could throw money at deals and expect a rising tide to float all boats have gone; careful and professional diligence is vitally important while fraud risk is still high. General Partners with profound local knowledge and strong homegrown relationship networks will succeed in China. Most targeted companies in China are state owned enterprises or family owned businesses; GPs with the same culture background as these owners will make better deals happen much easier.
-在中國，當PE能為交易投資，指望所有交易都只賺不賠的日子已經一去不復返了。由于欺詐風險仍然很高，謹慎和專業仍然相當重要。擁有淵博在地知識和強大本土關系網的基金合伙人將是中國市場的贏者。在中國，大部分目標公司是國有企業或家庭企業；與業主擁有相同文件背景的GP更容易達成有利交易。
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Our Core Competency-cont. 我們的核心競爭力-續
 
Business-building skills combined with successful investment experience in the emerging market建立業務的能力與在新興市場成功投資的經驗
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擁有培育生物科技進而促成商業化及國際化之卓越績效將獲得更多政策支持之投資機會- Biotech is the key area on which China’s government focuses. To make biotech invention become disruptive, innovation needs comprehensive leadership and the application of skills associated with drug commercialization. A member of our GP team is currently CEO more than one multinational biotech and healthcare company, possessing successful business-building experience that can enable our private equity fund to have more privileged access to great deals supported by Chinese local governments. On top of that, GPs, such as ourselves, with winning investment practices in the global healthcare industry are more likely to find effective partnerships with Chinese local governments.
-生物科技是中國政府關心的一個關鍵領域。為了獲得突破性生物發明，全面領導和藥品商業化能力應用是創新的重要保證。我們基金合伙人團隊的一名成員目前擔任多家跨國生物科技和醫療保健公司的CEO，具有成功的業務建立經驗，使我們的PE基金能獲得更多特有渠道介入一些獲得中國當地政府支持的大規模交易。而且包括我們自己在內的在全球醫療保健行業擁有成功投資經驗的基金合伙人更容易與中國當地政府建立有效合作。
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Capability to structure a perfect investment exit架構完美投資退出的能力
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俱有豐富之產業鍊整合經驗與高超縝密之金融工程規劃能力進而能創造企業之未來價值- As a result of last the five-year plan regarding healthcare reform, investments in China healthcare industry are moving into exit phase. The backlog of exits is made up of more than what the local IPO markets can absorb. China’s government has restricted approval on offshore listing so that investment exit is more difficult.  Private equity backed merger and acquisition activity will be a solution for investment exits. But, popular leverage-buyout strategies need strong support from local banks. The GPs with strong connections with local financial institutions will have the capability to participate in the M&A market in China.
根據正在執行的醫療行業改革五年計劃，中國政府對離岸上市執行嚴格的審批政策，這樣的話投資退出就變得更困難了。PE基金支持下的并購將成為投資退出的一個解決方案。但是，當前過熱的杠桿收買需要當地銀行有力支持。與當地金融機構關系密切的基金合伙人有能力參與中國的并購市場。
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Capability as a system builder utilizing global platform利用全球平臺建立體系的能力
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l  俱有架構平臺整合資源進行全球合併收購之價值創造力- Outbound M&A activities are more popular for sourcing advanced technologies. The GPs with global networks facilitating vertical integrations within the healthcare industry can create value by acquiring targeted outside companies and their technologies. Accessibility of large-scale deals in China will be increase while the GPs show the capability of value adding.
l  海外并購活動越來越成為獲得先進技術的一個手段。擁有能促進醫療保健行業垂直整合的全球網絡的基金合伙人可通過收購目標外部公司及其技術創造價值�；�金合伙人正在展示創造附加值的能力，由此獲得越來越多機會，介入中國大型交易。
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8
How Did We Get Here
我們怎樣走到今天
 
國際知名經營團隊
Key Strategic Corporate Partner, Yunnan Baiyao Group Co Ltd. 關鍵戰略合作人，云南白藥集團有限公司 
 
l  Yunnan Baiyao (000538:CH) is the largest Traditional Chinese Medicine (TCM) company in China. The company engaged in the R&D, manufacture and sale of traditional Chinese medicines (TCM) and other related products. Yunnan Baiyao is one of the most well-known consumer brands in China. In China, the reputation of Baiyao is akin to that of penicillin in the US.
l  云南白藥（000538：CH）是中國最大的中藥（TCM）公司。公司致力于中藥和其它有關產品的研發、制造和銷售。云南白藥是中國最著名的消費品品牌之一。在中國白藥的聲譽正如盤尼西林在美國一樣。
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l  Yunnan Baiyao has leveraged its strong company and product brands into various other areas through its subsidiaries for: 1) the planting and sale of TCM raw materials; 2) the production and sale of TCM decoction pieces; and 3) the production and sale of healthcare and nutritional products and herb products.
l  云南白藥通過其子公司利用其強大的企業和產品品牌介入多個領域。這些子公司業務涉及：1）中藥原料種植和銷售；2）中藥飲片的生產和銷售；和3）醫療保健和營養品以及中草藥產品的生產和銷售。
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l  The company also is the largest drug distributor in Yunnan and operates over 110 drugstores in the province. Yunnan is located in Southwest China with a market size of around RMB 20 billion in 2012 for drug distribution; Yunnan Baiyao has penetrated 40% of the distribution market share in that area.
l  公司同時還是云南最大的藥品銷售商，在本省下屬110多家藥片。云南位于中國西南，2012年藥品銷售市場規模約200億人民幣，云南白藥占有該地區銷售市場份額的40%。
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l  As of 23 May 2013, its market cap is about RMB 60 billion with revenues RMB 16 billion.
l  截止2013年5月23日，其股票市值約600億人民幣，收入為160億人民幣。
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9
General Partners of the Private Equity Fund, Vincent Shen & Team
PE基金合伙人Vincent Shen & Team
Strategic General Partner of Yunnan Baiyao Group Co. Ltd. (000538:CH).
云南白藥集團有限公司（000538:CH）戰略基金合伙人
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Chairman & CEO of JSY Innovation Matrix Ltd.; the business partner with YNBY.
JSY創新矩陣有限公司董事會主席兼營CEO；YNBY的業務伙伴。
CEO of STL Capital Co. Ltd.; the major share holder of CHC Healthcare Group.
STL資本有限公司CEO；CHC健康集團大股東
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CEO of CHC Healthcare Group (4164:TT). CHC健康集團CEO（4164:TT）
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Managing Director of Merrill Lynch, The Greater China Head of Private Investment Banking Group; Top Five Banker in the world; honor member of Circle of Champions; raised USD 4 billion under management.
Merill Lynch 管理董事；大中國區PE投資銀行業集團負責人；全球五大銀行家；Circle of Champions榮譽成員；40億美元資金管理者
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Executive Director of Morgan Stanley, Hong Kong, Team Head of PWM.
摩根斯坦利執行董事，香港PWM團隊負責人
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University of Oxford- The Saïd Business School/ EMBA/ Lincoln College
牛津大學-薩伊德商學院/高級工商管理碩士/林肯學院
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University of Oxford- The Saïd Business School/ Private Equity
牛津大學-薩伊德商學院/PE
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University of Pennsylvania- The Wharton School Executive Education/ Leadership
賓夕法尼亞大學-沃頓商學院執行官教育/領導力
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Soochow University- B.A./ Economics
蘇州大學-文學學士/經濟學
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10
Key Academic Partner, University of Oxford關鍵學術合伙人：牛津大學
 
l  Isis Innovation Limited was established by Oxford University in 1988 as its wholly owned technology transfer company.  Isis filed 100 patent applications on behalf of the University in 2012, and manages over 470 patent application families and 700 license agreements. Isis licenses technologies to companies, which invest in developing and selling products in a timely and ethical manner Licensees and commercial partners are sought from all technology and business sectors on an international basis. Isis has assisted in the formation of more than 70 University spinout companies, generating significant value in equity holdings for the University of Oxford.  Isis works with Oxford University researchers to develop new business opportunities, identifying and sourcing investment, management and professional services.
l  Isis創新有限公司于1988年由牛津大學創建，是其合資技術轉讓公司。2012年Isis代表公司擁有100個專利申請，管理470多個專利族和700份特許協議。Isis向企業提供技術許可用于以一種及時和合乎倫理的方式開發和銷售產品，被許可人和商業伙伴來自全球技術和商業領域。Isis協助70多家大學衍生企業的創立，為牛津大學創造了重要的股權持有價值。Isis與牛津大學研究人員合作開發新商業機會，識別和獲得投資、管理和專業服務。
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l  The Saïd Business School is one of Europe's youngest and most entrepreneurial business schools. An integral part of the University of Oxford, the School embodies the academic rigour and forward thinking that has made Oxford a world leader in education.
l  薩伊德商學院是歐洲最年輕也是最有企業家精神的商學院。作為牛津大學的一個整體部分，學院以學術嚴謹和前瞻性思想著稱，這使牛津成為世界教育領導者。
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11
Partners Around the World伙伴遍及全球
Bay Area舊金山灣區 
Boston波士頓
London牛津
Switzerland瑞士
Hong Kong, Shanghai & Taipei香港，上海和臺北
New York紐約
Oxford牛津
Kunming昆明
L.A. 洛杉磯
Melbourne墨爾本
Beijing北京

 
12
Goal and Objective
基金目標
雙幣基金Ambidextrous private equity fund- Through China regulatory approved new scheme allowing foreign capital to be channeled into RMB vehicle, our private equity fund would function using dual currencies, both the RMB and the USD with total amount USD 1 billion. -通過中國監管當局批準的允許海外資本介入人民幣金融工具的新計劃，我們的PE基金會利用總額折合10億美元的人民幣和美元這兩種貨幣進行操作。
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l  投資策略It puts forward a differentiated, counter-cyclical and risk-mediating investment strategy that describes investment opportunities in the healthcare and life science industry– focusing on China but with an eye toward the rest of the world. 它提出差異化、反周期和風險調節投資策略-醫療保健和生命科學行業投資機會-關注中國，但同時也關注世界其它地方。
l  投資戰略Adopting TMO (Technology-Market-Organization) framework, we, as the General Partners of the new generation of private equity fund position ourselves as system builders developing novel inventions in right market places. 我們作為新一代PE基金的基金合伙人，采用TMO（技術-市場-組織）框架將我們自己定位為在適當的市場開發新發明的系統建造者。
l  企業增值Through value creation system, we have expertise to commercialize inventions into disruptive innovations, and then transfer the technology to the right partners, making inevitable threats to incumbents. Via a series of consolidations, eventually those joint ventures will have strong profits, become public companies or be acquired. 通過價值創造體系，我們精于將投資轉換成商業上的突破性創新，然后將技術轉讓給適當合伙人，這無可避免地對這些育成性企業構成威脅。通過一系列合并，最終這些合資企業會獲得最大利潤，上市或被收購。

 
13
Strategic Value Adding
企業增值戰略
THE VALUE PROPOSITION價值主張 
 
A product that helps customers do more effectively, conveniently & affordably a job they have been trying to do. 幫助客戶更有效、更方便、更經濟地做一份他們一直想做的工作。
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RESOURCES資源
 
People, technology, products, facilities, equipment, brands, and cash that are required to deliver this value proposition to the targeted customers. 用于將其價值主張傳遞給目標客戶的必要人員、技術、產品、設施、設備、品牌和現金。
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PROFIT FORMULA利潤公式
 
Assets & fixed cost structure, and the margins & velocity required to cover them. 資產與固定成本結構和涉及這些因素的利潤率與周轉率
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PROCESSES過程
 
Ways of working together to address recurrent tasks in a consistent way: training, development, manufacturing, budgeting, planning, etc. 以統一方式共同解決重復性任務的方式，任務包括培訓、開發、制造、預算、規劃等。
克萊頓·克里斯坦森博士，哈佛商學院
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Dr. Clayton M. Christensen, Harvard Business School克萊頓·克里斯坦森博士，哈佛商學院
 

 
14
Strategic Alliances
企業連盟戰略
Strategic Efforts戰略工作
 
l  Discovery
l  Development
l  Regulatory Approval
l  Manufacturing
l  Marketing
l  發現
l  開展
l  監管批準
l  制造
l  市場營銷
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Strategic Relationship戰略關系
Collaboration 協作
l  Licenses
l  Contract Manufacturing
l  Marketing & Promotion
l  Full Collaboration
l  許可
l  外包制造
l  市場營銷和生產
l  充分協作 
 

 
15
Strategic M&As
合併收購戰略
Extension延伸
To extend the reach of a firm in terms of geography, products or markets as in diversification.
根據多樣化原則，延伸公司在地理、產品或市場方面的影響范圍
Consolidation合并
To consolidate the competitors to increase market power, to increase efficiency through reducing surplus capacity or sharing resources, and to enlarge scale of the combined operations to gain economic scale and bargaining power. 與競爭對手合并，通過減少盈余能力或分享資源來增加市場影響力，提高效率；通過業務合并擴大規模，獲得經濟規模和談判籌碼。
 
Capabilities能力
To incorporate the technological capability within their own portfolio, especially useful while industries are converging.
使技術能力能為投資組合的一部分，尤其是產業之間具有趨同性時更有價值
 
Financial Efficiency財務效率
l  Strong balance sheet marry with weak balance sheet can save interest payments and get investment funds; strong stock price supports share transaction.
l  令人滿意的資產負債表與令人不滿的資產負債表的結合能節省利息支出獲得投資資金；較高股票價格支持股票交易。
 
Tax Efficiency稅務效率
Arbitrage between different tax schemes. 不同納稅計劃之間的套利操作
 
Asset Stripping or Unbundling資產剝離或拆分
To gain economic effectiveness. 獲得經濟效力
 

 
16
MBI (Management Buy-In) Strategy
外部專業管理團隊融資并購戰略
The period 2011-2012 saw 132 deals in China’s pharmaceuticals sector, with a total disclosed transaction size of USD 5.2bn for 94 deals. The number of deals and the sheer size of transactions exceed those carried out either in Germany or Japan - an indication of how confidently China has advanced to the position of the second largest pharmaceutical market, right behind the US. 2011-2012年之間中國制藥業共有132筆交易，其中94筆的公開交易規模共計52億美元。交易數量和公開規模超過德國或日本，說明中國如何悄然成為僅次于美國的第二大制藥市場。
 
De-risking the leverage
消除杠桿風險

消減成本和重組
加速和調整
資本支出影響/美元
營運資本
成本價格重新談判
Building impetus in sales and margin
建立銷售和利潤率推動力
 

交易途徑/文件
新產品品類
公開新市場
更好的市場營銷
改善后的客戶體驗-VfM
Step change growth through strategic development
通過戰略發展逐步改變增長模式
 

邊做邊學，同步測試
快速推廣與其它優質產品增長股同時進行，以利退出。
方便退出的成長股
 
 

 
17
Dynamitic VC Investment Track Records
動態風險投資績效
Exited Portfolio Companies with existing Limited Partners (Multiple Return from 3x to 3,000x) 利用當前有限合伙人從投資組合公司退出（現金投資回饋倍數從3到3000）
 
l  Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. As of May 9, 2013, the market cap of the company was USD 6.9 billion.
l  任我游有限公司提供航海、通信和信息設備，大部分都要使用全球定位系統（GPS）。截止2013年5月9日，公司市值達到69億美元。
l   
l  Trina Solar Limited manufactures solar-power products including photovoltaic wafers, ingots, cells and modules. As of May 9, 2013, the market cap of the company was USD 353 million.
l  天合光能有限公司制造太陽能產品，包括光伏晶片、晶柱、電池和組件。截止2013年5月9日，公司市值達到3.53億美元。
l   
l  Hurray! Holding Ltd. a leader in artist development, music production and wireless music distribution and other wireless value-added services in China acquired by Shanda Interactive Entertainment Limited, a leading interactive entertainment media company in China.
l  酷6傳媒控股有限公司是中國一家藝術品開發、音樂制作和無線音樂廣播及其它無線附加值服務的大公司，該公司由中國一家領先的互動娛樂媒體公司盛大網絡互動娛樂有限公司收購。
l  Hsu Fu Chi International Ltd. manufactures sweet food. On 11 July 2011, Nestlé, the largest food company in the world, paid $1.7 billion for a 60 percent stake in Hsu Fu Chi International.
l  徐福記國際有限公司制造甜味食品。2011年7月11日，世界最大食品公司雀巢公司支付17億美元獲得徐福記公司60%的股份。
l  Natural Beauty Bio-Technology Limited researches and develops, manufactures and sells aroma therapeutic, beauty and skin care products, marketed and distributes through a sales network in China. As of May 9, 2013, the market cap of the company was HKD 1.2 billion.
l  自然美生物科技有限公司研究、開發、制造和銷售芳香治療、美容和美體產品，通過中國銷售網絡進行營銷和分銷。截止2013年5月9日，公司市值達到12億港元。
l  Suntech Power Holdings Company Ltd produces solar cells. The Company designs, develops, manufactures and markets a variety of photovoltaic (PV) cells and modules.
l   尚德電力生產太陽能電池。公司設計、開發、制造和營銷各種光伏電池和組件。
l  ScinoPharm Taiwan Ltd. offers process research and development and the production of active pharmaceutical ingredients. As of May 9, 2013, the market cap of the company was TWD 45 billion.
l  臺灣神隆有限公司致力于過程研究和開發，以及活性藥物成份生產。截止2013年5月9日，公司市值達到450億臺幣。
l  CHC Healthcare Group involves in distributing and leasing radiation oncology, neuroscience, dental and ophthalmic equipment. As of May 9, 2013, the market cap of the company was TWD 12 billion.
l  CHC醫療集團涉及放射腫瘤、神經系統、牙科和眼科設備銷售和出租。截止2013年5月9日，公司市值達到120億臺幣。
l   

l   
18
潛在融資併購標的

 
19
Introduction to Rottapharm 羅達制藥介紹

 
20
A Healthcare Pharmaceutical Company with a Distinctive Market Position 具有獨特市場定位的一家保健藥品制造公司
l  Founded in 1961 by Prof. L. Rovati; still 100% family owned 1961年由L. Rovati教授創立，目前100%的股權仍由其家族持有。
Generated net revenue and other income of €539,8 €mm and adjusted EBITDA of €145,2 €mm in 2012 Full Year  2012年全年產生凈收入及其它收入共5.39億歐元，調整后息稅折舊攤銷前利潤計1.452億歐元。
l  Global footprint with products sold in over 85 countries 產品銷往全球85個國家。
l  Geographically diversified and expanding out of Italy thanks to selective acquisitions, particularly the c.€630mm Madaus acquisition in 2007, launches of new products and entry into new geographies
l  由于選擇性收購，特別是2007年價值6.3億歐元收購Madaus，擴展到意大利以外地區，成為地理意義上的多元化企業，推出新產品，進入新市場。
l  Successful business built on the back of the original Glucosamine, still the Company’s #1 product with 17% of revenues, even after the expiration of regulatory data protection more than 10 years ago
l  在根據法規享受的信息保護到期之后10多年的今天仍作為公司拳頭產品，為公司創造17%的總收入的生化葡萄糖胺產品開發之后，公司業務仍然很成功。
l  Repositioned business mix from Rx-reimbursed products to semi-ethical products
l  將報銷處方藥產品與半處方藥產品業務進行重新配置。
l  Leading positions in selected niche markets with distinctive business model targeting healthcare professionals and pharmacists
l  在針對保健專業人士和藥劑師的特定細分市場采取特殊業務模式，占據領先地位。
Net revenues evolution by geography⁽¹⁾
按地理范圍劃分的凈收入情況
(1)   Actual 2012. The geographical breakdown of our net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on the company’s management accounts. Net revenues refer to total net revenues and other income 實際在2012年，按地理范圍劃分的我公司凈收入明細反映了產品銷往的國家，但并未反映記錄有關銷售額的法人實體。這些數據基于公司管理帳目。凈收入指凈收入和其它收入總額
% of revenue 占凈收入的百分比
Column 5 第五欄
Other其它
Americas& Australia美國和澳大利亞
ACT 2012 net revenues by product category ACT 2012年按產品類別劃分凈收入
Euromed 4%   EuroMed產品 4%
RX reim bursed 25% 報銷處方藥25%
Semi-ethical 71%半處方藥 71%

 
21
Focus on Semi-Ethical 關注半處方藥
Ethical 處方藥
l  Always doctor prescribed 必須由醫生開處方
l  Reimbursed 報銷
l  Scientifically proven and clinically effective科學證明和臨床驗證
Semi-Ethical 半處方藥
l  Doctor prescribed or Pharmacy recommended 醫生處方或藥房建議
-Depending on product and market, available w/ or w/out prescription取決于產品或市場，無論有無處方都能銷售
l  NOT reimbursed 不報銷
l  Scientifically proven & clinically effective科學證明和臨床驗證
Self-medication自我給藥
l  NOT prescribed or Pharmacy recommended無須處方或藥房建議
l  NOT reimbursed不報銷
l  NOT necessarily scientifically proven and clinically effective無須科學證明和臨床驗證
 

 
22
A Distinctive Integrated Model with a Strong, Branded Franchise 一個基于強大的品牌特許經營的特殊整合模型
Semi-ethicals 71% of Actual 2012 net revenues  半處方藥凈收入占2012年實際凈收入的71%
Core segment:核心部分
l  Rx not reimbursed, OTC, dermocosmetics, dietary supplements (nutraceuticals) and medical devices 非報銷藥，非處方藥，醫學護膚品，飲食補充（保健藥品）和醫學設備
l  Not / minimally affected by pricing / reimbursement pressure不受定價/報銷壓力的影響，或受影響最小
l  Scientifically backed by clinical data臨床數據在科學上提供支持
l  Strong brands 強大品牌
l  Positive growth during 2009-12 (+2,7% CAGR) 2009年至2012年積極增長（+2，7%，CAGR）
Key products: 關鍵產品
l  Dona¹
l  Saugella
l  Armolipid
Ethicals (Rx-Reimbursed) 25% of Actual 2012 net revenues 處方藥（報銷）占2012年實際凈收入的25%
Legacy segment: 實力積累
l  Cornerstone of scientific capabilities / know-how 是科研能力/專有知識的基石。
l  Key to build relationship with medical doctors and pharmacists in order to market both Rx-reimbursed and Semi-ethical products 是為銷售報銷處方藥和半處方藥產品而建立與醫生和藥劑師的關系的關鍵。
l  Robust ethical heritage: over 300 patents and 19 new drugs to date 強大的處方藥實力：迄今為止，共有300多項專利，12種新藥。
Key products:關鍵產品
l  Urivesc
l  Legalon /Legalon SIL
Euromed 4% of Actual 2012 net revenues   Euromed產品占2012年實際凈收入的4%
Natural extracts supplier: 天然提取物供應商
l  Leading European producer of natural extracts, for both captive use and sale to third parties 歐洲最大的天然提取物生產商，這些天然提取物用于壟斷性使用或向第三方銷售。
l  Provides Rottapharm with “pharma-standard” natural extracts used for both Rx-reimbursed and semi-ethical portfolio 向羅達制藥提供作為“藥品標準”的作為報銷處方藥和半處方藥成份的天然提取物。
l  Strong top line growth in 2009-12 (14,5% CAGR) 在2009年至2012年期間成為增長最快的產品系列（復合年增長率14.5%）
Source: Company information 來源：公司信息
(1)      In some regions still a Rx-reimbursed product在一些地區仍是報銷處方藥產品
 
 
 
 
 

 
23
Successfully repositioned business from Rx-reimbursed to semi-ethicals
從報銷處方藥到半處方藥，成功的二次商業定位
Price stability 價格穩定性
High 高
Low低
Full-fledge clinical evidence 全面的臨床證據
Targeted clinical evidence 針對性臨床證據
No clinical evidence無臨床證據
Regulatory status監管狀態
Supplements補充
Prescription處方
Consumers消費者
Pharmacists藥劑師
Physicians醫生
Decision driver決策驅動者
Rottapharm’s distinctive business model is based on…羅達制藥獨特的業務模式基以下方面：
l  Clinical evidence for semi-ethical products similar to that seen in Rx-products...與報銷處方藥臨床證據類似的半處方藥臨床證據
l  ...allowing for marketing and targeted sales to Healthcare Professionals....允許對醫療專業人士進行市場營銷和有針對性的銷售
l  ....who actively prescribe / recommend our products, regardless of ethical or semi-ethical status.使其能積極規定/推薦我們的產品，無論是處方藥還是半處方藥
....ultimately resulting in limited exposure to pricing pressure....最終避免受過多定價壓力
l  Semi-ethical business achieves premium pricing and attractive margins, with limited exposure to pricing pressures.半處方藥業務實現溢價定價和重大利潤，僅承受有限的定價壓力
…and a significant de-risking of the business 極大地減輕了業務風險
24
Leveraging on a global sales and distribution footprint, and in-house manufacturing capabilities利用全球銷售和分銷網絡，以及內部制造能力
Proprietary sales force⁽¹⁾ 獨有銷售能力
Italy 意大利
Germany德國
France法國
Spain西班牙
Portugal葡萄牙
Austria奧地利
Belgium比利時
Russia and CIS俄羅斯和獨聯體國家
Poland波蘭
Hong Kong /China香港/中國
Thailand泰國
Malaysia /Singapore / Philippines馬來西亞/菲律賓/新加坡
Egypt埃及
Saudi Arabia沙特阿拉伯
(1)    Does not include all countries. Includes sales agents (pharmacy representatives) and sales management. 不包括所有國家。包括銷售代理（醫藥代表）和銷售管理層
l  Rottapharm presence through distributors or licensees 羅達制藥通過分銷商和被許可人開展業務
l  Rottapharm direct sales force presence羅達制藥直銷人員
l  Manufacturing locations制造基地
Manufacturing capabilities 制造能力
l  All Certified/authorized facilities所有經過認證的/授權的設施
l  Cost optimization: reduction from 9 facilities to 6 facilities in the last three years成本優化：在最近三年，從9座設施減少到6座
l  Full range of in-house manufacturing capabilities 全面內部制造能力
-Pharmaceuticals 醫藥產品
-Ireland 愛爾蘭
-Italy意大利
-Germany德國
-Consumer healthcare消費品保健品
-Italy意大利
-Bulk granules 散裝顆粒劑
-India印度
-Euromed   Euromed產品
-Spain西班牙
-Leading European producer of natural extracts歐洲最大天然提取物制造商
l  Highly experienced regional / local management teams. 擁有豐富經驗的地區/當地管理團隊
l  State of the art, award winning manufacturing facilities.先進一流的制藥設施

 
25
Key highlights關鍵投資亮點
Rottapharm: A Strong Credit Case羅達制藥：一個有強大說服力的案例
1.       Resilient developed market with strategic emerging markets position.具有復原能力的成熟市場，并在新興市場擁有戰略地位。
2.       Competitive advantage through brand reputation, highly profitable product portfolio and leading market position. 通過品牌聲譽、高利潤產品組合和領先市場地位獲得競爭優勢。
3.       Highly diversified product, customer and geographic mix. 高度多元化的產品、客戶和地理組合。
4.       Strong cash flow generation and low cost base. 強大的現金流產生能力和低成本的業務基礎。
Highly experienced management team with strong track record. 經驗豐富的管理團隊和具有說服力的歷史業績。1。
 
26
Leading position in an industry with attractive fundamentals  在行業占據領先地位，擁有極具誘惑的基礎條件
Pharma Rx 報銷處方藥
(1)      Resilient, less cyclical and defensive sector具有復原能力，周期性更小，受市場影響較小的領域
l  Strong supportive trends: 受到強烈支持
-Aging population 老齡化
-Increasing healthcare expenditure per-capita in both developed and emerging markets發達國家和新興市場的人均醫療開支都在增加
-Focus on innovation and discovery of treatments for unmet medical needs 對于那些尚未攻克的疾病，人們一直關注療法的創新和探索
OTC非處方藥
(2)      Resiliency driven by Rx falling out of reimbursement schemes into OTC一些報銷處方藥成為非處方藥，驅動市場復原能力
l   
l  Growing consumer awareness and product knowledge日益增長的消費意識和產品知識
(3)      Strong resiliency and brand equity of products with Rx heritage具有報銷處方藥優勢的產品具有強大市場恢復能力和重要品牌價值
l   
Nutraceutical營養制劑
 
l  Well-established market in the US with meaningful growth opportunities in Europe在美國建立的市場地位為歐洲市場帶來重要的增長機會
l  Increasing focus on promotion of healthy behaviours越來越多的人開始注意推廣健康行為
(4)      Growing awareness of key role of nutrition in prevention of adverse medical conditions, and life-style quality improvement越來越多的人意識到營養在預防疾病和提高生活質量方面的關鍵角色
l   
Dermocosmetics醫學護膚品
 
l  Increasing global usage of cosmetic products全球使用化妝品日益增長
l  Look good / feel better effect要求好看/使人感覺更好
l  Demand for next generation cosmetics without heavy metals, allergenic agents, impact of new regulation etc. 對下一代化妝品無重金屬或過敏性成份的要求，新法規的影響等
Global Pharma market size (€bn)全球制藥市場規模（單位：10億歐元）
Global OTC market size (€bn) 全球非處方藥市場規模（單位：10億歐元）
(5)      Italian Pharmacy Nutraceutical market value share意大利藥房營養食品市場份額
(6)      Novartis諾華
Rottapham羅達制藥
Recordati
#3 player (Italy) 3家公司（意大利）
Italian Dermocosmetic market value share印度護膚品市場份額
Rottapham 羅達制藥
Procter& Gamble 寶潔公司
#1 player (Italy)1家公司（意大利）
#7 player (Europe)7家公司（歐洲）
Source: IMS Health 來源：IMS健康
(1)   Pharmacy market 制藥市場

 
27
Well positioned in Western European markets, proactively addressing austerity measures西歐市場的合理定位，前瞻性地應對財政緊縮政策
Successful strategy in Italy意大利的成功戰略
l  Active portfolio mix management積極的投資組合管理
-Approx. 85% of actual 2012 Italian net revenue from semi-ethicals 2012年近85%的實際凈收入來自半處方藥
-Consequential positive top line growth despite the financial crisis 盡管財政危機，仍實現最高增長
l  Reduced exposure to reimbursement pressure, control of pricing避免直接面對報銷壓力、定價控制
Proactively addressing austerity measures in Iberia前瞻性地應對伊比利亞的財政緊縮政策
Shifting of portfolio away from Rx-reimbursed 將投資組合從報銷處方藥向其它產品轉移
2009 % of revenues  占2009年收入的百分比
ACT 2012 % of revenues  占2012年實際收入的百分比
Semi-Ethical 31% 半處方藥，31%
Euromed 2% Euromed產品 2%
Rx-reimbursed 50% 報銷處方藥 50%
Semi-Ethical 45% 半處方藥 45%
Rx-reimbursed 68% 報銷處方藥 68%
Euromed 5% Euromed產品 5%
Rx-reimbursed 86% 報銷處方藥 86%
Semi-Ethical 14% 半處方藥 14%
Rx-reimbursed 72% 報銷處方藥 72%
Semi-Ethical 28% 半處方藥 28%
Spain 西班牙
Portugal 葡萄牙
Revenue (€mm) 收入（單位：100萬歐元）
Selected initiatives 經慎重選擇的計劃
l  Successful launch of Armolipid 成功推出Armolipid
l  Active portfolio management of Plantaben Plantaben積極的投資組合管理
l  Cost containment measures being implemented 正在執行的成本控制措施

 
28
Focus on increasing exposure to key Emerging Markets, underpinned by strong fundamentals
關注由強大基礎支撐的對關鍵新興市場日益增長的影響
Evolution of geographic exposure 發展趨勢（從地理角度分析）
2006 net revenues 2006年凈收入
2012 net revenues  2012年凈收入
Total: €281mm 總額：2.81億歐元
Total: €540mm 總額：5.40億歐元
Emerging markets 6% 新興市場：6%
Rottapharm’s key Emerging Markets(1) are forecast to experience robust growth 預計羅達制藥的關鍵新興市場（1）將進入強勁增長時期
Pharmaceuticals to outgrow healthcare expenditure 制藥業面臨過快增長的醫療費用
Pharmaceutical sales(2) 藥品銷售額
Healthcare expenditure 醫療費用
Healthcare expenditure per capita comparison 人均醫療費用比較
Source: BMI Pharmaceuticals & Healthcare reports來源：BMB制藥和醫療報告
(1)   Includes: Brazil, China, Egypt, India, Malaysia, Mexico, Russia and Thailand包括巴西、中國、埃及、印度、馬來西亞、墨西哥、俄羅斯和泰國
(2)   Includes prescription, generics and OTC products 包括處方藥、非專利藥和非處方藥
Emerging markets include Asia, BRIC, Middle East and Africa and Eastern Europe and CIS
新興市場包括亞洲、金磚四國、中東和非洲，以及東歐和獨聯體國家
(US$ in billions)（單位：10億美元）
(US$ in billions)（單位：10億美元）
(2011 - US$ per capita)（2011年-人均美元）
c.8.9x potential growth 8.9倍潛在增長

 
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Branded pharma portfolio with leading positions in niche market segments 在細分市場占據領先地位的品牌藥業投資組合

	% of revenues占收入百分比(1)	Indication 適應癥	Reimbursement 報銷	Patent 專利	Leading market position領先市場地位
Dona	17%	Osteoarthritis 骨關節炎	Yes / no是/否	No否	The world’s best selling and the original glucosamine product世界上最為暢銷和最先進的葡萄糖胺產品
Saugella	9%	Intimate / baby hygiene 私密/嬰兒衛生	No否	Yes / no是/否	The market leading product in the Italian daily intimate hygiene market意大利市場最有名的私密衛生產品
Legalon	6%	Gastroenterology腸胃病學	Yes / no是/否	Yes / no是/否	Hepatoprotector and detoxifying agent, with unique sylimarine preparation and potential new indication upside保肝藥和排毒劑,包含獨特的水飛薊制劑，其適應癥可能會增加新項目
Armolipid	5%	Cardiology心臟病學	No否	Yes是	The newest approach to dyslipidaemia management with leading market position in Italy 最新的血脂異常管理方式，在意大利具有領先的市場地位
Reparil	5%	Rheumatology 風濕病學	No否	No是	A market leading treatment of traumatic injuries and venous diseases一種市場領先的創傷性損傷和靜脈疾病治療藥物

Source:   Company information來源：公司信息
(1)   Based on Actual 2012 net revenues of €539,8mm基于2012年實際凈收入5.398億歐元

 
 
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Branded pharma portfolio with leading positions in niche market segments (cont’d) 在細分市場占據領先地位的品牌藥業投資組合（續）

	% of revenues占收入百分比(1)	Indication 適應癥	Reimbursement 報銷	Patent 專利	Leading market position領先市場地位
Agiolax	4%	Constipation便秘	No否	No否	A leading treatment for acute constipation治療急性便秘的一種重要治療藥品
Urivesc	5%	Urinary incontinence尿失禁	Yes是	Yes / no是/否	The leading treatment of overactive bladder in France在治療膀胱過動癥方面，是法國最重要的治療藥品
Go-ON	3%	Osteoarthritis骨關節炎	Yes / no是/否	No否	A leading intra-articular hyalauronic acid product in France, Germany and Thailand是法國、德國和泰國最重要的關節內玻尿酸產品
Bellissima	2%	Contraceptive避孕	Yes / no是/否	No否	A generic brand leader in oral contraception in Germany是德國最大的非專利口服避孕藥品牌
Fortilase	2%	Anti oedema 抗水腫	No否	No否	A global leading proteolytic enzyme anti-inflammatory, representing successful shift from Rx-reimbursed to semi-ethical全球領先的蛋白水解酶消炎藥品,代表從報銷處方藥到半處方藥的成功轉變
Total top 10 products 10種最重要產品	58%

1.         Source:   Company information資料來源:公司資料
(1)   Based on Actual 2012 net revenues of €539,8 mm基于2012年實際凈收入，5.398億歐元

 
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2.         Glucosamine sulfate: a story of global success, built “in-house” 葡萄糖基硫氨酸鹽：一個基于“內部”的全球性成功案例
3.         The global leader in treating osteoarthritis骨關節炎治療領域全球領導者
l  Rottapharm is the originator of glucosamine sulfate for osteoarthritis羅達制藥是用于治療骨關節炎的硫酸氨基葡萄糖的發明者
4.         The only clinically approved product in its class (first approval as an Rx reimbursed product in 1974) 同類別中唯一經臨床認證的產品(1974年第一個被批準為報銷處方藥產品)
5.         Strong history of growth, establishing DONA® as a landmark brand在過去一直保護持續增長，DONA®就是一個具有里程碑意義的品牌
6.         The global leading product in its class even after the expiration of regulatory data protection more than 10 years ago即使在根據法規享受的信息保護到期之后10多年后，仍是同類別中全球領先產品 
7.         Ability to keep leadership against the many glucosamine competitors thanks to superior scientific profile and manufacturing know-how由于極其科學的投資組合和制造技術，在眾多氨基葡萄糖產品競爭者中保持領導地位
8.         Strongly backed by clinical studies and publications in top-rated medical journals臨床研究和頂級醫學雜志出版物的大力支持
9.         Glucosamine sulfate is the only glucosamine-based product recommended for the treatment of knee osteoarthritis by EULAR and OARSI(¹)氨基葡萄糖硫酸鹽是EULAR 和 OARSI推薦的唯一一種基于葡萄糖胺產品的膝關節炎治療藥物
10.     Globally recognized superior scientific profile全球公認的極其科學的投資組合
11.     Lancet 2001; 357:251-56: 《柳葉刀》2001年；357：251-56：
12.     “The long-term combined structure modifying and symptom modifying effects of glucosamine sulfate suggest that it could be a disease modifying agent in osteoarthritis” “硫酸氨基葡萄糖在改善組合結構和緩解癥狀方面的長期效果意味著它可能成為一種緩解骨關節炎疾病的藥劑”
 
13.     Archives of Internal Medicine 2002; 162:2113-23: 《2002年內科醫學檔案》162:2113-23:
14.     “Long-term treatment with glucosamine sulfate retarded the progression of knee osteoarthritis, possibly determining disease modification”. “通過氨基葡萄糖硫酸鹽長期治療來阻礙骨關節炎發展，可能會決定疾病的改善”。
Cochrane Review 2009: Only Rottapharm’s preparation of glucosamine sulfate is effective in osteoarthritis, while clinical studies using other glucosamine preparations did not show any benefit.  2009年國際循證醫學協作組織回顧：只有羅達制藥的硫酸葡萄糖胺制劑在骨關節炎方面是有效的,而其它氨基葡萄糖制劑臨床研究未顯示任何益處。
Source:   Company information來源：公司信息
(¹) EULAR (European League Against Rheumatism) and OARSI (Osteoarthritis Research Society International) EULAR（歐洲抗風濕聯盟）和OARSI（國際骨關節炎研究學會）

 
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Legalon/Legalon Sil ® (Sylimarine/Sylibinin)
Product description 產品描述
l  Indication: treatment of toxic liver damage, supportive therapy of chronic inflammatory liver diseases and liver cirrhosis 適應癥：:治療毒性肝損傷，輔助治療慢性炎癥，治療肝病和肝硬化。
l  Ingredient: mixture of four isomeric flavonoids extracted from the fruits of the milk thistle (Silybum marianum, syn. Carduus marianus). The main isomer is silibinin 主要成份：從水飛薊果實提取的四種同分異構黃酮類物質混合物(Silybum marianum, syn. Carduus marianus)。主要異構體是水飛薊素。
l  Positioning: Legalon is a natural, clinical-proven effective and unique sylimarine preparation with outstanding bioavailability compared to standard silimarin products定位：利肝素是一種天然的，經臨床證明的特殊的水飛薊素制劑，與標準水飛薊素產品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分銷渠道：報銷處方藥，僅藥房銷售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目標群體：:肝臟病學家、胃腸病學家、全科醫師、藥劑師和消費者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商標：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description產品描述
Silibinine-C-2’, 3-diidrosuccinate Injectable Presentation
l  Product already in use and registered in Germany, Poland, Czech Republic, Austria for intoxication from Amanita Phalloides由于水飛薊素防止毒素入侵作用，產品已在德國、波蘭、捷克和奧地利使用和注冊
15.     Worldwide exclusive rights全球獨家權利
16.     After the study of Prof. Ferenci (2008), Legalon SIL has been discovered as a potent antiviral agent in patients with chronic hepatitis C not responding to standard therapy / patent pending在Ferenci教授的研究(2008)之后，人們發現Legalon SIL是一種有效的抗病毒劑，能用于治療那些標準療法/專利申請產品無能為力的慢性丙型肝炎患者。
l   
17.     -Fast-tracked Orphan Drug status in EU and USA for prevention of recurrent hepatitis C in liver post-transplant recipients not responding to standard therapy為了預防不適用標準療法的肝移植接受者移植后丙型肝炎復發，快速跟蹤歐盟和美國罕見病藥物的使用情況。
2012 Revenue split by geography (€29.4m) 2012年按地理范圍劃分的收入（2940萬歐元）

 
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Robust near- and long-term pipeline mix provides upside potential強勁的長短期潛在風險投資后備項目組合具有重大潛力
l  Traditional discovery R&D (Rx-reimbursed) provides long-term innovation at the highest level of scientific capability, with different innovative projects at different stage of development . The Company is one of the few major R&D players in Italy and it is concentrating especially on the highly competitive areas of Rheumatology, Pain, Gastrenterology and Hepathology.傳統研發（報銷處方藥）以最高科研能力實現持續創新，當前有許多創新項目正處于不同開發階段。該公司是為數不多的意大利研發機構之一，尤其專注于一些競爭激烈的領域：風濕病、止痛、胃腸病學和肝臟病學。
l  Strong ethical R&D heritage allows fast innovation in the semi-ethical and the near-term ethical pipeline強大的處方藥研發實力使半處方藥和近期處方藥潛在風險投資后備項目能夠實現快速創新。
l  Robust, near-term semi-ethical pipeline provides substantial incremental revenue growth potential強勁的近期半處方藥潛在風險投資后備項目使收入增長潛力可持續增長。
-Average time to market of 12 months for OTC, nutraceuticals and dermocosmetics, (which compares to industry average of 2 years for OTC and 4-5 years for a generic drug) 非處方藥，保健營養品和醫學護膚品，上市后平均12個月（相比之下，對于非處方藥，行業平均2年，對于非專利藥，平均4-5年）
-Semi-ethical pipeline consists of 半處方藥潛在風險投資后備項目包括
A.       Innovative nutraceuticals 創新性的保健品
B.        Existing nutraceutical extension line 現有營養食品的擴展系列
C.        New OTCs 新非處方藥
D.       New dermocosmetic products extending existing lines 作為原有產品系列擴展的新醫學護膚品
E.        Dermocosmetics extension lines 醫學護膚品擴展系列
l  Near-term Rx pipeline provides consolidation of existing product lines and consists of: 短期報銷處方藥潛在風險投資后備項目是對原有生產線的整合，包括，
1.       New indications of existing products 原有產品的新適應癥
2.       New branded generics 新品牌非專利藥
3.       Line extensions 產品系列延展
 
New chemical or biological entities in clinical and pre-clinical development stages
臨床和臨床前開發階段的新化學和生物實體

COMPOUNDS IN ACTIVE DEVELOPMENT 目前正在開發的復方藥
INN and/or CODE INN和代碼	PHARMACOLOGICAL CLASS 藥理類分類	CHEMICAL NATURE 化學性質	THERAPEUTIC INDICATIONS 治療適應癥	DEVELOPMENT PHASE 開發階段
CR4056	Imidazoline I2 binding site ligand咪唑啉I2結合位點配體	Small molecule 小分子	l Neuropathic pain l Acute Pain 神經性疼痛 急性疼痛	Phase II 二期
CRB0017 (monoclonal antibody) (單克隆抗體)	Aggrecanase (ADAMTS5) inhibitor Aggrecanase(ADAMTS5)抑制劑	Monoclonal Antibody 單克隆抗體	l Osteoarthritis: Disease Modifying Drug l 骨關節痛：疾病緩解藥品	Pre-clinical Development 臨床前開發
CRB0089 (monoclonal antibody) (單克隆抗體)	Nerve Growth Factor (NGF) receptor (trkA) inhibitor 神經生長因子(NGF)受體(trkA)抑制劑	Monoclonal Antibody 單克隆抗體	l Osteoarthritis pain l Chronic pain l Neuropathic pain 骨關節炎疼痛 慢性疼痛 神經性疼痛	Pre-clinical Development 臨床前開發
CR6086	EP4 receptor antagonist EP4受體拮抗劑	Small molecule 小分子	l Rheumatoid Arthritis: early NSAID and/or DMARD ·         風濕性關節炎:早期非甾體類抗炎藥和/或緩解疾病的抗風濕性藥物	Pre-Clinical development 臨床前開發
CR8357 (series) （系列）	Selective kinase inhibition (undisclosed) 選擇性激酶抑制(未公開)	Small molecule 小分子	l Osteoarthritis: Disease Modifying Drug with potent symptom activity 骨關節炎: 緩解疾病的藥物，具有有效癥狀活動	Exploratory Development 應用研究
CR5542 CR5742	Orexin receptor antagonist(s) 增食欲素受體拮抗劑	Small molecule 小分子	l Drug addiction l Insomnia and sleep disorders 藥物成癮 失眠和睡眠障礙	Exploratory Development 應用研究

 

 
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Robust near-term pipeline provides upside potential 充滿前途的近期潛在風險投資后備項目展示極大潛力
Semi-ethical Pipeline半處方藥潛在風險投資后備項目

Ritmonutra	Ialumar Baby
Glicosan	New Saugella Attiva 新Saugella Attiva
ArmoLIPID WM	Saugella Pads Line (9 Products) Saugella護墊系列 （9種產品）
ArmoLIPID OMEGA	New Dermafresh (New patented formula) 新Dermafresh 新專利配方
ArmoLIPID PLUS OMEGA	Biomineral / Biothymus (new patented formula)
Fortilase ORTO	New Dermasol (New patented formula) 新Dermasol 新專利配方
Fortilase DERMA

 
Rx pipeline – Near Term (Present Portfolio) 報銷處方藥潛在風險投資后備項目-近期（當前投資組合）

Legalon SIL	Pafinur oral solution Pafinur口服液
Evaluna EC
Mayra	Erdotin sachets  Erdotin藥袋

 

 
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Highly diversified product / therapeutic and geographic mix
高度多元化的產品/治療領域和地理范圍
Product / therapeutic area (1)產品/治療領域

Immunology 免疫學
Other其它
Rheumatology  風濕病學
Gynaecology 婦科學
Gastroenterology 腸胃病學
Cardiology 心臟病學
Urology  泌尿學
Dermatology 皮膚病學
Natural extracts 天然提取物
Respiratory 呼吸病學
Hematology 血液學
Paediatrics 兒科
 
Geographic coverage (1)地理范圍

美國和澳大利亞 其它 意大利 德國 西班牙 葡萄牙 法國 西歐其它地區 新興市場
Mitigated single product / therapeutic area risk 減輕后的單獨產品/治療領域風險
l  Diversified therapeutic portfolio 多元化治療領域投資組合
l  Broad portfolio with more than 10 different therapeutic areas covered廣泛的投資組合，覆蓋10多種不同治療領域
l  No therapeutic area accounts for more than 30% of sales 非治療領域銷售額占全部30%以上。
l  Portfolio mix with limited patent expiry risk 具有有限專利失效風險的投資組合
Broad geographic exposure 廣闊的地理范圍
l  Broad geographic exposure 廣闊的地理范圍
l  No country apart from Italy and Germany accounting for more than 10% of sales  除意大利和德國外，任何國家銷售額都不超過10%
l  Fast-growing emerging markets account for 19% of sales 快速增長的新興市場占銷售額的19%。
(1) Actual 2012. The geographical breakdown of net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on company’s management accounts. 2012年實際情形，按地理范圍劃分的凈收入明細反映了產品銷往的國家，但并未反映記錄有關銷售額的法人實體。這些數據基于公司管理帳目。

 
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Efficient cost base coupled with high cash flow generation allow strong deleveraging
與高現金流結合產生的有效的成本基礎為堅決的去杠桿化提供條件
Stable profitability through European crisis thanks to a flexible cost base…
由于靈活的成本基礎，即使在歐洲危機時期也具有穩定的盈利能力
…leading to a strong operating cash flow conversion …
導致強大營運現金流轉換…
Operating Cash Flow conversion (%)(1) 運營現金流轉換（%）（1）
…and strong deleverage 和堅決的去杠桿化
Net debt / Adjusted EBITDA (x) 凈負債/調整后息稅折舊和攤銷前利潤
Source:   Company information 來源：公司信息
(1) Calculated as (Adjusted EBITDA - Capex) / Adjusted EBITDA 計算公式（調整后息稅折舊和攤銷前利潤-資本費用）/調整后息稅折舊和攤銷前利潤

 
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Solid foundation built upon years of industry experience堅實基礎，具有多年行業經驗
Prof. Luigi Rovati Luigi Rovati教授
Founder and President公司創始人和總裁
 
Lucio Rovati
Vice Chairman 董事會副主席
Chief Scientific Officer and Executive Medical Director 首席科學官和常務醫學總監
 
Luca Rovati
Vice Chairman董事會副主席
Chief Executive Officer 首席執行官
 
Sigieri Diaz della Vittoria Pallavicini
Chief Investment Officer 首席投資官
 
Vincenzo Maglione
Chief Operating Officer 首席運營官
 
Stefano Bertoletti
Head of HR 人力資源負責人
 
Anne Boulanger
Head of Finance & Administration 財務和行政部負責人
 
Lorenzo Michetti
Head of Legal and Intellectual Property Department法律和知識產權部負責人
 
Antonino Santoro
Business Development and Regulatory Affairs Director 業務開發和監管事務部總監
 
Enzo Lacchini
Group Technical Director 集團技術總監
 
Roberto Bonfanti
Head of Group Plans, Controls & IT Manager 集團規劃負責人、控制和IT經理
 
Highly experienced management team with an average of >20 years presence in the industry 具有豐富經驗的管理團隊，成員平均行業經驗超過20年。

 
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Historical financials金融業績回顧

 
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Key financial strategy highlights關鍵財務戰略亮點
Continue to grow revenues organically  收入繼續有機增長
l  Semi-ethical penetration  半處方藥方面取得突破
l  New product launches新藥推出
l  Emerging markets expansion新興市場的擴展
Preserve a highly flexible operational business model 保留一個高度靈活的業務模型
l  Control of strategic raw materials (Euromed, Glucosamine)戰略性原材料控制（Euromed，葡萄糖胺）
l  Adjustable operational leverage including sales force, discovery R&D, discretionary marketing and manufacturing expenses 可調整的運營杠桿，包括銷售力、新產品研發、隨意性很大的市場營銷和制造費用
l  Asset-light/low-capex model  資產輕/低資本支出模型
Disciplined approach to acquisition strategy 收購戰略
l  Selective and restricted to access strategic therapeutic areas or markets 對戰略性治療領域或市場的進入的選擇和限制
l  Consistent with conservative leverage metrics 與保守的杠桿標準保持一致
Dividend policy 股息分配方針
l  Prudent dividend policy 謹慎的股息分配方針
Ensure high level of transparency with investors going forward 確保在未來對投資者保持高透明性
Continue to be publicly rated by Moody’s and S&P 繼續通過穆迪和標準普爾指數公開定價
l   
l  Focus on quality of reporting 關注報告質量

 
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Stable, highly diversified revenue base, demonstrating resilience through recession…穩定、高度多元化的收入基數顯示了經濟衰退之后的恢復復原能力
Net revenues by product categories (€mm) 按產品類別列示的凈收入（單位：100萬歐元）
Rx-reimbursed 報銷處方藥
Semi-ethical 半處方藥
Discontinued products 廢止產品
Euromed
Net revenues by country(1)(€mm) 按國家列示凈收入（單位：100萬歐元）
Americas& Australia 美國和澳大利亞
Column2 第二欄
Other其它
Emerging markets 新興市場
Rest of WE/NE 西歐/北歐其余地區
France法國
Portugal葡萄牙
Spain西班牙
Italy意大利
l  Sustained and visible growth in core business segments在核心業務細分領域出現可持續的顯著增長
-Semi-ethical business expansion through the launch of ArmoLIPID, Pafinur, Erdotin, Saugella extension lines, Bellissima / Evaluna/Mayra, as well as higher sales of Silymarine and Glucosomine
通過推出ArmoLIPID、Pafinur、Erdotin、Saugella擴展系列、Bellissima / Evaluna/Mayra和銷售額較高的Silymarine和Glucosomin，半處方藥業務擴大。
-Euromed showing strong growth  Euromed市場顯示強勁增長。
-Italy, Northern Europe and Emerging Markets showing strong resilience and growth dynamics意大利、北歐和新興市場顯示了強勁的恢復能力和增長勢頭。
l  Revenue decline in Rx-segment and non core geographies due to unfavourable market dynamics 由于不利的市場趨勢，在報銷處方藥和非核心非專利藥方面收益下降。
-Decrease in Rx-reimbursed revenues in 2011 and 2012  2011年和2012年報銷處方藥收入減少。
-Concentrated on countries with highest macro pressures such as Spain, Portugal and Greece, where recent austerity packages led to lower prices and sales volumes在宏觀形式壓力較大的國家，例如西班牙、葡萄牙和希臘，最近的全面經濟緊縮政策使價格和銷售額一起降低。這些國家是目前關注的重點。
World Ex Pigs (PT, IE, GR, ES) 世界
Source: Company information 來源：公司信息
(1) The geographical breakdown of our net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on the company’s management accounts按地理范圍劃分的我公司凈收入明細反映了產品銷往的國家，但并未反映記錄有關銷售額的法人實體。這些數據基于公司管理帳目。
 

 
41（以下報表就翻譯英文，不用輸入數字。）
Revenue by Product category按產品類別列示的收入


截止于2009年12月31日年度
截止于2010年12月31日年度
單位：1000歐元
占總凈收入和其它收入的百分比（%）
單位：1000歐元
占總凈收入和其它收入的百分比（%）
產品品類
半處方藥
報銷處方藥
天然提取物
廢止產品
總凈收入和其它收入
 
42
Revenue by Geography按地理列示的收入


單位：1000歐元
占總凈收入和其它收入的百分比（%）
單位：1000歐元
占總凈收入和其它收入的百分比（%）
地理
意大利
德國
西班牙
葡萄牙
法國
愛爾蘭
奧地利
其它
凈收入
其它收入
總凈收入和其它收入
 
43
EBDITA Analysis息稅折舊攤銷前利潤分析
 

截止于12月31日年度
截止于6月30日6個月
截止于2012年12月31日12個月
（單元：1000歐元）
Unaudited -未審計
持續經營凈利潤
收入稅開支
財務收入
財務費用
所占聯營公司贏利/虧損
其它金融資產再評估（減記）
貶值、攤銷和沖銷
 
息稅折舊攤銷前利潤
非經常性項目
儲備金發放
退稅
養老金計劃-實際調整
研發費用
產品線處置收益
廢止產品
調整后息稅折舊攤銷前利潤
 
 
44
Income Statement 利潤表

 
（單位為1000歐元，除非另有說明）
截止于12月31日年度
截止于6月30日6個月
截止于2012年12月31日12個月
合并利潤表
凈收入
其它收入
總凈收入和其它收入
原材料、供應品、消費品和商品成本
人力成本
服務成本
其它成本
貶值、攤銷和沖銷
運營利潤
財務收入
財務費用
所占聯營公司贏利/虧損
其它金融資產再評估（減記）
息稅折舊攤銷前利潤
收入稅費用
持續經營凈利潤
中斷經營凈利潤
凈利潤
 
45
Major Products主要產品

 
46
In Licensing Products 許可產品
Owned 自有
In licensing 許可

 
47
Captive supply of high-quality raw materials from affiliated Euromed supports internal development and clinical validation and helps protect profitability 從關聯Euromed取得壟斷性原材料能支持內部開發和臨床驗證，有助于保持高利潤率。
以下單詞如果不明白請參考原圖
Seeds selection 種子選擇
Soil analysis 土壤分析
Raw materials analysis 原材料分析 
Extraction (Pharmaco-poaeias standards) 提取（藥典標準）
Stability analysis 穩定性分析
Verification of potential pollutants潛在污染物驗證
Rottapharm’s Pipeline 羅達制藥的潛在風險投資后備項目
from cultivation to finished product 從種植到成品
Rottapharm’s products  羅達制藥的產品
Horse chestnut (Aesculus hippocastanum)  馬栗樹（七葉樹屬七葉樹）
 
Milk thistle (Silybum Marianum L.) 水飛薊(Silybum Marianum L.)
Aescin
Sylimarin
Clients客戶
Intra group captive revenues  集團內壟斷收入
High quality materials extraction and raw materials manufacturing高質量原料提取和制造
Euromed provides privileged access to high quality raw materials, benefitting both pipeline and existing products  Euromed提供對優質原材料的專有獲取渠道，使潛在風險投資備項目和當前產品都能受益
Source:   Company information來源：公司信息

 
48
Dona (glucosamine sulfate) overview Dona (氨基葡萄糖硫酸鹽)概述
17% of 2012 Actual net revenues 2012年實際凈收入的17%
Product description 產品描述
l  Indication: arthrosis – promotes cartilage metabolism, protects joint structure and supports joint mobility 適應癥：促進關節軟骨代謝,保護關節結構和支持關節靈活性
l  Ingredient: crystalline glucosamine sulphate主要成份:結晶葡萄糖胺硫酸鹽
l  Positioning: world's best selling glucosamine product. Dona is a registered drug worldwide and is the only clinically proven brand to be effective in double-blind, placebo-controlled, randomised clinical studies shown to assist in promoting healthy cartilage, lubricating joints, supporting joint mobility and flexibility and protecting cartilage. Dona is also proven to reach the joints in humans, which is not proven with any other formulations of glucosamine定位：世界最暢銷的葡萄糖胺產品。Dona是一種在全世界都受到保護的注冊藥品，是唯一經臨床證明品牌，在雙盲、安慰劑對照、隨機臨床研究中證明有助于促進軟骨健康，潤滑關節，支持關節靈活性和適應性,并為軟骨提供保護。Dona也被證明藥效能抵達人類關節,而其它任何氨基葡萄糖配方都無法證明這一點。
l  Distribution: Rx, pharmacy, OTC分銷渠道：報銷處方藥、藥房和非處方藥
l  Target groups: rheumatologists, orthopaedics, general practitioners 目標群體：專家、整形外科和全科醫生
l  Brands / trademarks: Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan 品牌/商標：Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan
2012 Actual net revenue split by geography (€93m) ) 2012年按地理劃分實際凈收入（9300萬歐元）
 

其它 俄羅斯，獨聯體國家 中國 泰國 德國 意大利 臺灣地區 香港地區 馬來西亞 巴西 西班牙 波蘭 
Revenue evolution收入趨勢
(€ in millions)（單位：100萬歐元）
l  2011 affected by one-off negative events in Thailand  受2011年泰國單次不利事件影響
-Significant flooding 產后大出血
-Temporary suspension for 6 months of reimbursement status 報銷暫停6個月
Source:   Company information 來源：公司信息
(1)   Heavily affected by price decreases in Spain, Portugal and Greece 因西班牙、葡萄牙和希臘市場價格下降受嚴重影響

49
Saugella overview菁萃概述
9% of 2012 Actual net revenues 2012年實際凈收入的9%
Product description產品描述
l  Indication: daily intimate hygiene, gynaecology適應癥：日常私密衛生，婦科疾病
l  Ingredient: dermocosmetic – thymus, salvia, calendula主要成份：皮膚化妝品-胸腺、鼠尾草、金盞花
l  Positioning: range of product lines (Blue, Green, Pink, Girl and Man) across all ages and different hygiene requirements with c.50% market share in Italy. Clinically documented and recommended by gynaecologists. Approx 8.1% revenues CAGR since acquisition from BMS in 2000定位：為具有不同衛生要求，任何年齡群體提供的產品系列（藍色、綠色、粉紅色、女士和男士），在意大利占50%的市場份額。婦科醫生臨床證明和推薦。從2000年收購 BMS以來，復合年增長率接近8.1%。
l  Distribution: Rx, pharmacy, OTC分銷渠道：報銷處方藥、藥房和非處方藥
l  Target groups: gynaecologists, general practitioners, pharmacists, consumers 目標群體：婦科醫生、全科醫師、藥劑師和消費者
l  Brands / trademarks: Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo 品牌/商標：Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo
2012 Actual net revenue split by geography (€48m) ) 2012年按地理劃分實際凈收入（4800萬歐元）
Revenue evolution收入趨勢
(€ in millions) （單位：100萬歐元）
Y-o-Y growth 同比增長
Source: Company information 來源：公司信息
(1)   Impacted from de-stocking股票減持影響

 
50
Legalon overview利肝素概述
6% of 2012 Actual net revenues 2012年實際凈收入的6%
Product description 產品描述
l  Indication: treatment of toxic liver damage, supportive therapy of chronic inflammatory liver diseases and liver cirrhosis 適應癥：:治療毒性肝損傷，輔助治療慢性炎癥，治療肝病和肝硬化。
l  Ingredient: mixture of four isomeric flavonoids extracted from the fruits of the milk thistle (Silybum marianum, syn. Carduus marianus). The main isomer is silibinin 主要成份：從水飛薊果實提取的四種同分異構黃酮類物質混合物(Silybum marianum, syn. Carduus marianus)。主要異構體是水飛薊素。
l  Positioning: Legalon is a natural, clinical-proven effective and unique sylimarine preparation with outstanding bioavailability compared to standard silimarin products定位：利肝素是一種天然的，經臨床證明的特殊的水飛薊素制劑，與標準水飛薊素產品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分銷渠道：報銷處方藥，僅藥房銷售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目標群體：:肝臟病學家、胃腸病學家、全科醫師、藥劑師和消費者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商標：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description產品描述
2012 Actual net revenue split by geography (€29m) 2012年按地理劃分實際凈收入（2900萬歐元）
 
Revenue evolution收入趨勢
Source: Company information 來源：公司信息

 
51
ArmoLIPID overview ArmoLIPID概述
5% of 2012 Actual net revenues 2012年凈收入的5%
Product description 產品描述
l  Indication: Dyslipidemia 適應癥：血脂異常
l  Ingredient: Policosanols, red yeast, berberin 主要成份：甘蔗脂肪醇、紅酵母和小檗鹼
Positioning: nutraceutical product with patented hypolipidemic efficacy. Clinically documented and recommended by GPs and specialists定位:營養食品產品，具有受專利保護的降血脂功效。由全科和專科醫師臨床證明和推薦
l  Distribution: Rx, pharmacy, OTC分銷渠道：報銷處方藥、藥房和非處方藥
l  Target Groups: GPs, specialists, cardiologists, consumer 目標群體：全科和�？漆t師、心臟病專家和消費者
l  Brands / Trademarks: Armolipid, Armolipid Prev, Armolipid Plus 品牌/商標：Armolipid, Armolipid Prev, Armolipid Plus
l  Worldwide rights世界范圍內權利
l  Indication / composition / dosage patented 適應癥/成份/專利劑量
2012 Actual net revenue split by geography (€29m) 2012年按地理劃分實際凈收入（2900萬歐元）
 
Revenue evolution收入趨勢
 

 
52
Reparil overview七葉皂苷鈉概述
5% of 2012 Actual net revenues 2012年凈收入的5%
Product description 產品描述
l  Indication: treatment of traumatic injuries and venous diseases適應癥：治療創傷性損傷和靜脈疾病
l  Ingredient: escin and diethylamino-salicylate (gel); escin (coated tablets)主要成份：七葉樹皂苷和diethylamino-salicylate(凝膠);七葉樹皂苷（糖衣藥片）
l  Positioning: catches the pain rapidly from the beginning due to its capillary sealing effect定位：由于毛細血管密封效果，初期迅速止痛
l  Distribution: OTC, pharmacy only定位：非處方藥，僅藥房銷售
l  Target groups: consumers, pharmacists, general practitioners, orthopaedics, physiotherapists 目標群體：消費者、藥劑師、全科醫生、、外科醫生和理療師
l  Brands / trademarks: Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin 品牌/商標：Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin
l  Key Markets: Belgium, Germany, Italy, Portugal, Saudi Arabia, Spain 關鍵市場：比利時、德國、意大利、葡萄牙、沙特阿拉伯、西班牙
l  Worldwide rights世界范圍內權利
2012 Actual net revenue split by geography (€24m) 2012年按地理劃分實際凈收入（2400萬歐元）
 
Revenue evolution 收入趨勢
(1)   Impacted from de-stocking股票減持影響

 
 
53
Agiolax overview 艾者思簡介
4% of 2012 Actual net revenues 2012年實際凈收入的4%
Product description產品描述
l  Indication: treatment of acute constipation適應癥：急性便秘治療
l  Ingredient: seeds and husk from plantago ovata (fiber component) and fruits from senna 主要成份：plantago ovata種子和外殼（纖維成份）和Senna果實
l  Positioning: the first drug with combined herbals that stimulates and regulates the intestine at the same time with a predictable overnight relief. Product has excellent safety profile even during pregnancy. The safety and efficacy is clinically proven through several in-vitro and human studies定位：與草本植物結合的首選藥，刺激和調節腸道，而且確保隔夜排泄。產品具有良好的安全性，即使懷孕期間也可服用。通過若干體外和人體臨床研究證明具有安全性和有效性。
l  Distribution: OTC, pharmacy only分銷渠道：非處方藥，僅限藥房銷售
l  Target Groups: general practitioners, pharmacists, consumers目標群體：全科醫師、藥劑師和消費者
l  Brands / Trademarks: Agiolax, Alaxyl, Manevac, Satolax 品牌/商標：Agiolax, Alaxyl, Manevac, Satolax
l  Key Markets: Germany, Italy, Portugal, Spain 關鍵市場：德國、意大利、葡萄牙、西班牙
l  Worldwide rights世界范圍內權利
2012 Actual net revenue split by geography (€22m) 2012年按地理劃分實際凈收入（2200萬歐元）
Revenue evolution收入趨勢
Source: Company information 來源：公司信息  
(7)      Impacted from de-stocking 股票減持影響   

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