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Special Purpose Acquiring Private Equity Fund
戰(zhàn)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(gòu)成證券要約。此類要約僅通過日后向投資者提供的機(jī)密備忘錄產(chǎn)生。經(jīng)理人可變更本文件，無須事先通知。
 
Confidential
機(jī)密

 
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Fund Structure
基金架構(gòu)
 
l  Fund Size: EURO 850 Million; 基金規(guī)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(wù)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(fèi)率：管理費(fèi)2%;附帶權(quán)益20%
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Hurdle Rate: 8%;最低可接受費(fèi)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
 

 
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Acquiring Strategies and Benefits
收購戰(zhàn)略和利益
l  Acquiring over 50% of the targeted company (Rottapharm/ Madaus) with leverage ratio 1:3; 收購目標(biāo)公司(Rottapharm/ Madaus)50%的股權(quán)，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(tuán)隊(duì)（MBI戰(zhàn)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(fā)行的債務(wù)，在一年內(nèi)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?fù)瓿珊笤谙愀跧PO。
l  Employee Stock Option Plan attracting talents;職工股票優(yōu)先購買權(quán)計(jì)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?fù)碛袆?chuàng)新技術(shù)的新公司，以加速YNBY的全球戰(zhàn)略。
l  Targeting Money Multiple from the investment 3 folds in 3 years. 3年內(nèi)現(xiàn)金投資回饋倍數(shù)為3倍。
 

 
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Vision Statement
基金遠(yuǎn)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(guān)注大中國區(qū)健康和生命科學(xué)的發(fā)展，這是因?yàn)槲覀冋J(rèn)為這是產(chǎn)生重要影響的最好道路，而且我們關(guān)注一些特殊領(lǐng)域的問題，我們認(rèn)為這些問題是阻止人們提高生活質(zhì)量的最大壁壘。
 

 
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Reasons for the Healthcare & Life Sciences Boom in China KPMG 2013
為什么健康和生命科學(xué)能在中國獲得發(fā)展？
High growth and vast middle class高速發(fā)展和規(guī)模龐大的中產(chǎn)階段
GDP is forecasted to grow at around 8 percent in 2013; projected to be world’s largest by 2016.
預(yù)測(cè)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(chǎn)階級(jí)將達(dá)到7億人，這意味著醫(yī)療保健市場(chǎng)將有巨大增長潛力。
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Government support for universal healthcare政府對(duì)公眾醫(yī)療保健事業(yè)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(qū)動(dòng)醫(yī)療保健和生命科學(xué)的主要?jiǎng)恿κ钦�府向市民提供�?yōu)質(zhì)醫(yī)療保健的決定，這導(dǎo)致了2009年大范圍的醫(yī)療保健市場(chǎng)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(jì)劃是另一個(gè)重要推動(dòng)力，在醫(yī)療保健和生命科學(xué)行業(yè)觸發(fā)了大量投資和機(jī)遇，從而開啟了一個(gè)新的并購時(shí)代，以應(yīng)對(duì)錯(cuò)綜復(fù)雜的醫(yī)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(dá)到10億，到2015年，中國將出現(xiàn)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(xiàn)產(chǎn)生了無數(shù)醫(yī)療保健方面的問題。在此類高密度環(huán)境中疾病預(yù)防至關(guān)重要，靜態(tài)生活方式和不斷變化的飲食習(xí)慣導(dǎo)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(shì)和日益強(qiáng)烈的醫(yī)療保健意識(shí)
 
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(shì)也是一個(gè)重要因素。目前超過60歲以上老人已經(jīng)超過1.85億（占總?cè)丝诘?3.7%）。養(yǎng)老金和社會(huì)保險(xiǎn)方面開支急劇增加也導(dǎo)致老年消費(fèi)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(duì)醫(yī)療保險(xiǎn)的意識(shí)日益增強(qiáng)。而且強(qiáng)大的經(jīng)濟(jì)增長通過提高人均醫(yī)療費(fèi)用也會(huì)促進(jìn)這種意識(shí)。目前這個(gè)數(shù)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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Our Core Competency
核心競(jìng)爭力
New areas for investment新投資領(lǐng)域
私募股權(quán)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(quán)基金專注于健康護(hù)理及生物科技-中國只占全球PE投資市場(chǎng)的很小部分，這主要是由于大規(guī)模交易的數(shù)量要少得多。市場(chǎng)主要由成長資本和少數(shù)股權(quán)投資主導(dǎo)。但是，PE已經(jīng)逐漸成長為中國流動(dòng)性嚴(yán)重不足的私有領(lǐng)域的關(guān)鍵資本來源。新任調(diào)控者們正在努力驅(qū)動(dòng)市場(chǎng)和市場(chǎng)活動(dòng)，尤其是醫(yī)療保健和生命科學(xué)行業(yè)的并購活動(dòng)。
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The new generation of private equity funds
新一代PE基金
結(jié)合相關(guān)產(chǎn)業(yè)成功之科學(xué)家/企業(yè)家/金融家之專業(yè)團(tuán)隊(duì)- 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(tuán)隊(duì)齊心協(xié)力，干勁十足，擁有精深的專業(yè)知識(shí)和技術(shù)，將利用我們的經(jīng)驗(yàn)在這個(gè)不斷成長的市場(chǎng)大顯身手。
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Sustainable capability of sourcing deals to identify, execute and manage popular investment themes識(shí)別、執(zhí)行和管理最熱投資主題的可持續(xù)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(jià)值網(wǎng)絡(luò)以永續(xù)力/執(zhí)行力/創(chuàng)造力經(jīng)營投資項(xiàng)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(dāng)PE能為交易投資，指望所有交易都只賺不賠的日子已經(jīng)一去不復(fù)返了。由于欺詐風(fēng)險(xiǎn)仍然很高，謹(jǐn)慎和專業(yè)仍然相當(dāng)重要。擁有淵博在地知識(shí)和強(qiáng)大本土關(guān)系網(wǎng)的基金合伙人將是中國市場(chǎng)的贏者。在中國，大部分目標(biāo)公司是國有企業(yè)或家庭企業(yè)；與業(yè)主擁有相同文件背景的GP更容易達(dá)成有利交易。
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Our Core Competency-cont. 我們的核心競(jìng)爭力-續(xù)
 
Business-building skills combined with successful investment experience in the emerging market建立業(yè)務(wù)的能力與在新興市場(chǎng)成功投資的經(jīng)驗(yàn)
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擁有培育生物科技進(jìn)而促成商業(yè)化及國際化之卓越績效將獲得更多政策支持之投資機(jī)會(huì)- 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(guān)心的一個(gè)關(guān)鍵領(lǐng)域。為了獲得突破性生物發(fā)明，全面領(lǐng)導(dǎo)和藥品商業(yè)化能力應(yīng)用是創(chuàng)新的重要保證。我們基金合伙人團(tuán)隊(duì)的一名成員目前擔(dān)任多家跨國生物科技和醫(yī)療保健公司的CEO，具有成功的業(yè)務(wù)建立經(jīng)驗(yàn)，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(dāng)?shù)卣�府支持的大�?guī)模交易。而且包括我們自己在內(nèi)的在全球醫(yī)療保健行業(yè)擁有成功投資經(jīng)驗(yàn)的基金合伙人更容易與中國當(dāng)?shù)卣�府建立有效合作�?br /> l   
Capability to structure a perfect investment exit架構(gòu)完美投資退出的能力
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俱有豐富之產(chǎn)業(yè)鍊整合經(jīng)驗(yàn)與高超縝密之金融工程規(guī)劃能力進(jìn)而能創(chuàng)造企業(yè)之未來價(jià)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(jù)正在執(zhí)行的醫(yī)療行業(yè)改革五年計(jì)劃，中國政府對(duì)離岸上市執(zhí)行嚴(yán)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(gè)解決方案。但是，當(dāng)前過熱的杠桿收買需要當(dāng)?shù)劂y行有力支持。與當(dāng)?shù)亟鹑跈C(jī)構(gòu)關(guān)系密切的基金合伙人有能力參與中國的并購市場(chǎng)。
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Capability as a system builder utilizing global platform利用全球平臺(tái)建立體系的能力
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l  俱有架構(gòu)平臺(tái)整合資源進(jìn)行全球合併收購之價(jià)值創(chuàng)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(dòng)越來越成為獲得先進(jìn)技術(shù)的一個(gè)手段。擁有能促進(jìn)醫(yī)療保健行業(yè)垂直整合的全球網(wǎng)絡(luò)的基金合伙人可通過收購目標(biāo)外部公司及其技術(shù)創(chuàng)造價(jià)值�；�金合伙人正在展示創(chuàng)造附加值的能力，由此獲得越來越多機(jī)會(huì)，介入中國大型交易。
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How Did We Get Here
我們?cè)鯓幼叩浇裉?br />  
國際知名經(jīng)營團(tuán)隊(duì)
Key Strategic Corporate Partner, Yunnan Baiyao Group Co Ltd. 關(guān)鍵戰(zhàn)略合作人，云南白藥集團(tuán)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(guān)產(chǎn)品的研發(fā)、制造和銷售。云南白藥是中國最著名的消費(fèi)品品牌之一。在中國白藥的聲譽(yù)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(qiáng)大的企業(yè)和產(chǎn)品品牌介入多個(gè)領(lǐng)域。這些子公司業(yè)務(wù)涉及：1）中藥原料種植和銷售；2）中藥飲片的生產(chǎn)和銷售；和3）醫(yī)療保健和營養(yǎng)品以及中草藥產(chǎn)品的生產(chǎn)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(shí)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(chǎng)規(guī)模約200億人民幣，云南白藥占有該地區(qū)銷售市場(chǎng)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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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(tuán)有限公司（000538:CH）戰(zhàn)略基金合伙人
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Chairman & CEO of JSY Innovation Matrix Ltd.; the business partner with YNBY.
JSY創(chuàng)新矩陣有限公司董事會(huì)主席兼營CEO；YNBY的業(yè)務(wù)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(tuán)大股東
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CEO of CHC Healthcare Group (4164:TT). CHC健康集團(tuán)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(qū)PE投資銀行業(yè)集團(tuán)負(fù)責(zé)人；全球五大銀行家；Circle of Champions榮譽(yù)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(zhí)行董事，香港PWM團(tuán)隊(duì)負(fù)責(zé)人
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University of Oxford- The Saïd Business School/ EMBA/ Lincoln College
牛津大學(xué)-薩伊德商學(xué)院/高級(jí)工商管理碩士/林肯學(xué)院
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University of Oxford- The Saïd Business School/ Private Equity
牛津大學(xué)-薩伊德商學(xué)院/PE
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University of Pennsylvania- The Wharton School Executive Education/ Leadership
賓夕法尼亞大學(xué)-沃頓商學(xué)院執(zhí)行官教育/領(lǐng)導(dǎo)力
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Soochow University- B.A./ Economics
蘇州大學(xué)-文學(xué)學(xué)士/經(jīng)濟(jì)學(xué)
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Key Academic Partner, University of Oxford關(guān)鍵學(xué)術(shù)合伙人：牛津大學(xué)
 
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(chuàng)新有限公司于1988年由牛津大學(xué)創(chuàng)建，是其合資技術(shù)轉(zhuǎn)讓公司。2012年Isis代表公司擁有100個(gè)專利申請(qǐng)，管理470多個(gè)專利族和700份特許協(xié)議。Isis向企業(yè)提供技術(shù)許可用于以一種及時(shí)和合乎倫理的方式開發(fā)和銷售產(chǎn)品，被許可人和商業(yè)伙伴來自全球技術(shù)和商業(yè)領(lǐng)域。Isis協(xié)助70多家大學(xué)衍生企業(yè)的創(chuàng)立，為牛津大學(xué)創(chuàng)造了重要的股權(quán)持有價(jià)值。Isis與牛津大學(xué)研究人員合作開發(fā)新商業(yè)機(jī)會(huì)，識(shí)別和獲得投資、管理和專業(yè)服務(wù)。
l   
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(xué)院是歐洲最年輕也是最有企業(yè)家精神的商學(xué)院。作為牛津大學(xué)的一個(gè)整體部分，學(xué)院以學(xué)術(shù)嚴(yán)謹(jǐn)和前瞻性思想著稱，這使牛津成為世界教育領(lǐng)導(dǎo)者。
l   

 
11
Partners Around the World伙伴遍及全球
Bay Area舊金山灣區(qū) 
Boston波士頓
London牛津
Switzerland瑞士
Hong Kong, Shanghai & Taipei香港，上海和臺(tái)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(biāo)
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(jiān)管當(dāng)局批準(zhǔn)的允許海外資本介入人民幣金融工具的新計(jì)劃，我們的PE基金會(huì)利用總額折合10億美元的人民幣和美元這兩種貨幣進(jìn)行操作。
l   
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(fēng)險(xiǎn)調(diào)節(jié)投資策略-醫(yī)療保健和生命科學(xué)行業(yè)投資機(jī)會(huì)-關(guān)注中國，但同時(shí)也關(guān)注世界其它地方。
l  投資戰(zhàn)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(shù)-市場(chǎng)-組織）框架將我們自己定位為在適當(dāng)?shù)氖袌?chǎng)開發(fā)新發(fā)明的系統(tǒng)建造者。
l  企業(yè)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(jià)值創(chuàng)造體系，我們精于將投資轉(zhuǎn)換成商業(yè)上的突破性創(chuàng)新，然后將技術(shù)轉(zhuǎn)讓給適當(dāng)合伙人，這無可避免地對(duì)這些育成性企業(yè)構(gòu)成威脅。通過一系列合并，最終這些合資企業(yè)會(huì)獲得最大利潤，上市或被收購。

 
13
Strategic Value Adding
企業(yè)增值戰(zhàn)略
THE VALUE PROPOSITION價(jià)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(jīng)濟(jì)地做一份他們一直想做的工作。
l   
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(jià)值主張傳遞給目標(biāo)客戶的必要人員、技術(shù)、產(chǎn)品、設(shè)施、設(shè)備、品牌和現(xiàn)金。
l   
PROFIT FORMULA利潤公式
 
Assets & fixed cost structure, and the margins & velocity required to cover them. 資產(chǎn)與固定成本結(jié)構(gòu)和涉及這些因素的利潤率與周轉(zhuǎn)率
l   
PROCESSES過程
 
Ways of working together to address recurrent tasks in a consistent way: training, development, manufacturing, budgeting, planning, etc. 以統(tǒng)一方式共同解決重復(fù)性任務(wù)的方式，任務(wù)包括培訓(xùn)、開發(fā)、制造、預(yù)算、規(guī)劃等。
克萊頓·克里斯坦森博士，哈佛商學(xué)院
l   
Dr. Clayton M. Christensen, Harvard Business School克萊頓·克里斯坦森博士，哈佛商學(xué)院
 

 
14
Strategic Alliances
企業(yè)連盟戰(zhàn)略
Strategic Efforts戰(zhàn)略工作
 
l  Discovery
l  Development
l  Regulatory Approval
l  Manufacturing
l  Marketing
l  發(fā)現(xiàn)
l  開展
l  監(jiān)管批準(zhǔn)
l  制造
l  市場(chǎng)營銷
l   
Strategic Relationship戰(zhàn)略關(guān)系
Collaboration 協(xié)作
l  Licenses
l  Contract Manufacturing
l  Marketing & Promotion
l  Full Collaboration
l  許可
l  外包制造
l  市場(chǎng)營銷和生產(chǎn)
l  充分協(xié)作 
 

 
15
Strategic M&As
合併收購戰(zhàn)略
Extension延伸
To extend the reach of a firm in terms of geography, products or markets as in diversification.
根據(jù)多樣化原則，延伸公司在地理、產(chǎn)品或市場(chǎng)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(jìng)爭對(duì)手合并，通過減少盈余能力或分享資源來增加市場(chǎng)影響力，提高效率；通過業(yè)務(wù)合并擴(kuò)大規(guī)模，獲得經(jīng)濟(jì)規(guī)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(shù)能力能為投資組合的一部分，尤其是產(chǎn)業(yè)之間具有趨同性時(shí)更有價(jià)值
 
Financial Efficiency財(cái)務(wù)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(chǎn)負(fù)債表與令人不滿的資產(chǎn)負(fù)債表的結(jié)合能節(jié)省利息支出獲得投資資金；較高股票價(jià)格支持股票交易。
 
Tax Efficiency稅務(wù)效率
Arbitrage between different tax schemes. 不同納稅計(jì)劃之間的套利操作
 
Asset Stripping or Unbundling資產(chǎn)剝離或拆分
To gain economic effectiveness. 獲得經(jīng)濟(jì)效力
 

 
16
MBI (Management Buy-In) Strategy
外部專業(yè)管理團(tuán)隊(duì)融資并購戰(zhàn)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(yè)共有132筆交易，其中94筆的公開交易規(guī)模共計(jì)52億美元。交易數(shù)量和公開規(guī)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(chǎng)。
 
De-risking the leverage
消除杠桿風(fēng)險(xiǎn)

消減成本和重組
加速和調(diào)整
資本支出影響/美元
營運(yùn)資本
成本價(jià)格重新談判
Building impetus in sales and margin
建立銷售和利潤率推動(dòng)力
 

交易途徑/文件
新產(chǎn)品品類
公開新市場(chǎng)
更好的市場(chǎng)營銷
改善后的客戶體驗(yàn)-VfM
Step change growth through strategic development
通過戰(zhàn)略發(fā)展逐步改變?cè)鲩L模式
 

邊做邊學(xué)，同步測(cè)試
快速推廣與其它優(yōu)質(zhì)產(chǎn)品增長股同時(shí)進(jìn)行，以利退出。
方便退出的成長股
 
 

 
17
Dynamitic VC Investment Track Records
動(dòng)態(tài)風(fēng)險(xiǎn)投資績效
Exited Portfolio Companies with existing Limited Partners (Multiple Return from 3x to 3,000x) 利用當(dāng)前有限合伙人從投資組合公司退出（現(xiàn)金投資回饋倍數(shù)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(shè)備，大部分都要使用全球定位系統(tǒng)（GPS）。截止2013年5月9日，公司市值達(dá)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(chǎn)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(dá)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(shù)品開發(fā)、音樂制作和無線音樂廣播及其它無線附加值服務(wù)的大公司，該公司由中國一家領(lǐng)先的互動(dòng)娛樂媒體公司盛大網(wǎng)絡(luò)互動(dòng)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(fā)、制造和銷售芳香治療、美容和美體產(chǎn)品，通過中國銷售網(wǎng)絡(luò)進(jìn)行營銷和分銷。截止2013年5月9日，公司市值達(dá)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(chǎn)太陽能電池。公司設(shè)計(jì)、開發(fā)、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(tái)灣神隆有限公司致力于過程研究和開發(fā)，以及活性藥物成份生產(chǎn)。截止2013年5月9日，公司市值達(dá)到450億臺(tái)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(yī)療集團(tuán)涉及放射腫瘤、神經(jīng)系統(tǒng)、牙科和眼科設(shè)備銷售和出租。截止2013年5月9日，公司市值達(dá)到120億臺(tái)幣。
l   

l   
18
潛在融資併購標(biāo)的

 
19
Introduction to Rottapharm 羅達(dá)制藥介紹

 
20
A Healthcare Pharmaceutical Company with a Distinctive Market Position 具有獨(dú)特市場(chǎng)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(chuàng)立，目前100%的股權(quán)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(chǎn)生凈收入及其它收入共5.39億歐元，調(diào)整后息稅折舊攤銷前利潤計(jì)1.452億歐元。
l  Global footprint with products sold in over 85 countries 產(chǎn)品銷往全球85個(gè)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(jià)值6.3億歐元收購Madaus，擴(kuò)展到意大利以外地區(qū)，成為地理意義上的多元化企業(yè)，推出新產(chǎn)品，進(jìn)入新市場(chǎng)。
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(jù)法規(guī)享受的信息保護(hù)到期之后10多年的今天仍作為公司拳頭產(chǎn)品，為公司創(chuàng)造17%的總收入的生化葡萄糖胺產(chǎn)品開發(fā)之后，公司業(yè)務(wù)仍然很成功。
l  Repositioned business mix from Rx-reimbursed products to semi-ethical products
l  將報(bào)銷處方藥產(chǎn)品與半處方藥產(chǎn)品業(yè)務(wù)進(jìn)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(duì)保健專業(yè)人士和藥劑師的特定細(xì)分市場(chǎng)采取特殊業(yè)務(wù)模式，占據(jù)領(lǐng)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(shí)際在2012年，按地理范圍劃分的我公司凈收入明細(xì)反映了產(chǎn)品銷往的國家，但并未反映記錄有關(guān)銷售額的法人實(shí)體。這些數(shù)據(jù)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(chǎn)品類別劃分凈收入
Euromed 4%   EuroMed產(chǎn)品 4%
RX reim bursed 25% 報(bào)銷處方藥25%
Semi-ethical 71%半處方藥 71%

 
21
Focus on Semi-Ethical 關(guān)注半處方藥
Ethical 處方藥
l  Always doctor prescribed 必須由醫(yī)生開處方
l  Reimbursed 報(bào)銷
l  Scientifically proven and clinically effective科學(xué)證明和臨床驗(yàn)證
Semi-Ethical 半處方藥
l  Doctor prescribed or Pharmacy recommended 醫(yī)生處方或藥房建議
-Depending on product and market, available w/ or w/out prescription取決于產(chǎn)品或市場(chǎng)，無論有無處方都能銷售
l  NOT reimbursed 不報(bào)銷
l  Scientifically proven & clinically effective科學(xué)證明和臨床驗(yàn)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(bào)銷
l  NOT necessarily scientifically proven and clinically effective無須科學(xué)證明和臨床驗(yàn)證
 

 
22
A Distinctive Integrated Model with a Strong, Branded Franchise 一個(gè)基于強(qiáng)大的品牌特許經(jīng)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(shí)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(bào)銷藥，非處方藥，醫(yī)學(xué)護(hù)膚品，飲食補(bǔ)充（保健藥品）和醫(yī)學(xué)設(shè)備
l  Not / minimally affected by pricing / reimbursement pressure不受定價(jià)/報(bào)銷壓力的影響，或受影響最小
l  Scientifically backed by clinical data臨床數(shù)據(jù)在科學(xué)上提供支持
l  Strong brands 強(qiáng)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(guān)鍵產(chǎn)品
l  Dona¹
l  Saugella
l  Armolipid
Ethicals (Rx-Reimbursed) 25% of Actual 2012 net revenues 處方藥（報(bào)銷）占2012年實(shí)際凈收入的25%
Legacy segment: 實(shí)力積累
l  Cornerstone of scientific capabilities / know-how 是科研能力/專有知識(shí)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(bào)銷處方藥和半處方藥產(chǎn)品而建立與醫(yī)生和藥劑師的關(guān)系的關(guān)鍵。
l  Robust ethical heritage: over 300 patents and 19 new drugs to date 強(qiáng)大的處方藥實(shí)力：迄今為止，共有300多項(xiàng)專利，12種新藥。
Key products:關(guān)鍵產(chǎn)品
l  Urivesc
l  Legalon /Legalon SIL
Euromed 4% of Actual 2012 net revenues   Euromed產(chǎn)品占2012年實(shí)際凈收入的4%
Natural extracts supplier: 天然提取物供應(yīng)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(chǎn)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(dá)制藥提供作為“藥品標(biāo)準(zhǔn)”的作為報(bào)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(chǎn)品系列（復(fù)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(qū)仍是報(bào)銷處方藥產(chǎn)品
 
 
 
 
 

 
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Successfully repositioned business from Rx-reimbursed to semi-ethicals
從報(bào)銷處方藥到半處方藥，成功的二次商業(yè)定位
Price stability 價(jià)格穩(wěn)定性
High 高
Low低
Full-fledge clinical evidence 全面的臨床證據(jù)
Targeted clinical evidence 針對(duì)性臨床證據(jù)
No clinical evidence無臨床證據(jù)
Regulatory status監(jiān)管狀態(tài)
Supplements補(bǔ)充
Prescription處方
Consumers消費(fèi)者
Pharmacists藥劑師
Physicians醫(yī)生
Decision driver決策驅(qū)動(dòng)者
Rottapharm’s distinctive business model is based on…羅達(dá)制藥獨(dú)特的業(yè)務(wù)模式基以下方面：
l  Clinical evidence for semi-ethical products similar to that seen in Rx-products...與報(bào)銷處方藥臨床證據(jù)類似的半處方藥臨床證據(jù)
l  ...allowing for marketing and targeted sales to Healthcare Professionals....允許對(duì)醫(yī)療專業(yè)人士進(jìn)行市場(chǎng)營銷和有針對(duì)性的銷售
l  ....who actively prescribe / recommend our products, regardless of ethical or semi-ethical status.使其能積極規(guī)定/推薦我們的產(chǎn)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(jià)壓力
l  Semi-ethical business achieves premium pricing and attractive margins, with limited exposure to pricing pressures.半處方藥業(yè)務(wù)實(shí)現(xiàn)溢價(jià)定價(jià)和重大利潤，僅承受有限的定價(jià)壓力
…and a significant de-risking of the business 極大地減輕了業(yè)務(wù)風(fēng)險(xiǎn)
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Leveraging on a global sales and distribution footprint, and in-house manufacturing capabilities利用全球銷售和分銷網(wǎng)絡(luò)，以及內(nèi)部制造能力
Proprietary sales force⁽¹⁾ 獨(dú)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(shí)
Russia and CIS俄羅斯和獨(dú)聯(lián)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(yī)藥代表）和銷售管理層
l  Rottapharm presence through distributors or licensees 羅達(dá)制藥通過分銷商和被許可人開展業(yè)務(wù)
l  Rottapharm direct sales force presence羅達(dá)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(jīng)過認(rèn)證的/授權(quán)的設(shè)施
l  Cost optimization: reduction from 9 facilities to 6 facilities in the last three years成本優(yōu)化：在最近三年，從9座設(shè)施減少到6座
l  Full range of in-house manufacturing capabilities 全面內(nèi)部制造能力
-Pharmaceuticals 醫(yī)藥產(chǎn)品
-Ireland 愛爾蘭
-Italy意大利
-Germany德國
-Consumer healthcare消費(fèi)品保健品
-Italy意大利
-Bulk granules 散裝顆粒劑
-India印度
-Euromed   Euromed產(chǎn)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(jīng)驗(yàn)的地區(qū)/當(dāng)?shù)毓芾韴F(tuán)隊(duì)
l  State of the art, award winning manufacturing facilities.先進(jìn)一流的制藥設(shè)施

 
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Key highlights關(guān)鍵投資亮點(diǎn)
Rottapharm: A Strong Credit Case羅達(dá)制藥：一個(gè)有強(qiáng)大說服力的案例
1.       Resilient developed market with strategic emerging markets position.具有復(fù)原能力的成熟市場(chǎng)，并在新興市場(chǎng)擁有戰(zhàn)略地位。
2.       Competitive advantage through brand reputation, highly profitable product portfolio and leading market position. 通過品牌聲譽(yù)、高利潤產(chǎn)品組合和領(lǐng)先市場(chǎng)地位獲得競(jìng)爭優(yōu)勢(shì)。
3.       Highly diversified product, customer and geographic mix. 高度多元化的產(chǎn)品、客戶和地理組合。
4.       Strong cash flow generation and low cost base. 強(qiáng)大的現(xiàn)金流產(chǎn)生能力和低成本的業(yè)務(wù)基礎(chǔ)。
Highly experienced management team with strong track record. 經(jīng)驗(yàn)豐富的管理團(tuán)隊(duì)和具有說服力的歷史業(yè)績。1。
 
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Leading position in an industry with attractive fundamentals  在行業(yè)占據(jù)領(lǐng)先地位，擁有極具誘惑的基礎(chǔ)條件
Pharma Rx 報(bào)銷處方藥
(1)      Resilient, less cyclical and defensive sector具有復(fù)原能力，周期性更小，受市場(chǎng)影響較小的領(lǐng)域
l  Strong supportive trends: 受到強(qiáng)烈支持
-Aging population 老齡化
-Increasing healthcare expenditure per-capita in both developed and emerging markets發(fā)達(dá)國家和新興市場(chǎng)的人均醫(yī)療開支都在增加
-Focus on innovation and discovery of treatments for unmet medical needs 對(duì)于那些尚未攻克的疾病，人們一直關(guān)注療法的創(chuàng)新和探索
OTC非處方藥
(2)      Resiliency driven by Rx falling out of reimbursement schemes into OTC一些報(bào)銷處方藥成為非處方藥，驅(qū)動(dòng)市場(chǎng)復(fù)原能力
l   
l  Growing consumer awareness and product knowledge日益增長的消費(fèi)意識(shí)和產(chǎn)品知識(shí)
(3)      Strong resiliency and brand equity of products with Rx heritage具有報(bào)銷處方藥優(yōu)勢(shì)的產(chǎn)品具有強(qiáng)大市場(chǎng)恢復(fù)能力和重要品牌價(jià)值
l   
Nutraceutical營養(yǎng)制劑
 
l  Well-established market in the US with meaningful growth opportunities in Europe在美國建立的市場(chǎng)地位為歐洲市場(chǎng)帶來重要的增長機(jī)會(huì)
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(shí)到營養(yǎng)在預(yù)防疾病和提高生活質(zhì)量方面的關(guān)鍵角色
l   
Dermocosmetics醫(yī)學(xué)護(hù)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(duì)下一代化妝品無重金屬或過敏性成份的要求，新法規(guī)的影響等
Global Pharma market size (€bn)全球制藥市場(chǎng)規(guī)模（單位：10億歐元）
Global OTC market size (€bn) 全球非處方藥市場(chǎng)規(guī)模（單位：10億歐元）
(5)      Italian Pharmacy Nutraceutical market value share意大利藥房營養(yǎng)食品市場(chǎng)份額
(6)      Novartis諾華
Rottapham羅達(dá)制藥
Recordati
#3 player (Italy) 3家公司（意大利）
Italian Dermocosmetic market value share印度護(hù)膚品市場(chǎng)份額
Rottapham 羅達(dá)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(chǎng)

 
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Well positioned in Western European markets, proactively addressing austerity measures西歐市場(chǎng)的合理定位，前瞻性地應(yīng)對(duì)財(cái)政緊縮政策
Successful strategy in Italy意大利的成功戰(zhàn)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(shí)際凈收入來自半處方藥
-Consequential positive top line growth despite the financial crisis 盡管財(cái)政危機(jī)，仍實(shí)現(xiàn)最高增長
l  Reduced exposure to reimbursement pressure, control of pricing避免直接面對(duì)報(bào)銷壓力、定價(jià)控制
Proactively addressing austerity measures in Iberia前瞻性地應(yīng)對(duì)伊比利亞的財(cái)政緊縮政策
Shifting of portfolio away from Rx-reimbursed 將投資組合從報(bào)銷處方藥向其它產(chǎn)品轉(zhuǎn)移
2009 % of revenues  占2009年收入的百分比
ACT 2012 % of revenues  占2012年實(shí)際收入的百分比
Semi-Ethical 31% 半處方藥，31%
Euromed 2% Euromed產(chǎn)品 2%
Rx-reimbursed 50% 報(bào)銷處方藥 50%
Semi-Ethical 45% 半處方藥 45%
Rx-reimbursed 68% 報(bào)銷處方藥 68%
Euromed 5% Euromed產(chǎn)品 5%
Rx-reimbursed 86% 報(bào)銷處方藥 86%
Semi-Ethical 14% 半處方藥 14%
Rx-reimbursed 72% 報(bào)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(jīng)慎重選擇的計(jì)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(zhí)行的成本控制措施

 
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Focus on increasing exposure to key Emerging Markets, underpinned by strong fundamentals
關(guān)注由強(qiáng)大基礎(chǔ)支撐的對(duì)關(guān)鍵新興市場(chǎng)日益增長的影響
Evolution of geographic exposure 發(fā)展趨勢(shì)（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(chǎng)：6%
Rottapharm’s key Emerging Markets(1) are forecast to experience robust growth 預(yù)計(jì)羅達(dá)制藥的關(guān)鍵新興市場(chǎng)（1）將進(jìn)入強(qiáng)勁增長時(shí)期
Pharmaceuticals to outgrow healthcare expenditure 制藥業(yè)面臨過快增長的醫(yī)療費(fèi)用
Pharmaceutical sales(2) 藥品銷售額
Healthcare expenditure 醫(yī)療費(fèi)用
Healthcare expenditure per capita comparison 人均醫(yī)療費(fèi)用比較
Source: BMI Pharmaceuticals & Healthcare reports來源：BMB制藥和醫(yī)療報(bào)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(chǎng)包括亞洲、金磚四國、中東和非洲，以及東歐和獨(dú)聯(lián)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(xì)分市場(chǎng)占據(jù)領(lǐng)先地位的品牌藥業(yè)投資組合

	% of revenues占收入百分比(1)	Indication 適應(yīng)癥	Reimbursement 報(bào)銷	Patent 專利	Leading market position領(lǐng)先市場(chǎng)地位
Dona	17%	Osteoarthritis 骨關(guān)節(jié)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(jìn)的葡萄糖胺產(chǎn)品
Saugella	9%	Intimate / baby hygiene 私密/嬰兒衛(wèi)生	No否	Yes / no是/否	The market leading product in the Italian daily intimate hygiene market意大利市場(chǎng)最有名的私密衛(wèi)生產(chǎn)品
Legalon	6%	Gastroenterology腸胃病學(xué)	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(dú)特的水飛薊制劑，其適應(yīng)癥可能會(huì)增加新項(xiàng)目
Armolipid	5%	Cardiology心臟病學(xué)	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(lǐng)先的市場(chǎng)地位
Reparil	5%	Rheumatology 風(fēng)濕病學(xué)	No否	No是	A market leading treatment of traumatic injuries and venous diseases一種市場(chǎng)領(lǐng)先的創(chuàng)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(shí)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(xì)分市場(chǎng)占據(jù)領(lǐng)先地位的品牌藥業(yè)投資組合（續(xù)）

	% of revenues占收入百分比(1)	Indication 適應(yīng)癥	Reimbursement 報(bào)銷	Patent 專利	Leading market position領(lǐng)先市場(chǎng)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(dòng)癥方面，是法國最重要的治療藥品
Go-ON	3%	Osteoarthritis骨關(guān)節(jié)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(guān)節(jié)內(nèi)玻尿酸產(chǎn)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(lǐng)先的蛋白水解酶消炎藥品,代表從報(bào)銷處方藥到半處方藥的成功轉(zhuǎn)變
Total top 10 products 10種最重要產(chǎn)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(shí)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(gè)基于“內(nèi)部”的全球性成功案例
3.         The global leader in treating osteoarthritis骨關(guān)節(jié)炎治療領(lǐng)域全球領(lǐng)導(dǎo)者
l  Rottapharm is the originator of glucosamine sulfate for osteoarthritis羅達(dá)制藥是用于治療骨關(guān)節(jié)炎的硫酸氨基葡萄糖的發(fā)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(jīng)臨床認(rèn)證的產(chǎn)品(1974年第一個(gè)被批準(zhǔn)為報(bào)銷處方藥產(chǎn)品)
5.         Strong history of growth, establishing DONA® as a landmark brand在過去一直保護(hù)持續(xù)增長，DONA®就是一個(gè)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(jù)法規(guī)享受的信息保護(hù)到期之后10多年后，仍是同類別中全球領(lǐng)先產(chǎn)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(xué)的投資組合和制造技術(shù)，在眾多氨基葡萄糖產(chǎn)品競(jìng)爭者中保持領(lǐng)導(dǎo)地位
8.         Strongly backed by clinical studies and publications in top-rated medical journals臨床研究和頂級(jí)醫(yī)學(xué)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(chǎn)品的膝關(guān)節(jié)炎治療藥物
10.     Globally recognized superior scientific profile全球公認(rèn)的極其科學(xué)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(jié)構(gòu)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(guān)節(jié)炎疾病的藥劑”
 
13.     Archives of Internal Medicine 2002; 162:2113-23: 《2002年內(nèi)科醫(yī)學(xué)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(guān)節(jié)炎發(fā)展，可能會(huì)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(yī)學(xué)協(xié)作組織回顧：只有羅達(dá)制藥的硫酸葡萄糖胺制劑在骨關(guān)節(jié)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(fēng)濕聯(lián)盟）和OARSI（國際骨關(guān)節(jié)炎研究學(xué)會(huì)）

 
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Legalon/Legalon Sil ® (Sylimarine/Sylibinin)
Product description 產(chǎn)品描述
l  Indication: treatment of toxic liver damage, supportive therapy of chronic inflammatory liver diseases and liver cirrhosis 適應(yīng)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(shí)提取的四種同分異構(gòu)黃酮類物質(zhì)混合物(Silybum marianum, syn. Carduus marianus)。主要異構(gòu)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(jīng)臨床證明的特殊的水飛薊素制劑，與標(biāo)準(zhǔn)水飛薊素產(chǎn)品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分銷渠道：報(bào)銷處方藥，僅藥房銷售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目標(biāo)群體：:肝臟病學(xué)家、胃腸病學(xué)家、全科醫(yī)師、藥劑師和消費(fèi)者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商標(biāo)：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description產(chǎn)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(chǎn)品已在德國、波蘭、捷克和奧地利使用和注冊(cè)
15.     Worldwide exclusive rights全球獨(dú)家權(quán)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(fā)現(xiàn)Legalon SIL是一種有效的抗病毒劑，能用于治療那些標(biāo)準(zhǔn)療法/專利申請(qǐng)產(chǎn)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(yù)防不適用標(biāo)準(zhǔn)療法的肝移植接受者移植后丙型肝炎復(fù)發(fā)，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）

 
33
Robust near- and long-term pipeline mix provides upside potential強(qiáng)勁的長短期潛在風(fēng)險(xiǎn)投資后備項(xiàng)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(tǒng)研發(fā)（報(bào)銷處方藥）以最高科研能力實(shí)現(xiàn)持續(xù)創(chuàng)新，當(dāng)前有許多創(chuàng)新項(xiàng)目正處于不同開發(fā)階段。該公司是為數(shù)不多的意大利研發(fā)機(jī)構(gòu)之一，尤其專注于一些競(jìng)爭激烈的領(lǐng)域：風(fēng)濕病、止痛、胃腸病學(xué)和肝臟病學(xué)。
l  Strong ethical R&D heritage allows fast innovation in the semi-ethical and the near-term ethical pipeline強(qiáng)大的處方藥研發(fā)實(shí)力使半處方藥和近期處方藥潛在風(fēng)險(xiǎn)投資后備項(xiàng)目能夠?qū)崿F(xiàn)快速創(chuàng)新。
l  Robust, near-term semi-ethical pipeline provides substantial incremental revenue growth potential強(qiáng)勁的近期半處方藥潛在風(fēng)險(xiǎn)投資后備項(xiàng)目使收入增長潛力可持續(xù)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(yǎng)品和醫(yī)學(xué)護(hù)膚品，上市后平均12個(gè)月（相比之下，對(duì)于非處方藥，行業(yè)平均2年，對(duì)于非專利藥，平均4-5年）
-Semi-ethical pipeline consists of 半處方藥潛在風(fēng)險(xiǎn)投資后備項(xiàng)目包括
A.       Innovative nutraceuticals 創(chuàng)新性的保健品
B.        Existing nutraceutical extension line 現(xiàn)有營養(yǎng)食品的擴(kuò)展系列
C.        New OTCs 新非處方藥
D.       New dermocosmetic products extending existing lines 作為原有產(chǎn)品系列擴(kuò)展的新醫(yī)學(xué)護(hù)膚品
E.        Dermocosmetics extension lines 醫(yī)學(xué)護(hù)膚品擴(kuò)展系列
l  Near-term Rx pipeline provides consolidation of existing product lines and consists of: 短期報(bào)銷處方藥潛在風(fēng)險(xiǎn)投資后備項(xiàng)目是對(duì)原有生產(chǎn)線的整合，包括，
1.       New indications of existing products 原有產(chǎn)品的新適應(yīng)癥
2.       New branded generics 新品牌非專利藥
3.       Line extensions 產(chǎn)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(fā)階段的新化學(xué)和生物實(shí)體

COMPOUNDS IN ACTIVE DEVELOPMENT 目前正在開發(fā)的復(fù)方藥
INN and/or CODE INN和代碼	PHARMACOLOGICAL CLASS 藥理類分類	CHEMICAL NATURE 化學(xué)性質(zhì)	THERAPEUTIC INDICATIONS 治療適應(yīng)癥	DEVELOPMENT PHASE 開發(fā)階段
CR4056	Imidazoline I2 binding site ligand咪唑啉I2結(jié)合位點(diǎn)配體	Small molecule 小分子	l Neuropathic pain l Acute Pain 神經(jīng)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(guān)節(jié)痛：疾病緩解藥品	Pre-clinical Development 臨床前開發(fā)
CRB0089 (monoclonal antibody) (單克隆抗體)	Nerve Growth Factor (NGF) receptor (trkA) inhibitor 神經(jīng)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(guān)節(jié)炎疼痛 慢性疼痛 神經(jīng)性疼痛	Pre-clinical Development 臨床前開發(fā)
CR6086	EP4 receptor antagonist EP4受體拮抗劑	Small molecule 小分子	l Rheumatoid Arthritis: early NSAID and/or DMARD ·         風(fēng)濕性關(guān)節(jié)炎:早期非甾體類抗炎藥和/或緩解疾病的抗風(fēng)濕性藥物	Pre-Clinical development 臨床前開發(fā)
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(guān)節(jié)炎: 緩解疾病的藥物，具有有效癥狀活動(dòng)	Exploratory Development 應(yīng)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(yīng)用研究

 

 
34
Robust near-term pipeline provides upside potential 充滿前途的近期潛在風(fēng)險(xiǎn)投資后備項(xiàng)目展示極大潛力
Semi-ethical Pipeline半處方藥潛在風(fēng)險(xiǎn)投資后備項(xiàng)目

Ritmonutra	Ialumar Baby
Glicosan	New Saugella Attiva 新Saugella Attiva
ArmoLIPID WM	Saugella Pads Line (9 Products) Saugella護(hù)墊系列 （9種產(chǎn)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(bào)銷處方藥潛在風(fēng)險(xiǎn)投資后備項(xiàng)目-近期（當(dāng)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(chǎn)品/治療領(lǐng)域和地理范圍
Product / therapeutic area (1)產(chǎn)品/治療領(lǐng)域

Immunology 免疫學(xué)
Other其它
Rheumatology  風(fēng)濕病學(xué)
Gynaecology 婦科學(xué)
Gastroenterology 腸胃病學(xué)
Cardiology 心臟病學(xué)
Urology  泌尿?qū)W
Dermatology 皮膚病學(xué)
Natural extracts 天然提取物
Respiratory 呼吸病學(xué)
Hematology 血液學(xué)
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(qū) 新興市場(chǎng)
Mitigated single product / therapeutic area risk 減輕后的單獨(dú)產(chǎn)品/治療領(lǐng)域風(fēng)險(xiǎn)
l  Diversified therapeutic portfolio 多元化治療領(lǐng)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(lǐng)域
l  No therapeutic area accounts for more than 30% of sales 非治療領(lǐng)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(fēng)險(xiǎn)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(chǎng)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(shí)際情形，按地理范圍劃分的凈收入明細(xì)反映了產(chǎn)品銷往的國家，但并未反映記錄有關(guān)銷售額的法人實(shí)體。這些數(shù)據(jù)基于公司管理帳目。

 
36
Efficient cost base coupled with high cash flow generation allow strong deleveraging
與高現(xiàn)金流結(jié)合產(chǎn)生的有效的成本基礎(chǔ)為堅(jiān)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(chǔ)，即使在歐洲危機(jī)時(shí)期也具有穩(wěn)定的盈利能力
…leading to a strong operating cash flow conversion …
導(dǎo)致強(qiáng)大營運(yùn)現(xiàn)金流轉(zhuǎn)換…
Operating Cash Flow conversion (%)(1) 運(yùn)營現(xiàn)金流轉(zhuǎn)換（%）（1）
…and strong deleverage 和堅(jiān)決的去杠桿化
Net debt / Adjusted EBITDA (x) 凈負(fù)債/調(diào)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(jì)算公式（調(diào)整后息稅折舊和攤銷前利潤-資本費(fèi)用）/調(diào)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(jiān)實(shí)基礎(chǔ)，具有多年行業(yè)經(jīng)驗(yàn)
Prof. Luigi Rovati Luigi Rovati教授
Founder and President公司創(chuàng)始人和總裁
 
Lucio Rovati
Vice Chairman 董事會(huì)副主席
Chief Scientific Officer and Executive Medical Director 首席科學(xué)官和常務(wù)醫(yī)學(xué)總監(jiān)
 
Luca Rovati
Vice Chairman董事會(huì)副主席
Chief Executive Officer 首席執(zhí)行官
 
Sigieri Diaz della Vittoria Pallavicini
Chief Investment Officer 首席投資官
 
Vincenzo Maglione
Chief Operating Officer 首席運(yùn)營官
 
Stefano Bertoletti
Head of HR 人力資源負(fù)責(zé)人
 
Anne Boulanger
Head of Finance & Administration 財(cái)務(wù)和行政部負(fù)責(zé)人
 
Lorenzo Michetti
Head of Legal and Intellectual Property Department法律和知識(shí)產(chǎn)權(quán)部負(fù)責(zé)人
 
Antonino Santoro
Business Development and Regulatory Affairs Director 業(yè)務(wù)開發(fā)和監(jiān)管事務(wù)部總監(jiān)
 
Enzo Lacchini
Group Technical Director 集團(tuán)技術(shù)總監(jiān)
 
Roberto Bonfanti
Head of Group Plans, Controls & IT Manager 集團(tuán)規(guī)劃負(fù)責(zé)人、控制和IT經(jīng)理
 
Highly experienced management team with an average of >20 years presence in the industry 具有豐富經(jīng)驗(yàn)的管理團(tuán)隊(duì)，成員平均行業(yè)經(jīng)驗(yàn)超過20年。

 
38
Historical financials金融業(yè)績回顧

 
39
Key financial strategy highlights關(guān)鍵財(cái)務(wù)戰(zhàn)略亮點(diǎn)
Continue to grow revenues organically  收入繼續(xù)有機(jī)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(chǎng)的擴(kuò)展
Preserve a highly flexible operational business model 保留一個(gè)高度靈活的業(yè)務(wù)模型
l  Control of strategic raw materials (Euromed, Glucosamine)戰(zhàn)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(diào)整的運(yùn)營杠桿，包括銷售力、新產(chǎn)品研發(fā)、隨意性很大的市場(chǎng)營銷和制造費(fèi)用
l  Asset-light/low-capex model  資產(chǎn)輕/低資本支出模型
Disciplined approach to acquisition strategy 收購戰(zhàn)略
l  Selective and restricted to access strategic therapeutic areas or markets 對(duì)戰(zhàn)略性治療領(lǐng)域或市場(chǎng)的進(jìn)入的選擇和限制
l  Consistent with conservative leverage metrics 與保守的杠桿標(biāo)準(zhǔn)保持一致
Dividend policy 股息分配方針
l  Prudent dividend policy 謹(jǐn)慎的股息分配方針
Ensure high level of transparency with investors going forward 確保在未來對(duì)投資者保持高透明性
Continue to be publicly rated by Moody’s and S&P 繼續(xù)通過穆迪和標(biāo)準(zhǔn)普爾指數(shù)公開定價(jià)
l   
l  Focus on quality of reporting 關(guān)注報(bào)告質(zhì)量

 
40
Stable, highly diversified revenue base, demonstrating resilience through recession…穩(wěn)定、高度多元化的收入基數(shù)顯示了經(jīng)濟(jì)衰退之后的恢復(fù)復(fù)原能力
Net revenues by product categories (€mm) 按產(chǎn)品類別列示的凈收入（單位：100萬歐元）
Rx-reimbursed 報(bào)銷處方藥
Semi-ethical 半處方藥
Discontinued products 廢止產(chǎn)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(chǎng)
Rest of WE/NE 西歐/北歐其余地區(qū)
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(yè)務(wù)細(xì)分領(lǐng)域出現(xiàn)可持續(xù)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(kuò)展系列、Bellissima / Evaluna/Mayra和銷售額較高的Silymarine和Glucosomin，半處方藥業(yè)務(wù)擴(kuò)大。
-Euromed showing strong growth  Euromed市場(chǎng)顯示強(qiáng)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(chǎng)顯示了強(qiáng)勁的恢復(fù)能力和增長勢(shì)頭。
l  Revenue decline in Rx-segment and non core geographies due to unfavourable market dynamics 由于不利的市場(chǎng)趨勢(shì)，在報(bào)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(bào)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(jīng)濟(jì)緊縮政策使價(jià)格和銷售額一起降低。這些國家是目前關(guān)注的重點(diǎn)。
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(xì)反映了產(chǎn)品銷往的國家，但并未反映記錄有關(guān)銷售額的法人實(shí)體。這些數(shù)據(jù)基于公司管理帳目。
 

 
41（以下報(bào)表就翻譯英文，不用輸入數(shù)字。）
Revenue by Product category按產(chǎn)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(chǎn)品品類
半處方藥
報(bào)銷處方藥
天然提取物
廢止產(chǎn)品
總凈收入和其它收入
 
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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(gè)月
截止于2012年12月31日12個(gè)月
（單元：1000歐元）
Unaudited -未審計(jì)
持續(xù)經(jīng)營凈利潤
收入稅開支
財(cái)務(wù)收入
財(cái)務(wù)費(fèi)用
所占聯(lián)營公司贏利/虧損
其它金融資產(chǎn)再評(píng)估（減記）
貶值、攤銷和沖銷
 
息稅折舊攤銷前利潤
非經(jīng)常性項(xiàng)目
儲(chǔ)備金發(fā)放
退稅
養(yǎng)老金計(jì)劃-實(shí)際調(diào)整
研發(fā)費(fèi)用
產(chǎn)品線處置收益
廢止產(chǎn)品
調(diào)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(gè)月
截止于2012年12月31日12個(gè)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(yīng)品、消費(fèi)品和商品成本
人力成本
服務(wù)成本
其它成本
貶值、攤銷和沖銷
運(yùn)營利潤
財(cái)務(wù)收入
財(cái)務(wù)費(fèi)用
所占聯(lián)營公司贏利/虧損
其它金融資產(chǎn)再評(píng)估（減記）
息稅折舊攤銷前利潤
收入稅費(fèi)用
持續(xù)經(jīng)營凈利潤
中斷經(jīng)營凈利潤
凈利潤
 
45
Major Products主要產(chǎn)品

 
46
In Licensing Products 許可產(chǎn)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(guān)聯(lián)Euromed取得壟斷性原材料能支持內(nèi)部開發(fā)和臨床驗(yàn)證，有助于保持高利潤率。
以下單詞如果不明白請(qǐng)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�。ㄋ幍錁�(biāo)準(zhǔn)）
Stability analysis 穩(wěn)定性分析
Verification of potential pollutants潛在污染物驗(yàn)證
Rottapharm’s Pipeline 羅達(dá)制藥的潛在風(fēng)險(xiǎn)投資后備項(xiàng)目
from cultivation to finished product 從種植到成品
Rottapharm’s products  羅達(dá)制藥的產(chǎn)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(tuán)內(nèi)壟斷收入
High quality materials extraction and raw materials manufacturing高質(zhì)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(duì)優(yōu)質(zhì)原材料的專有獲取渠道，使?jié)撛陲L(fēng)險(xiǎn)投資備項(xiàng)目和當(dāng)前產(chǎn)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(shí)際凈收入的17%
Product description 產(chǎn)品描述
l  Indication: arthrosis – promotes cartilage metabolism, protects joint structure and supports joint mobility 適應(yīng)癥：促進(jìn)關(guān)節(jié)軟骨代謝,保護(hù)關(guān)節(jié)結(jié)構(gòu)和支持關(guān)節(jié)靈活性
l  Ingredient: crystalline glucosamine sulphate主要成份:結(jié)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(chǎn)品。Dona是一種在全世界都受到保護(hù)的注冊(cè)藥品，是唯一經(jīng)臨床證明品牌，在雙盲、安慰劑對(duì)照、隨機(jī)臨床研究中證明有助于促進(jìn)軟骨健康，潤滑關(guān)節(jié)，支持關(guān)節(jié)靈活性和適應(yīng)性,并為軟骨提供保護(hù)。Dona也被證明藥效能抵達(dá)人類關(guān)節(jié),而其它任何氨基葡萄糖配方都無法證明這一點(diǎn)。
l  Distribution: Rx, pharmacy, OTC分銷渠道：報(bào)銷處方藥、藥房和非處方藥
l  Target groups: rheumatologists, orthopaedics, general practitioners 目標(biāo)群體：專家、整形外科和全科醫(yī)生
l  Brands / trademarks: Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan 品牌/商標(biāo)：Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan
2012 Actual net revenue split by geography (€93m) ) 2012年按地理劃分實(shí)際凈收入（9300萬歐元）
 

其它 俄羅斯，獨(dú)聯(lián)體國家 中國 泰國 德國 意大利 臺(tái)灣地區(qū) 香港地區(qū) 馬來西亞 巴西 西班牙 波蘭 
Revenue evolution收入趨勢(shì)
(€ 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(chǎn)后大出血
-Temporary suspension for 6 months of reimbursement status 報(bào)銷暫停6個(gè)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(chǎng)價(jià)格下降受嚴(yán)重影響

49
Saugella overview菁萃概述
9% of 2012 Actual net revenues 2012年實(shí)際凈收入的9%
Product description產(chǎn)品描述
l  Indication: daily intimate hygiene, gynaecology適應(yīng)癥：日常私密衛(wèi)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(wèi)生要求，任何年齡群體提供的產(chǎn)品系列（藍(lán)色、綠色、粉紅色、女士和男士），在意大利占50%的市場(chǎng)份額。婦科醫(yī)生臨床證明和推薦。從2000年收購 BMS以來，復(fù)合年增長率接近8.1%。
l  Distribution: Rx, pharmacy, OTC分銷渠道：報(bào)銷處方藥、藥房和非處方藥
l  Target groups: gynaecologists, general practitioners, pharmacists, consumers 目標(biāo)群體：婦科醫(yī)生、全科醫(yī)師、藥劑師和消費(fèi)者
l  Brands / trademarks: Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo 品牌/商標(biāo)：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(shí)際凈收入（4800萬歐元）
Revenue evolution收入趨勢(shì)
(€ 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(shí)際凈收入的6%
Product description 產(chǎn)品描述
l  Indication: treatment of toxic liver damage, supportive therapy of chronic inflammatory liver diseases and liver cirrhosis 適應(yīng)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(shí)提取的四種同分異構(gòu)黃酮類物質(zhì)混合物(Silybum marianum, syn. Carduus marianus)。主要異構(gòu)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(jīng)臨床證明的特殊的水飛薊素制劑，與標(biāo)準(zhǔn)水飛薊素產(chǎn)品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分銷渠道：報(bào)銷處方藥，僅藥房銷售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目標(biāo)群體：:肝臟病學(xué)家、胃腸病學(xué)家、全科醫(yī)師、藥劑師和消費(fèi)者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商標(biāo)：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description產(chǎn)品描述
2012 Actual net revenue split by geography (€29m) 2012年按地理劃分實(shí)際凈收入（2900萬歐元）
 
Revenue evolution收入趨勢(shì)
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(chǎn)品描述
l  Indication: Dyslipidemia 適應(yīng)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(yǎng)食品產(chǎn)品，具有受專利保護(hù)的降血脂功效。由全科和�？漆t(yī)師臨床證明和推薦
l  Distribution: Rx, pharmacy, OTC分銷渠道：報(bào)銷處方藥、藥房和非處方藥
l  Target Groups: GPs, specialists, cardiologists, consumer 目標(biāo)群體：全科和�？漆t(yī)師、心臟病專家和消費(fèi)者
l  Brands / Trademarks: Armolipid, Armolipid Prev, Armolipid Plus 品牌/商標(biāo)：Armolipid, Armolipid Prev, Armolipid Plus
l  Worldwide rights世界范圍內(nèi)權(quán)利
l  Indication / composition / dosage patented 適應(yīng)癥/成份/專利劑量
2012 Actual net revenue split by geography (€29m) 2012年按地理劃分實(shí)際凈收入（2900萬歐元）
 
Revenue evolution收入趨勢(shì)
 

 
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(chǎn)品描述
l  Indication: treatment of traumatic injuries and venous diseases適應(yīng)癥：治療創(chuàng)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(xì)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(biāo)群體：消費(fèi)者、藥劑師、全科醫(yī)生、、外科醫(yī)生和理療師
l  Brands / trademarks: Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin 品牌/商標(biāo)：Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin
l  Key Markets: Belgium, Germany, Italy, Portugal, Saudi Arabia, Spain 關(guān)鍵市場(chǎng)：比利時(shí)、德國、意大利、葡萄牙、沙特阿拉伯、西班牙
l  Worldwide rights世界范圍內(nèi)權(quán)利
2012 Actual net revenue split by geography (€24m) 2012年按地理劃分實(shí)際凈收入（2400萬歐元）
 
Revenue evolution 收入趨勢(shì)
(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(shí)際凈收入的4%
Product description產(chǎn)品描述
l  Indication: treatment of acute constipation適應(yīng)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(shí)
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(jié)合的首選藥，刺激和調(diào)節(jié)腸道，而且確保隔夜排泄。產(chǎn)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(biāo)群體：全科醫(yī)師、藥劑師和消費(fèi)者
l  Brands / Trademarks: Agiolax, Alaxyl, Manevac, Satolax 品牌/商標(biāo)：Agiolax, Alaxyl, Manevac, Satolax
l  Key Markets: Germany, Italy, Portugal, Spain 關(guān)鍵市場(chǎng)：德國、意大利、葡萄牙、西班牙
l  Worldwide rights世界范圍內(nèi)權(quán)利
2012 Actual net revenue split by geography (€22m) 2012年按地理劃分實(shí)際凈收入（2200萬歐元）
Revenue evolution收入趨勢(shì)
Source: Company information 來源：公司信息  
(7)      Impacted from de-stocking 股票減持影響   

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