Q4 2015 PRESENTATION 24 FEBRUARY 2016...Q4 2015 PRESENTATION 24 FEBRUARY 2016 2 HIGHLIGHTS THOMAS...

1

Q4 2015 PRESENTATION 24 FEBRUARY 2016

2

HIGHLIGHTS THOMAS ELDERED, CEO

• Net sales SEK 863 million, decrease of 1.1% • EBITDA SEK 110 million, decrease of 25%

• EBITDA-margin 12.7%, decrease of 4.2%-points

• Continued strong operating cash flow

• Long term supply agreement with Alcon and acquisition in France

• Initiated acquisition of Nitin Lifesciences Ltd, India

• Partnerships and strategic investments

• Cost and efficiency program in Sweden

• Full year profit for the period SEK 215 million, increase of 34%

• Proposed dividend SEK 1.50 per share, increase of 20%

• Equity issue SEK 276 million in Q1 2016

3

26%

59%

15%

2014(1)

HIGHLIGHTS Q4

27%

51 %

22%

2015(1)

• D&T strong performance (in spite of less Thyrosafe) • Sterile liquids weaker than our expectations • Solids and others in line with our expectations

Development and Technology

Development and Technology

Sterile Liquids

Sterile Liquids

Solids & Other Solids & Other

(1) January-December.

• Long-term supply agreement of

ophthalmic blow-fill-seal products for

Alcon

• Discontinued packaging only contract

in France

• Lyophilisation capacity expansion in

Wasserburg progressed according to

plan

• Destocking with certain customers

4

MANUFACTURING SERVICES - STERILE LIQUIDS

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4

010203040506070

Q1 Q2 Q3 Q42015 2014

Net sales SEKm

EBITDA SEKm

• Cost and efficiency program in

Swedish operations

• Continued effect from major product

volume loss in France

• Continued effect from discontinued

distribution

5

MANUFACTURING SERVICES - SOLIDS & OTHERS

0

100

200

300

400

500

600

Q1 Q2 Q3 Q4

010203040506070

Q1 Q2 Q3 Q42015 2014

Net sales SEKm

EBITDA SEKm

• Development collaboration and

investment consortium in Xspray

Microparticles AB

• Secured long-term supply of Erdostein

to Daewong Pharmaceuticals, Korea

• Exclusive scale-up and commercial

manufacture agreement with Lidds AB,

including equity investment

• Start-up of Israeli chemistry laboratory

• Low Thyrosafe sales

6

DEVELOPMENT & TECHNOLOGY

0

50

100

150

200

250

Q1 Q2 Q3 Q4

0

20

40

60

80

Q1 Q2 Q3 Q42015 2014

Net sales SEKm

EBITDA SEKm

GROWTH INITIATIVES ON TRACK

7

Growth in existing manufacturing footprint and capacity

High growth in strategic important D&T

Portfolio outsourcing with asset acquisitions

Acquisition of CDMOs

Growth initiatives Track record 2015 YTD

Strengthened sales organisation 2013-14 ~ 3% annual growth (constant FX)

+6 since 2007 2014: Corvette (IT) Lusomedicamenta (PT)

Capacity expansion in manufacturing

Strong demand for freeze drying 100% utilization

Invest EUR 32m (decided 2013)

12% share of total sales 2014 originate from D&T projects. 16% of Group sales Development of IP portfolio

+3 since 2007 2014: Pessac (FR)

Flat organic growth

Sequential growth in acquired businesses

92% increase vs. 2014 (9% excluding acquisitions & Thyrosafe) 22% of Group sales

Kayserberg (Alcon, FR) Projects under review

OT Chemistry (SE) Nitin Lifesciences Ltd (IN) 2016 Projects under review

Wasserburg expansion on track SEK 198 M in capex

LONG-TERM OUTSOURCING CONTRACT WITH ALCON

8

Sources: Company filings.

Benefits of the arrangement

• Agreement with Alcon, a Novartis company

• Long-term outsourcing of a range of ophthalmology products

• Concurrent acquisition of a manufacturing facility in Kaysersberg, France

• Approximately 260 employees continue employment with Recipharm

• Completed December 31, 2015

Arrangement Overview

Long-term relation with important customer Alcon/Novartis

Blow-fill-seal adds to sterile technology offering

Potential synergies with Recipharm’s other French companies

Attractive financial impact, accretive to margins, growth and EPS

• Expected annual sales in excess of EUR 36 million

• Expected EBITDA-margin well in line with FY2015 group average

• Consideration for manufacturing asset was SEK 139 million

Key Financials / Terms

ACQUISITION OF NITIN LIFESCIENCES

9 Sources: Company filings.

Strategic Rationale of the Acquisition

• Rapidly growing Indian CMO specialized in injectables manufacturing

• Offers liquid ampoules, liquid vials, sterile dry powder (beta lactam& non beta lactam), multidose-eye/ear drops and lyophilized vials

• Sales predominantly in India, with growing export share to currently 11 countries

• Approximately 500 employees

• Established in 1994

Nitin Lifesciences - Business Overview

Recipharm Standalone

Recipharm + Nitin

Significant presence in expanding Indian market and platform for further growth in emerging markets

Strengthens position in Steriles with a broad small volume parenteral portfolio

Acquisition of a high quality customer base in India and globally

Attractive financial impact as acquisition is accretive to margins, growth and EPS

• Acquisition of 74% with option for remaining 26%

• Purchase price: INR 6,712m (SEK 824m)

• Valuation: 12.2x EV/ LTM EBITDA

• Preliminary 2015 sales INR 2,946m (SEK 365m)

• Preliminary 2015 EBITDA INR 747m (SEK 93m)

• Preliminary EBITDA-margin 25%

• Completion planned to April 1, 2016

Key Financials / Terms Recipharm’s Emerging Markets Footprint

ACQUISITION OF MITIM SRL (ITALY)

To be presented later

11

FINANCIALS BJÖRN WESTBERG, CFO

(CURRENCY SEK MILLION)

P&L DEVELOPMENT

12

Q4 YTD 2015 2014

Net Sales 862,9 872,9

EBITDA 111,1 147,312,9% 16,9%

D&A -59,1 -52,0EBIT 52,0 95,3

Financial items -5,1 -40,6Profit before tax 46,9 54,7

Tax -17,5 -5,7Net profit 29,4 49,0

2015 2014Net Sales 3389,4 2569,3

EBITDA 509,8 399,315,0% 15,5%

D&A -235,6 -127,2

EBIT 274,2 272,1

Financial items 35,4 -56,0

Profit before tax 309,6 216,1

Tax -94,6 -55,9

Net profit 215,1 160,2

Status

RR BRRR 3 månBR LYBR

Period Jan - DecDec 31Oct - Dec

Period SEK Jan - Dec12/31/15Okt - Dec12/31/14

Period SPANIEN Enero - Diciembre31.DiciembreOctubre - Diciembre Enero - Marzo

Period TYSKLAND Januar - Dezember31.DezemberOktober - Dezember Januar - März

Period FRANKRIKE Janvier - Decembre31.DécembreOctobre - Décembre Janvier - Mars

Reporting year2015.0

Previous year2014.0

TO DO LISTAstatusKVARSTÅR / KOMMENTAR2015 January - December

UnitCurrencyAverageUltimo

Lägg in BR o RR från senaste periodOK/CS 151228 1.0EUR9.49.1

Lägg in KF från tidigare periodOK/CS 1512281.0GBP12.912.4

Stäm av mot årsredovisningOK 1.0USD8.48.4

Periodens resultaträkningOK 100.0CHF876.6842.9

Periodens balansräkning OK100.0NOK104.795.6

Eget kapitalOK

KassaflödeOK

Ställda säkerheterOK

NärståendeOK

Resultat per aktieOK

Antal aktier & Potentiella aktier (not)OK

Segment

Förvärvsnot

Finansiella tillgångar och skulderOK

Moderbolagets BR & RROK

Följande 12 sidor (av totalt 12) finns i denna kategori.

RR BRRR 3 månBR LY

Period Jan - MarMar 31Jan - Mar

Period SEK Jan - Dec12/31/13Jan - Mar12/31/13

Period SPANIEN Enero - Marzo31.Marzo Enero - Marzo

Period TYSKLAND Januar - März31.März Januar - März

Period FRANKRIKE Janvier - Mars31.Mars Janvier - Mars

Reporting year2014

Previous year2013


Period Jan - JunJun 30Apr - Jun

Period SEK Jan - Dec6/30/15Apr - Jun12/31/14

Period SPANIEN Enero - Junio30.JunioAbril - Junio Enero - Marzo

Period TYSKLAND Januar - Juni31.MärzApril - Juni Januar - März

Period FRANKRIKE Janvier - Juin30.JuinAvril - Juin Janvier - Mars

RR BRRR 3 månBR LY

Period Jan - SepSep 30Jul - Sep

Period SEK Jan - Dec9/30/15Jul - Sep12/31/14

Period SPANIEN Enero - Septiembre30.Septiembre Julio - Septiembre

Period TYSKLAND Januar - September30.September Juli - September

Period FRANKRIKE Janvier - Septembre30.Septembre Juillet - Septembre


Period Jan - DecDec 31Okt - Dec

Period SEK Jan - Dec12/31/14Okt - Dec12/31/13

Period SPANIEN Enero - Diciembre31.DiciembreOctubre - Diciembre

Period TYSKLAND Januar - Dezember31.DezemberOktober - Dezember

Period FRANKRIKE Janvier - Decembre31.DécembreOctobre - Décembre

Reporting year2014.0

Previous year2013.0

Följande 12 sidor (av totalt 12) finns i denna kategori. FRANSKA

AaoûtavrilDdécembreFfévrierJjanvierjuilletjuinMmaiM forts.marsNnovembreOoctobreSseptembre

Artiklar i kategori "Spanska/Månader"Följande 12 sidor (av totalt 12) finns i denna kategori. AabrilagostoDdiciembreEeneroFfebreroJjuliojunioMmarzoM forts.mayoNnoviembreOoctubreSseptiembre

Artiklar i kategori "Tyska/Månader"Följande 13 sidor (av totalt 13) finns i denna kategori. AAprilAugustDDezemberFFebruarJJanuarJ forts.JuliJuniMMaiMärzNNovemberOOktoberOstermondSSeptember

RR

Consolidated statement of profit and lossResultaträkning för koncernen

Oct - Dec Jan - DecFull YearFull yearERROR:#REF!Full YearOkt - Dec Jan - DecHelår

SEK millionNote201520142015201420142014201220102010MkrNot20152014201520142014

Operating IncomeRörelsens intäkter

Net sales1862.9872.93,389.42,569.32,569.32,569.32,073.0ERROR:#REF!2,226.9Nettoomsättning1862.9872.93,389.42,569.32,569.3

Other operating revenue42.320.8118.743.043.043.051.7ERROR:#REF!15.8Övriga rörelseintäkter42.320.8118.743.043.0

905.2893.73,508.12,612.32,612.32,612.32,124.7ERROR:#REF!2,242.7 905.2893.73,508.12,612.32,612.3

Operating expenses Rörelsens kostnader

Raw materials and consumables-239.0-243.4-958.8-703.9-703.9-703.9-562.9-208.2-640.8Råvaror och förnödenheter-239.0-243.4-958.8-703.9-703.9

Other external costs-211.3-209.3-799.7-588.7-588.7-588.7-462.5-152.5-464.7Övriga externa kostnader-211.3-209.3-799.7-588.7-588.7-24.5%-24.0%

Employee benefits expense-325.2-278.2-1,176.1-888.6-888.6-888.6-785.6-225.5-820.8Personalkostnader-325.2-278.2-1,176.1-888.6-888.6-37.7%-31.9%

Depreciation and amortisation-61.4-52.0-235.6-127.2-127.2-127.2-91.8-32.7-104.1Avskrivningar och nedskrivningar-61.4-52.0-235.6-127.2-127.2

Other operating expenses-19.1-15.6-62.8-32.0-32.0-32.0-33.16.5-24.9Övriga rörelsekostnader-19.1-15.6-62.8-32.0-32.0

Share of profit in participations -0.6--1.00.10.10.1ERROR:#REF!ERROR:#REF!0.0Andel i intresseföretags resultat -0.6--1.00.10.1

-856.6-798.4-3,233.9-2,340.2-2,340.2-2,340.2-1,935.9ERROR:#REF!-2,055.3 -856.6-798.4-3,233.9-2,340.2-2,340.2

Operating profit48.595.3274.2272.1272.1272.1188.8ERROR:#REF!187.4Rörelseresultat48.595.3274.2272.1272.1

Result from participations in group companies0.00.00.00.00.00.00.0ERROR:#REF!Resultat från andelar i koncernföretag0.00.00.00.00.0

Loss for the year from discontinued operations0.00.00.00.00.00.00.0-75.0Årets förlust hänförlig till avyttrade verksamheter0.00.00.00.00.0

Interest income and similar revenues3.40.964.49.39.39.33.811.64.4Ränteintäkter och liknande resultatposter3.40.964.49.39.3

Interest expenses and similar costs-8.5-41.5-29.0-65.4-65.4-65.4-34.6-9.6-30.1Räntekostnader och liknande resultatposter-8.5-41.5-29.0-65.4-65.4

Net financial income/expense-5.1-40.635.4-56.0-56.1-56.1-30.8ERROR:#REF!-100.7Finansnetto-5.1-40.635.4-56.0-56.1

Profit before tax43.554.7309.6216.1216.1216.1158.0ERROR:#REF!86.7Resultat före skatt43.554.7309.6216.1216.1

Income tax-17.5-5.7-94.6-55.9-55.9-55.9-42.0-2.4277.3Skatt på periodens resultat-17.5-5.7-94.6-55.9-55.9

Profit / loss for the period26.049.0215.1160.2160.2160.2116.0ERROR:#REF!364.0Periodens resultat26.049.0215.1160.2160.2

Consolidated statement of comprehensive incomeRapport över totalresultat

Oct - Dec Jan - DecFull YearFull yearFull YearOkt - Dec Jan - DecHelår

Note201520142015201420142014201220102010MkrNot20152014201520142014

Items that may be reclassified subsequently to profit or loss Poster som kan komma att omklassificeras till resultat

Translation differences-81.457.8-114.165.265.265.2Omräkningsdifferenser-81.457.8-114.165.265.2

Gains/losses from fair value valuation of financial instruments-83.6--39.942.142.142.1Vinst/förlust från värdering av finansiella instrument till verkligt värde-83.6--39.942.142.1

Deferred tax relating to items that may be reclassified-0.8-8.8-9.3-9.3-9.3Uppskjuten skatt-0.8-8.8-9.3-9.3

Total-165.857.8-145.298.098.098.0Summa-165.857.8-145.265.298.0

Items that will not be reclassified to profit or lossPoster som inte kommer omklassificeras till resultat

Actuarial gains/losses on pensions6.9-19.28.9-34.7-34.7-34.7Aktuariella vinster/förluster på pensioner6.9-19.28.9-34.7-34.7

Inventory value adjustment18.00.018.00.00.0Justering varulagervärde18.00.018.00.00.0

Deferred tax relating to items that will not be reclassified-1.85.5-2.39.89.89.8Uppskjuten skatt-1.85.5-2.39.89.8

Total23.2-13.624.6-24.9-24.9-24.9Summa5.2-13.76.6-24.9-24.9

Other comprehensive income for the period-142.744.1-120.673.173.173.1Övrigt totalresultat-160.644.1-138.640.373.1

Comprehensive income for the period-116.793.194.4233.4233.4233.40.00.00.0Periodens totalresultat-116.793.194.4233.4233.4

Net profit distributed to: Periodens resultat hänförligt till:

Parent company´s shareholders26.149.0215.3160.2160.2160.2116.0ERROR:#REF!364.0Moderbolagets ägare26.149.0215.3160.2160.2

Non-controlling interest-0.1--0.2---0.0ERROR:#REF!-5.6Innehav utan bestämmande inflytande-0.1--0.2--

26.049.0215.1160.2160.2160.2116.0ERROR:#REF!358.426.049.0215.1160.2160.2

Group comprehensive income distributed to:Periodens totalresultat hänförligt till:

Parent company´s shareholders-116.793.194.4233.4233.4233.40.0ERROR:#REF!-33.4Moderbolagets ägare-116.793.194.4233.4233.4

Non-controlling interest0.0-0.0--0.00.0ERROR:#REF!-5.6Innehav utan bestämmande inflytande0.0-0.0-0.0

-116.793.194.4233.4233.4233.40.0ERROR:#REF!-39.0-116.793.194.4233.4233.4

Earnings per shareResultat per aktie

Oct - Dec Jan - DecFull YearFull yearFull Year Okt - Dec Jan - DecHelår

20152014201520142014201420122010201020152014201520142014

Parent company's shareholders:Moderbolagets ägare:

Earnings per share before dilution (SEK)0.561.244.724.634.634.6311.60ERROR:#REF!1.06Resultat per aktie före utspädning (kr)0.561.244.724.634.63

Earnings per share after dilution (SEK)0.561.184.724.134.134.138.7101.06Resultat per aktie efter utspädning (kr)0.561.184.724.134.13

Profit before dilution (SEK thousand)25,97449,052215,056160,247160,247160,247116,000ERROR:#REF!10,679Resultat före utspädning (Tkr)25,97449,052215,056160,247160,247

Effect from potential shares (SEK thousand)-3,4321,0013,4523,4523,452364390725Resultateffekt från potentiella aktier (Tkr)-3,4321,0013,4523,452

Profit after dilution (SEK thousand)25,97452,484216,057163,699163,699163,699116,364ERROR:#REF!11,404Resultat efter utspädning (Tkr)25,97452,484216,057163,699163,699

Average number of shares before dilution (thousand)46,32539,51045,60634,60534,60534,60512,68610,00010,000Genomsnittligt antal aktier, före utspädning (tusental)46,32539,51045,60634,60534,605

Potential shares (thousand)-365,047745,0515,0515,051653653653Potentiella aktier (tusental)-365,047745,0515,051

Issued shares (thousands)00000000.02,686Emitterade aktier (tusental)00000

Average number of shares after dilution (thousand)46,28944,55745,68039,65639,65639,65613,33910,65310,765Genomsnittligt antal aktier, efter utspädning (tusental)46,28944,55745,68039,65639,656

-27.7%-27.9%-28.3%-27.4%-27.4%4.708

-24.5%-24.0%-23.6%-22.9%-22.9%

-37.7%-31.9%-34.7%-34.6%-34.6%0.00.0

-7.1%-6.0%-7.0%-5.0%-5.0%

-2.2%-1.8%-1.9%-1.2%-1.2%

-30.5%-25.9%-25.9%

The QuarterPerioden

201520142015201420152014

Net Sales862.9872.9MTRL28.3%27.4%-239.0-243.4

EXT23.6%22.9%-211.3-209.3

EBITDA109.9147.3HC34.7%34.6%-325.2-278.2

12.7%16.9%D&A7.0%5.0%-61.4-52.0

D&A-61.4-52.0OTH1.9%1.2%-19.1-15.6

EBIT48.595.3

Financial items-5.1-40.6

Profit before tax43.554.7

Tax-17.5-5.7

Net profit26.049.0

YTD

20152014

Net Sales3389.42569.3

EBITDA509.8399.3

15.0%15.5%

D&A-235.6-127.2

EBIT274.2272.1

Financial items35.4-56.0

Profit before tax309.6216.1

Tax-94.6-55.9

Net profit215.1160.2

2015MTRLEXTHCD&AOTH0.282876594008007080.235938089018919050.346996110683389816.9503213425015101E-21.8514011607155875E-22014MTRLEXTHCD&AOTH0.273964145151026680.229115592683180630.345839798281402714.9508272914153016E-21.2460659127884835E-2

BR

Consolidated statement of financial position Rapport över finansiell ställning för koncernen

Dec 31Dec 31Dec 31Dec 31Dec 31Bilanz31.Dezember31.Dezember31. DezBilan31.Décembre31.Décembre31 DécBalance31.Diciembre 31 Dic

SEK millionNote20152014MkrNot2015ERROR:#REF!ERROR:#REF!Recipharm (mSEK)Not7/7/05ERROR:#REF!ERROR:#REF!Recipharm (milliers de couronnes suédoises)Not7/7/05ERROR:#REF!ERROR:#REF!Recipharm (miles de coronas suecas)Not7/7/05ERROR:#REF!ERROR:#REF!

ASSETSTILLGÅNGARAktivaACTIFSActivos

Non-current assetsAnläggningstillgångarAnlagevermögenActifs immobilisésActivos no corrientes

Product rights 280.6290.3Produkträttigheter280.6ERROR:#REF!290.3Produktrechte280.6ERROR:#REF!290.3Droits de produit280.6ERROR:#REF!290.3Los derechos del producto280.6ERROR:#REF!290.3

Goodwill3886.3936.2Goodwill3886.3ERROR:#REF!936.2Goodwill886.3ERROR:#REF!936.2Goodwill886.3ERROR:#REF!936.2Goodwill886.3ERROR:#REF!936.2

Customer contracts940.21,065.9Kundkontrakt940.2ERROR:#REF!1,065.9

Other intangible assets 164.2176.9Övriga immateriella anläggningstillgångar 164.2ERROR:#REF!176.9Immaterielle Vermögenswerte164.2ERROR:#REF!176.9Actifs incorporels164.2ERROR:#REF!176.9Inmovilizado intangible164.2ERROR:#REF!176.9

Property, plant and equipment1,446.31,051.9Materiella anläggningstillgångar1,446.3ERROR:#REF!1,051.9Sachanlagevermögen1,446.3ERROR:#REF!1,051.9Actifs corporels1,446.3ERROR:#REF!1,051.9Activos materiales1,446.3ERROR:#REF!1,051.9

Financial non-current assets153.493.4Finansiella anläggningstillgångar153.4ERROR:#REF!93.4Finanzforderungen153.4ERROR:#REF!93.4Actifs financiers153.4ERROR:#REF!93.4Activos financieros153.4ERROR:#REF!93.4

Total non-current assets 3,870.93,614.6Summa anläggningstillgångar 0.03,870.9ERROR:#REF!3,614.6Gesamte Anlagevermögen3,870.9ERROR:#REF!3,614.6Total des immobilisations3,870.9ERROR:#REF!3,614.6Total de activos fijos3,870.9ERROR:#REF!3,614.6

Current assetsOmsättningstillgångarUmlaufvermögenActifs circulantsActivos corrientes

Inventories641.8590.8Varulager641.8ERROR:#REF!590.8Vorräte641.8ERROR:#REF!590.8Stocks et en-cours641.8ERROR:#REF!590.8Existencias y productos en curso641.8ERROR:#REF!590.8

Accounts receivable467.0528.2Kundfordringar467.0ERROR:#REF!528.2Forderungen aus Lieferungen und Leistungen467.0ERROR:#REF!528.2Créances clients et comptes rattachés467.0ERROR:#REF!528.2Deudores comerciales y cuentas a cobrar467.0ERROR:#REF!528.2

Current investments -137.3Kortfristiga placeringar -ERROR:#REF!137.3Latente steuerforderungen0.00.0137.3Débiteurs d'impôts différésDébiteurs d'impôts différés0.00.0137.3Cobrar impuestos diferidos0.00.0137.3

Other receivables112.270.7Övriga fordringar112.2ERROR:#REF!70.7Sonstige Forderungen112.2ERROR:#REF!70.7Autres créances112.2ERROR:#REF!70.7Oras cuentas a cobrar112.2ERROR:#REF!70.7

Prepaid expenses and accrued income70.657.5Förutbetalda kostnader och upplupna intäkter70.6ERROR:#REF!57.5Aktive Rechnungsabgrenzung70.6ERROR:#REF!57.5Charges constatées d'avances et produits à recevoir70.6ERROR:#REF!57.5Cuentas de regularización70.6ERROR:#REF!57.5

Cash and cash equivalents534.2404.5Likvida medel534.2ERROR:#REF!404.5Zahlungsmittel und Bank534.2ERROR:#REF!404.5Disponibilités534.2ERROR:#REF!404.5Efectivo y otros activos liquidos534.2ERROR:#REF!404.5

Total current assets1,825.81,789.1Summa omsättningstillgångar 1,825.8ERROR:#REF!1,789.1Gesamte Umlaufvermögen1,825.8ERROR:#REF!1,789.1Total des actifs circulants1,825.8ERROR:#REF!1,789.1Total de activos corrientes1,825.8ERROR:#REF!1,789.1

TOTAL ASSETS 5,696.75,403.7SUMMA TILLGÅNGAR 5,696.7ERROR:#REF!5,403.7Summe Aktiva 5,696.7ERROR:#REF!5,403.7TOTAL ACTIF 5,696.7ERROR:#REF!5,403.7Total Activos 5,696.7ERROR:#REF!5,403.7

SHAREHOLDERS EQUITY AND LIABILITIESEGET KAPITAL OCH SKULDEREigenkapital und VerbindlichkeitenPASSIFPasivo y deudas

Share capital23.220.3Aktiekapital23.2ERROR:#REF!20.3Grundkapital23.2ERROR:#REF!20.3Capital social23.2ERROR:#REF!20.3Capital escriturado23.2ERROR:#REF!20.3

Other paid-in capital2,287.51,723.5Övrigt tillskjutet kapital2,287.5ERROR:#REF!1,723.5Kapitalrücklage2,287.5ERROR:#REF!1,723.5Versements complémentaires en capital2,287.5ERROR:#REF!1,723.5Ampliación de capital2,287.5ERROR:#REF!1,723.5

Reserves-153.6-10.0Reserver-153.6ERROR:#REF!-10.0Rückstellungen-153.6ERROR:#REF!-10.0Réserves-153.6ERROR:#REF!-10.0Reservas-153.6ERROR:#REF!-10.0

Retained earnings (including net profit)583.3397.4Balanserade vinstmedel inklusive årets resultat583.3ERROR:#REF!397.4Gewinnvortrag583.3ERROR:#REF!397.4Report à nouveau583.3ERROR:#REF!397.4Resultados de periodos anteriores583.3ERROR:#REF!397.4

Equity attributable to Parent Company shareholders2,740.32,131.3Eget kapital hänförligt till moderbolagets ägare2,740.3ERROR:#REF!2,131.3Eigenkapital in Bezug auf Aktionäre der Muttergesällschaft2,740.3ERROR:#REF!2,131.3Capitaux propres - part du groupe2,740.3ERROR:#REF!2,131.3Fondos Propios - Participación del grupo2,740.3ERROR:#REF!2,131.3

Equity attributable to Non-Controlling interest0.2-Innehav utan bestämmande inflytande0.2ERROR:#REF!-Minderheitenanteile0.2ERROR:#REF!-Intérêts minoritaires0.2ERROR:#REF!-Socios externos0.2ERROR:#REF!-

Total equity2,740.52,131.3Summa Eget kapital 2,740.5ERROR:#REF!2,131.2Gesamte Eigenkapital2,740.5ERROR:#REF!2,131.3Total passif des activités2,740.5ERROR:#REF!2,131.3Total pasivo2,740.5ERROR:#REF!2,131.3

Non-current liabilitiesLångfristiga skulder

Interest-bearing liabilities1,678.61,555.0Räntebärande skulder1,678.6ERROR:#REF!1,555.0Rückstellungen1,678.6ERROR:#REF!1,555.0Provisions pour risques et charges1,678.6ERROR:#REF!1,555.0Deudas financieras a largo plazo1,678.6ERROR:#REF!1,555.0

Provisions210.5172.9Avsättningar210.5ERROR:#REF!172.9Langfristig verzinsliche Finanzverbindlichkeiten210.5ERROR:#REF!172.9Dettes financières à long terme210.5ERROR:#REF!172.9Provisiones para riesgos y gastos210.5ERROR:#REF!172.9

Deferred tax liability358.6395.0Uppskjuten skatteskuld358.6ERROR:#REF!395.0Pensionsrückstellungen358.6ERROR:#REF!395.0Provisions pour risques et charges358.6ERROR:#REF!395.0Impuestos diferidos358.6ERROR:#REF!395.0

Other non-current liabilities13.213.5Övriga långfristiga skulder13.2ERROR:#REF!13.5Latente Steuer13.2ERROR:#REF!13.5Impôts différés passifs13.2ERROR:#REF!13.5Otras deudas largo plazo13.2ERROR:#REF!13.5

Total non-current liabilities2,260.92,136.4Summa långfristiga skulder 2,260.9ERROR:#REF!2,136.4Gesamte langfristige Verbindlichkeiten2,260.9ERROR:#REF!2,136.4Total des dettes à long terme2,260.9ERROR:#REF!2,136.4Total deudas no corrientes2,260.9ERROR:#REF!2,136.4

Current liabilitiesKortfristiga skulder

Interest-bearing liabilities22.78.4Räntebärande skulder22.7ERROR:#REF!8.4Kurzfristig verzinsliche Finanzverbindlichkeiten22.7ERROR:#REF!8.4Dettes financières à court terme22.7ERROR:#REF!8.4Deudas bancarias corrientes22.7ERROR:#REF!8.4

Overdraft facility15.84.8Checkräkningskredit15.8ERROR:#REF!4.8Bestimmungen15.8ERROR:#REF!4.8Dispositions15.8ERROR:#REF!4.8Provisiones 15.8ERROR:#REF!4.8

Accounts payable234.9236.6Leverantörsskulder234.9ERROR:#REF!236.6Verbindlichkeiten aus Lieferungen und Leistungen234.9ERROR:#REF!236.6Dettes fournisseurs et comptes rattachés234.9ERROR:#REF!236.6Acreedores comerciales y otras cuentas a pagar234.9ERROR:#REF!236.6

Tax liabilities37.225.3Skatteskulder37.2ERROR:#REF!25.3Steuerverbindlichkeiten37.2ERROR:#REF!25.3Dettes fiscales37.2ERROR:#REF!25.3Deudas fiscales37.2ERROR:#REF!25.3

Other liabilities 53.8621.3Övriga skulder 53.8ERROR:#REF!621.3Sonstige Verbindlichkeiten53.8ERROR:#REF!621.3Autres dettes à court terme53.8ERROR:#REF!621.3Otras deudas a corto plaso53.8ERROR:#REF!621.3

Accrued expenses and prepaid income331.1239.7Upplupna kostnader och förutbetalda intäkter331.1ERROR:#REF!239.7Passive Rechnungsabgrenzung331.1ERROR:#REF!239.7Produits constatés d'avance et Factunes non parvenues331.1ERROR:#REF!239.7Provisiones por facturas pendientes de recibir331.1ERROR:#REF!239.7

Total current liabilities695.31,136.1Summa kortfristiga skulder 695.3ERROR:#REF!1,136.1Gesamte langfristige Verbindlichkeiten695.3ERROR:#REF!1,136.1Total des dettes à court terme695.3ERROR:#REF!1,136.1Total deudas corrientes695.3ERROR:#REF!1,136.1

TOTAL EQUITY AND LIABILITIES5,696.75,403.7SUMMA EGET KAPITAL OCH SKULDER5,696.7ERROR:#REF!5,403.7Summe Eigenkapital und Verbindlichkeiten5,696.7ERROR:#REF!5,403.7TOTAL PASSIF5,696.7ERROR:#REF!5,403.7Total pasivo y deudas5,696.7ERROR:#REF!5,403.7

Pledged assets7.714.9Ställda säkerheter7.7ERROR:#REF!14.9Verpfändete Wertpapiere7.7ERROR:#REF!14.9Valeurs données en nantissement7.7ERROR:#REF!14.9Valores de la garantia7.7ERROR:#REF!14.9

Contingent liabilities1,705.31,582.9Eventualförpliktelser1705.3ERROR:#REF!1,582.9Eventualverbindlichkeiten1,705.3ERROR:#REF!1,582.9Passifs éventuels1,705.3ERROR:#REF!1,582.9Pasivos contingentes1,705.3ERROR:#REF!1,582.9

Kontrollsumma0.0-0.00.0ERROR:#REF!-0.0

Consolidated statement of financial position Rapport över finansiell ställning för koncernen

Dec 31Dec 31Dec 31Dec 31Dec 31

SEK million20152014Mkr2015ERROR:#REF!ERROR:#REF!

ASSETSTILLGÅNGAR

Total non-current assets 3,870.93,614.6Summa anläggningstillgångar 3,870.9ERROR:#REF!3,614.6

Total current assets1,825.81,789.1Summa omsättningstillgångar 1,825.8ERROR:#REF!1,789.1

TOTAL ASSETS5,696.75,403.7SUMMA TILLGÅNGAR5,696.7ERROR:#REF!5,403.7

SHAREHOLDERS EQUITY AND LIABILITIESEGET KAPITAL OCH SKULDER

Total equity2,740.52,131.3Summa Eget kapital 2,740.5ERROR:#REF!2,131.2

Total non-current liabilities2,260.92,136.4Summa långfristiga skulder 2,260.9ERROR:#REF!2,136.4

Total current liabilities695.31,136.1Summa kortfristiga skulder 695.3ERROR:#REF!1,136.1

TOTAL EQUITY AND LIABILITIES5,696.75,403.7SUMMA EGET KAPITAL OCH SKULDER5,696.7ERROR:#REF!5,403.7

KFA

Consolidated cash flow statementRapport över kassaflöde för koncernen

Jan - DecFull year Jan - DecHelårKapitalflussrechnung Januar - DezemberVoll JahrEtat des flux de trésorerie Janvier - Decembre12 moisEstado de flujos de efectivo - Recipharm Enero - Diciembre12 mes

SEK million201520142014Mkr201520142014Recipharm (mSEK)7/7/057/6/052014Recipharm (milliers de couronnes suédoises)7/7/057/6/052014(miles de coronas suecas)7/7/057/6/052014

Operating activitiesDen löpande verksamheten

Profit before tax309.6216.1216.1Resultat före skatt309.6216.1216.1Gewinn nach Finanzergebnis309.6216.1216.1Résultats après éléments financiers309.6216.1216.1Resultado del ejercicio despùes de impuestos309.6216.1216.1

Adjustments for items not affecting cashJusteringar för poster som inte ingår i kassaflödetAnpassungen für Positionen sind im Cash Flow nicht enthaltenElimination des charges et produits sans incidence sur la trésorerieEliminación de gastos e ingresos sin efecto en la tesorería

- Depreciation, amortisation and impairment of assets235.6127.2127.2- Avskrivningar och nedskrivningar av tillgångar235.6127.2127.2- Abschreibung235.6127.2127.2- Dépréciation235.6127.2127.2- Amortización del inmovilizado235.6127.2127.2

- Changes in provisions2.414.814.8- Förändring i avsättningar2.414.814.8- Änderungen von Zuordnungen2.414.814.8- Changements d'affectation2.414.814.8- Asignación de cambios2.414.814.8

- Gains from disposal of financial assets-47.4-0.6-- Reavinst avyttring av finansiella tillgångar-47.4-0.6-

- Share of earnings of associated companies0.9--- Resultatandel från intresseföretag0.9-

- Other-12.842.942.3- Övriga poster-12.842.942.3- Andere-12.842.942.3- Autres-12.842.942.3- Otras-12.842.942.3

488.4400.4400.3488.4400.4400.3488.4400.4400.3488.4400.4400.3488.4400.4400.3

Income taxes paid-112.8-79.5-79.5Betald skatt-112.8-79.5-79.5Ertragsteuerzahlungen-112.8-79.5-79.5Impôts payés-112.8-79.5-79.5Impuesto sobre la renta pagado-112.8-79.5-79.5

Operating cash flow before changes in working capital375.6320.8320.8Kassaflöde från den löpande verksamheten före förändringar av rörelsekapital375.6320.8320.8Cash Flow aus betrieblicher Tätigkeit vor Änderungen im Betriebsvermögen375.6320.8320.8Marge brute d'autofinancement 375.6320.8320.8Cash flow de operaciones antes de los cambios en capital375.6320.8320.8

Cash flow from changes in working capital:Kassaflöde från förändringar i rörelsekapital:Veränderung des Working CapitalVariation du besoin en fonds de roulementVariación del capital de trabajo

Change in inventories-6.920.920.9Förändring av varulager-6.920.920.9Erhöhung/Verminderung Vorräte-6.920.920.9Augmentation (-) / Diminution (+) des stocks-6.920.920.9Aumento (-) / Disminución (+) de stocks-6.920.920.9

Change in operating receivables53.1-86.8-86.8Förändring av rörelsefordringar53.1-86.8-86.8Erhöhung/Verminderung kurzfristige Forderungen53.1-86.8-86.8Augmentation (-) / Diminution (+) des actifs court terme53.1-86.8-86.8Aumento (-) / Disminución (+) de activos corrientes53.1-86.8-86.8

Change in operating liabilities6.9-0.7-0.7Förändring av rörelseskulder6.9-0.7-0.7Erhöhung/Verminderung kurzfristige Verbindlichkeiten6.9-0.7-0.7Augmentation (+) / Diminution (-) des dettes court terme6.9-0.7-0.7Aumento (+) / Disminución (-) de deudas corrientes6.9-0.7-0.7

Operating cash flow428.8254.2254.2Kassaflöde från den löpande verksamheten428.8254.2254.2Cash Flow aus betrieblicher Tätigkeit428.8254.2254.2Flux net de trésorerie généré par l'activité428.8254.2254.2Cash flow de las opraciones corrientes428.8254.2254.2

Investing activitiesInvesteringsverksamhetenInvestitionenFlux net de trésorerie lié aux opérations d'investissementFlujo de efectivo de las actividades de inversión

Acquisition of property, plant and equipment-356.5-215.5-215.5Förvärv av materiella anläggningstillgångar-356.5-215.5-215.5Erwerb von Sachanlagen-356.5-215.5-215.5Acquisition d'immobilisations corporelles-356.5-215.5-215.5Compra de inmovilizado material-356.5-215.5-215.5

Disposal of property, plant and equipment0.52.12.1Avyttring av materiella anläggningstillgångar0.52.12.1

Acquisition of intangible assets-23.5-56.3-56.3Förvärv av immateriella anläggningstillgångar-23.5-56.3-56.3Verkauf von Sachanlagen-23.5-56.3-56.3Produits de cessions d'immobilisations corporelles-23.5-56.3-56.3Ingresos de la venta de activos-23.5-56.3-56.3

Disposal of intangible assets0.3-Avyttring av immateriella anläggningstillgångar0.3-

Acquisition of subsidiaries/operations, net of cash acquired-131.0-1062.7-1,062.7Försäljning av materiella och imateriella anläggningstillgångar-131.0-1062.7-1,062.7Erwerb von immateriellen Vermögensgegenständen-131.0-1,062.7-1,062.7Acquisition d'actifs incorporels-131.0-1,062.7-1,062.7Compra de inmovilizado intangible-131.0-1,062.7-1,062.7

Purchase consideration payable, subsidiares--17.9-17.9Tilläggsköpeskilling dotterföretag--17.9-17.9Erwerb von Tochterunternehmen, abzüglich erworbener liquider Mittel--17.9-17.9Acquisition de filiales, nette de la trésorerie acquise--17.9-17.9Compra de filiales, tesorería neta adquirida--17.9-17.9

Acquisition of financial assets-54.3-106.5-106.5Förvärv av finansiella tillgångar-54.3-106.5-106.5Erwerb von Finanzanlagen-54.3-106.5-106.5Acquisition/Ventes d'actifs financiers-54.3-106.5-106.5Compra de activos financieros-54.3-106.5-106.5

Disposal of financial assets143.9--Avyttring av finansiella tillgångar143.9--143.9143.9143.9

Cash flow from investing activities-420.5-1456.8-1,456.8Kassaflöde från investeringsverksamheten-420.5-1456.8-1,456.8Cash Flow aus Investitionstätigkeit-420.5-1,456.8-1,456.8Flux net de trésorerie lié aux opérations d'investissement-420.5-1,456.8-1,456.8Cash flow de las operaciones de inversión-420.5-1,456.8-1,456.8

Financing activitiesFinansieringsverksamhetenFinanzierungFlujo de efectivo de las activiades de financiación

Dividend paid to Parent Company shareholders-57.1--Utdelning till moderbolagets ägare-57.1--Aufnahme von Aktienkapital-57.1--Revenus des primes d'émission en capital-57.1--Ingresos relacionados a primas de emisión de capital-57.1--

New share issue-777.7777.7Nyemission-777.7777.7

Redemption convertible bonds--0.8-0.8Inlösen konvertibler--0.8-0.8

Change in overdraft facility10.7-160.2-160.2Förändring av checkräkningskredit10.7-160.2-160.2Neue langfristige Darlehen10.7-160.2-160.2Nouveaux emprunts à long terme10.7-160.2-160.2Nuevas deudas a largo plazo10.7-160.2-160.2

Loans raised332.91402.11,402.1Erhållna lån332.91402.11,402.1

Repayment of borrowings-153.5-613.4-613.4Amortering av låneskulder-153.5-613.4-613.4Rückzahlung von Darlehen-153.5-613.4-613.4Remboursement des emprunts à long terme-153.5-613.4-613.4Devoluciones de deudas a largo plazo-153.5-613.4-613.4

Cash flow from financing activities132.91405.41,405.4Kassaflöde från finansieringsverksamheten132.91405.41,405.4Cash Flow aus Finanzierungstätigkeit132.91,405.41,405.4Flux net de trésorerie lié aux opérations de financement132.91,405.41,405.4Flujo neto de tesorería de las actividades de financiación132.91,405.41,405.4

Total cash flow for the period141.1202.8202.8Summa periodens kassaflöde141.1202.8202.8Cash Flow der Periode141.1202.8202.8Variation de trésorerie de la période141.1202.8202.8Variación de la tesorería del periodo141.1202.8202.8

Cash and cash equivalents at beginning of period404.5190.2190.2Likvida medel vid årets början404.5190.2190.2Flüssige Zahlungsmittel zu Beginn der Periode404.5190.2190.2Trésorerie d'ouverture404.5190.2190.2Efectivo o equivalentes al comienzo del ejercicio404.5190.2190.2

Translation difference on cash and cash equivalents-11.511.511.5Kursdifferens i likvida medel-11.511.511.5Wechselkursdifferenzen flüssiger Zahlungsmittel-11.511.511.5Ecarts de change sur les liquidités-11.511.511.5Variaciones de cambio sobre efectivo-11.511.511.5

Cash and cash equivalents at end of period534.2404.5404.5Likvida medel vid periodens slut534.2404.5404.5Flüssige Mittel am Ende der Periode534.2404.5404.5Trésorerie de clôture534.2404.5404.5Tesoreria de cierre del ejercicio534.2404.5404.5

Interest received0.42.42.4Erhållna räntor0.42.42.4Zinserträge0.42.42.4Intérêts reçus0.42.42.4Intereses percibidos0.42.42.4

Interest paid-16.6-14.3-14.3Betalda räntor-16.6-14.3-14.3Zinsaufwendungen-16.6-14.3-14.3Intérêts payés-16.6-14.3-14.3Intereses pagados-16.6-14.3-14.3

Cash flowKassaflöde

Jan - DecFull year Jan - DecHelår

SEK million201520142014(Mkr)201520142014

Cash flow from operating activities before changes in working capital375.6320.8320.8Kassaflöde från den löpande verksamheten före förändringar av rörelsekapital375.6320.8320.8

Cash flow from changes in working capital53.1-66.6-66.6Kassaflöde från förändringar i rörelsekapital53.1-66.6-66.6

Cash flow from investing activities-420.5-1456.8-1,456.8Kassaflöde från investeringsverksamheten-420.5-1456.8-1456.8

Cash flow from financing activities132.91405.41,405.4Kassaflöde från finansieringsverksamheten132.91405.41405.4

Total cash flow141.1202.8202.9Periodens kassaflöde141.1202.7202.9

EK

Consolidated statement of changes in equityRapport över förändringar i eget kapital för koncernen

SEK millionShare capitalOther paid-in capitalReservesRetained earnings incl. net profitEquity attributable to parent company shareholders Non-controlling interestTotal equityMkrAktie-kapitalÖvrigt tillskjutet kapitalReserverBalanserat resultatEget kapital hänförligt till moderbolagets ägareInnehav utan bestämmande inflytandeSumma eget kapital

Equity at 1 January 201412.7515.2-106.4259.5680.8680.8Eget kapital 1 Januari 201412.7515.2-106.4259.5680.8680.8

Profit for the period January - September 2014 0.00.00.0Periodens resultat januari - september 2014 0.00.00.0

Other comprehensive income0.00.00.0-3.8Övrigt totalresultat0.00.00.0-3.8

Transactions with owners: Transaktioner med ägare:

New share issue0.00.00.00.0 Nyemission0.00.00.00.0

Share-based incentive program 0.30.3 Aktiesparprogram0.30.3

Equity at 30 September 20140.00.00.00.00.00.0Eget kapital 30 September 20140.00.00.00.00.00.0

Profit for the year 2014 160.2160.2160.2Årets resultat 2014 160.2160.2160.2

Other comprehensive income98.0-24.973.173.1Övrigt totalresultat98.0-24.973.173.1


New share issue7.71,208.41216.11,216.1 Nyemission7.71,208.41216.11216.1

Share-based incentive program 0.90.90.9 Aktiesparprogram0.90.90.9

Equity at 31 December 201420.41,723.5-8.3395.72,131.32,131.3Eget kapital 31 December 201420.41,723.5-8.3395.72,131.32,131.3

Profit for the year 2015 215.3215.10.2215.3Årets resultat 2015 215.3215.10.2215.3

Other comprehensive income-145.224.6-120.6-120.6Övrigt totalresultat-145.224.6-120.6-120.6


New share issue2.8564.0566.8566.8 Nyemission2.8564.0566.8566.8

Share-based incentive program 5.05.05.0 Aktiesparprogram5.05.05.0

Dividend-57.1-57.1-57.1 Utdelning-57.1-57.1-57.1

Equity at 31 December 201523.22,287.5-153.6583.52,740.30.22,740.5Eget kapital 31 December 201523.22,287.5-153.6583.52,740.30.22,740.5

Effekt av övergång till IFRSAktie-kapitalÖvrigttillskjutetkapitalReserverBalanse-raderesultatSummaegetkapital *)

Recipharm koncern

(kSEK)

Eget kapital redovisat enligt tidigare redovisningsprinciper, vid tidpunkt för övergång till IFRS (1 jan 2009)000408,074408,074

Effekt av övergång till IFRS0041,486-41,4860

Eget kapital redovisat enligt IFRS, vid tidpunkt för övergång till IFRS (1 jan 2009)0041,486366,588408,074

*) Eget kapital hänförligt till moderbolagets aktieägare

SEK millionShare capitalOther paid-in capitalReservesProfit brought forwardTotal equity

Equity at 1 January 201312.7515.2-118.6215.8625.1

Profit for January-September 2013160.2160.2

Dividend-50.7-50.7

Other comprehensive income73.173.1

Equity at 30 September 201312.7515.2-45.5325.3807.7

661.5

146.2

KPI

Key figuresKPIs2015-YTD2014 -YTD2014 -FY

Oct - DecChange Jan - DecChangeOct 14FYOct 13Full yearFull year

(SEK million)20152014in %20152014in %-Sep 152014-Sep 1420142012Net Sales (12M)3,3892,5692,569

Net sales862.9872.9-1.13,389.42,569.331.93,389.42,569.32,5692,073

Net sales (constant FX rates)857.6-1.73,344.030.2EBITDA (12M)510399399

EBITDA109.9147.3-25.4509.8399.327.7509.8399.3330.1399281

EBIT48.595.3-49.1274.2272.10.8274.2272.1272189EBITDA margin (12M %)15.015.515.5

EBITDA margin (%)12.716.915.015.515.015.5

Earnings per share0.561.244.724.636.024.63Earnings per share (SEK)4.724.634.63

Non-recurring items15.00.015.019.215.019.2

Return on equity (%)8.811.4ERROR:#REF!11.4Return on equity (%)8.811.411.4

Return on operating capital (%)7.612.4ERROR:#REF!12.4

Equity to assets (%)48.139.448.139.4ROOC (%)7.612.412.4

Net debt1,1831,1641,182.81163.7

Net debt to Equity0.40.50.40.5Equity to assets (%)48.139.439.4

Net debt to EBITDA2.32.92.32.9

Net working capital to Sales (%)18.127.327.31/

Net debt (SEKm)1,1831,1641,164

Key figures financing and return

Oct 14 - Sep 15FYEquity2,7402,1312,131

201520142014

Return on operating capital7.612.412.4Net debt to Equity0.40.50.5

Net debt to EBITDA2.32.92.9

Equity to assets48.139.439.4Net debt to EBITDA2.32.92.9

NyckeltalCash534ERROR:#REF!405

Okt - DecJämf. i Jan - DecJämf. iJan 14Helår46.9

20152014procent20152014procent-Dec 142013Available cash2,057ERROR:#REF!4512/

Nettoomsättning, Mkr862.9872.9-1.13,389.42,569.331.93,389.42,569.31/ NWC is calculated as Inv.+AR+(Prepaid exp.&accr. income) - AP - (Accr. Exp.s&prepaid Income)

Nettoomsättning (konstanta växelkurser), Mkr857.6-1.73,344.030.22/ This is calculated as Cash plus the unused part of the 1.5bn (+1.5) credit facilities

Rörelseresultat före av- och nedskrivningar, Mkr109.9147.3-25.4509.8399.327.7509.8399.3

Rörelseresultat (EBIT), Mkr48.595.3-49.1274.2272.10.8274.2272.1Used part of the 1.5 + 1.5 Bn credit facilities1477.2571.01454.0

Rörelsemarginal, %12.716.915.015.515.015.5

Resultat per aktie, kr0.561.244.724.636.024.63

Jämförelsestörande poster, Mkr15.00.015.019.221.56.5

Avkastning på eget kapital, %8.811.4ERROR:#REF!11.4

Avkastning på operativt kapital, %7.612.4ERROR:#REF!12.4

Soliditet, %48.139.448.139.4

Nettoskuld, Mkr1,1831,1641,182.81163.7

Nettoskuld/Eget Kapital0.40.50.40.5

Nettoskuld/EBITDA2.32.92.32.9

Nyckeltal finansiering och avkastning

20142014

Avkastning på operativt kapital, %12.412.4

Nettoskuld/EBITDA2.92.9

Soliditet, %39.439.4

SEC

Ställda säkerheter för egna skulderMODERBOLAGETKONCERNKONCERNEN

2014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-31

Företagsinteckningar0.083.083.083.083.083.083.083.083.0–83.0–83.083.083.083.083.083.0

Fastighetsinteckningar Strängnäs, Kemisten 3–––––14.414.714.919.4––13.713.914.214.414.714.919.4

Fastighetsinteckningar Karlskoga, Bofors 1:10–––––––––––15.015.010.8–0.015.012.3

Garanti till förmån för konvertibellånsinnehavare–––40.040.040.040.040.0––––40.040.040.040.040.040.0

Garanti till förmån för kund14.214.214.213.814.513.413.512.9–14.714.214.213.814.513.413.512.9–

Garanti, övrig inhemsk (Tullverket RST)–––––––––0.00.00.00.0–––0.0–

Garanti, övrig inhemsk (Tullverket RKA)–––––––––0.20.20.20.2–––0.2–

Aktierna i Recipharm Participation SAS, beräknade nettotillgångar–––––––––––258.4264.9245.2226.2212.6208.872.0

Aktierna i Recipharm Fontaine SAS, beräknade nettotillgångar–––––––––––123.9

Aktierna i Recipharm Monts SAS, beräknade nettotillgångar–––––––––––65.2

Aktierna i Recipharm Ltd, beräknade nettotillgångar–––––––––0.00.00.00.00.00.00.00.00.0

Aktierna i Recipharm Verwaltung GmbH, beräknade nettotillgångar–––––––––––77.370.767.151.745.437.979.5

Aktierna i Wasserburger Arzneimittelwerk GmbH, beräknade nettotillgångar––––––––––123.8

Aktierna i Recipharm Stockholm AB, beräknade nettotillgångar–––––––––––41.239.223.317.724.019.219.1

Aktierna i Recipharm Strängnäs AB, beräknade nettotillgångar–––––––––––9.29.15.98.212.48.55.9

Aktierna i Recipharm Karlskoga AB, beräknade nettotillgångar –––––––––––19.313.32.212.47.64.20.8

Aktierna i RPH Pharmaceuticals AB, beräknade nettotillgångar–––––––––––56.536.932.616.617.40.07.0

Aktierna i Recipharm Höganäs AB, beräknade nettotillgångar–––––––––––6.24.73.222.710.06.2–

Aktierna i Recipharm Parets SL, beräknade nettotillgångar––––––––––––––––––

Aktier i dotterföretag enligt förteckning ovan, bokfört värde i moderbolaget––17.317.317.417.317.317.3–––--–––--––

14.297.2114.5154.1154.9168.1168.5168.1102.414.997.3511.1604.7542.0506.3480.6450.7651.9

EventualförpliktelserMODERBOLAGETKONCERNKONCERNEN

2014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-312014-12-312014-09-302014-06-302014-03-312013-12-312013-09-302013-06-302013-03-312012-12-31

Borgensförbindelser för Multicurrency Revolving

Facility 1,5 mrd DNB/Swedbank/Handelsbanken:–––

Group Value för följande Material Subsidiaries

Recipharm Parets SL15.9

Recipharm Karlskoga AB9.9

Recipharm Participations S.A.S.283.6

Recipharm Monts S.A.S.–

Recipharm Fontaine S.A.S–

Recipharm Stockhom AB33.5

Recipharm Verwaltungs GmbH70.6

Recipharm Wasserburg GmbH–

RPH Pharmaceuticals AB59.0

Borgensförbindelser för Recipharm Karlskoga

Fastighets AB, Org, nr. 556657-8315––10.410.610.810.911.111.312.3––10.410.610.810.911.111.312.3

Borgensförbindelser för Recipharm Strängnäs

Fastighets AB, Org, nr. 556885-6842 ––13.713.914.2––0.0–––13.713.914.2––0.0–

––24.024.525.010.911.111.312.3472.40.024.024.525.010.911.111.312.3

RPT

Not 1 Transaktioner med närståendeOcra: Reporting/P&L/Sales/Sales by Customer / mapp Technology/Platform

Recipharm AB (publ) har utfört administrativa tjänster till B&E Participation AB till ett värde av 0,1 Mkr (0,1).Pharmanest, Syntotex: Info från Mattias, CJS sitter i styrelsen och gör lite jobb åt dem.

Recipharm Pharmaceutical Development AB har utfört utvecklingstjänster till Empros Pharma AB till värde av 1,6 Mkr (1,4),Ocra: Reporting/P&L/Sales/Sales by Customer / mapp Research & Development, OBS namn Recipharm Cobra/Biologics

till Pharmanest AB till värde av 0,7 Mkr (1,8), till Inject Pharma AB till ett värde av 0,6 Mkr( 0,0)

Recipharm Pessac SAS har utfört utvecklingstjänster till Empros Pharma AB till värde av 2,2 Mkr (0,0).

Recipharm Karlskoga AB har utfört utvecklingstjänster till Pharmanest AB till värde av 0,3 Mkr (0,0),

Lusomedicamenta S.A. har utfört utvecklingstjänster till SVS Portugal till ett värde av 0,1 Mkr (0,1).

Lusomedicamenta S.A. har betalat 1,7 Mkr (1,6) till SVS Portugal för övriga externa kostnader.

Närstående företagNärståenderelation

B&E Participation ABIndirekt ägande av Lars Backsell och Thomas Eldered

Empros Pharma ABHuvudägande av Thomas Eldered

Inject Pharma ABIntressebolag, Carl-Johan Spak - styrelseledamot

Pharmanest ABJoint venture, Carl-Johan Spak - styrelseledamot

SVS PortugalJoint Venture

Isofol ABIntressebolag

LIDDS ABIntressebolag

Note 1 Transactions with related parties

Recipharm AB (publ) has provided administrative services for B&E Participation AB for a value of SEK 0.1 million (0.1).

Recipharm Pharmaceutical Development AB has provided development services to Empros Pharma AB of SEK 1.6 million (1.4),

to Pharmanest AB of SEK 0.7 million (1.8), to Inject Pharma AB of SEK 0.6 million (0.0)

Recipharm Pessac SAS has provided development services to Empros Pharma AB of SEK 2.2 million (0.0).

Recipharm Karlskoga AB has provided development services to Pharmanest AB of 0.3 (0.0).

Lusomedicamenta S.A. has provided development services to SVS Portugal of SEK 0.1 million (0.1).

Lusomedicamenta S.A. has paid SEK 1.7 million (1.6) as other external costs to SVS Portugal.

Related companyRelated party relationship

B&E Participation ABIndirect majority owners Lars Backsell and Thomas Eldered

Empros Pharma ABMajority owner Thomas Eldered

Inject Pharma ABAssociated company, member of the board Carl-Johan Spak

Pharmanest ABJoint venture, member of the board Carl-Johan Spak

SVS PortugalJoint venture

Isofol ABAssociated company

LIDDS ABAssociated company

Not 2 Antal aktier och potentiella aktier

A-aktierB-aktierD-aktierTotal

Antal aktier 31 December 201412,685,71628,003,159 40,688,875

Nyemission, konvertibel utställd vid förvärv av Corvette Group5,030,543 5,030,543

Nyemission, förvärv OT Chemistry 45,838 45,838

Nyemission, aktiesparprogram60,000500,000560,000

Antal aktier 31 December 201512,685,71633,139,540500,00046,325,256

Potentiella aktier, 73 991 (20 584) är hänförliga till Recipharm's aktiesparprogram.

Note 2 The Share

A-sharesB-sharesD-sharesTotal

Number of shares as of 31 December 201412,685,71628,003,159 40,688,875

New share issue, convertible bond fr acquisition of Corvette Group5,030,543 5,030,543

New share issue, acquisition of OT Chemistry45,838 45,838

New share issue, share-based incentive program60,000500,000560,000

Number of shares as of 31 December 201512,685,71633,139,540500,00046,325,256

Potential shares, 73 991 (20 584), are related to Recipharm's share-based incentive program.

Not 4 Rörelseförvärv

OnTarget Chemistry AB

Recipharm förvärvade samtliga aktier i bolagen tillhörande OnTarget Chemistry AB den 15 juni 2015. Bolaget

är verksamt inom syntes- och analystjänster för läkemedelsområdet. Förvärvet kommer bredda koncernens

kapacitet inom läkemedelsutveckling, men även utöka kundbasen och ge en viss geografisk expansion. Förvärvet

innebär att Recipharm når kunder i ett tidigare stadium än tidigare, med potentialen att gå vidare inom koncernen.

Dessutom har synteskapaciteten ett värde för GMP-utvecklingen av API'er i ett av koncernens italienska dotterbolag.

Total ersättning uppgick till 15,1 Mkr, varav 7,6 Mkr erlades med kontanta medel och 7,6 Mkr med 45 838 nyemitterade

aktier i Recipharm AB (publ). Specifikation av bokfört och verkligt värde visas nedan.

Förvärvskostnader uppgår till 0,7 Mkr och redovisas på raden Övriga externa kostnader i Resultaträkningen. Intäkter som

ingår i koncernens resultaträkning för perioden uppgår till 16,5 Mkr och rörelseresultatet för perioden uppgår till -5,7 Mkr.

Tillgångar och skulder i det förvärvade bolaget var: Bokfört värdeFörvärvs-justering Verkligt värde

Materiella anläggningstillgångar0.60.6

Finansiella anläggningstillgångar0.10.1

Kundfordringar och andra rörelsetillgångar12.712.7

Likvida medel0.00.0

Uppskjuten skatteskuld0.10.00.1

Räntebärande skulder7.77.7

Leverantörsskulder och övriga rörelseskulder3.73.7

Netto identifierbara tillgångar och skulder2.00.02.0

Koncerngoodwill 1)13.113.1

Förvärvspris15.1

1) Redovisad goodwill representerar värdet av nya kundrelationer samt värdet av kompetens och erfarenhet hos de

anställda.

Justering av förvärvspris - Lusomedicamenta Sociedade Técnica Farmacêutica S.A.

Efter slutliga beräkningar har förvärvspriset för Lusomedicamenta Group justerats och minskat med 2,8 Meur.

Förändringen av förvärvspriset har redovisats som en minskning av Goodwill i Q1. Nedan följer en avstämning av

förändring i Goodwill under perioden.

Förändring Goodwill under perioden Redovisat värde

Goodwill 31 December 2014 288.8

Justering av förvärvspriset -25.9

Valutakurseffekt -11.1

Goodwill 31 December 2015251.8

Kaysersberg Pharmaceuticals S.A.S

Recipharm förvärvade den 31 december samtliga aktier i bolaget Kaysersberg Pharmaceuticals S.A.S., beläget i Alsace, Frankrike. Bolaget är specialiserat

på tillverkning av oftalmiska produkter med hjälp av så kallad Blow Fill Seal/Form Fill Seal-teknik. I anslutning till förvärvet har tecknats ett långsiktigt

produktionsavtal med säljaren Alcon, som ingår i Novartiskoncernen, med en årlig omsättning på minst 36 Meur och en marginal som ligger väl i linje med

koncernens genomsnitt. Förvärvet och samarbetsavtalet ger också möjlighet till synergivinster med Recipharms övriga tre anläggningar i Frankrike.

Total ersättning uppgick till 139,1 Mkr i kontanta medel, varav 123,3 Mkr utbetalades vid förvärvstillfället och 15,8 Mkr har erlagts i januari.

Förvärvskostnader uppgår till 1.3 Mkr och redovisas på raderna Övriga externa kostnader (1.1 Mkr) respektive Övriga rörelsekostnader (0.2 Mkr).

Den slutliga förvärvsbalansräkningen fastställs den 29 februari, varför nedanstående siffror kan komma att ändras något.


Immateriella anläggningstillgångar0.10.1

Materiella anläggningstillgångar200.0200.0

Finansiella anläggningstillgångar13.113.1

Varulager37.837.8

Kundfordringar och andra rörelsetillgångar10.410.4

Likvida medel0.00.0

Avsättningar48.70.048.7

Leverantörsskulder och övriga rörelseskulder73.773.7

Netto identifierbara tillgångar och skulder139.10.0139.1

Koncerngoodwill0.00.0

Förvärvspris139.1

Note 3 Acquisition of subsidiaries

OnTarget Chemistry AB

Recipharm acquired all shares in the company OnTarget Chemistry AB on 15 June 2015, which is specialized in medicinal

chemistry offering synthesis and analytical services. With the acquisition Recipharm will significantly broaden its

pharmaceutical development capabilities and increase the possibility to engage much earlier in high potential customer

projects. Also, OnTarget Chemistry's synthesis capabilities will be of great value for the GMP development of APIs in one of

Recipharm's Italian subsidiaries.

Total purchase consideration was SEK 15.1m, of which SEK 7.6m was paid in cash and SEK 7.6m by issuing

45 838 new shares in Recipharm AB (publ).

Acquisition costs amount to SEK 0.7m and is reported as Other external costs. The consolidated statement of profit

and loss for the period includes net sales of SEK 16.5m and operating profit of SEK -5.7m attributable to On Target Chemistry.

Assets and liabilities in the acquired company were: Carrying amountFair value adjustmentFair valuein the Group

Property, plant and equipment0.60.6

Other non-current assets0.10.1

Accounts receivable and other operating assets12.712.7

Cash and cash equivalents0.00.0

Deferred tax liability0.10.00.1

Interest-bearing liabilities7.77.7

Accounts payable and other operating liabilities3.73.7

Net identifiable assets and liabilites2.00.02.0

Group goodwill 1)13.113.1

Purchase consideration15.1

1) The value of goodwill represent the combined value of new customer relations and the value of competence and

experience among the employees.

Adjustment of purchase consideration - Lusomedicamenta Sociedade Técnica Farmacêutica S.A.

Final calculations performed during the first quarter resulted in a decrease of the purchase consideration by

EUR 2,8m. The purchase consideration adjustment is reported as a decrease in Goodwill. Below is a reconciliation of the

changes in Goodwill attributable to Lusomedicamenta during the period.

Changes in Goodwill during the period Reported value

Goodwill as of 31 December 2014 288.8

Adjustment of purchase consideration -25.9

Translation differences -11.1

Goodwill as of 31 December 2015251.8

Kaysersberg Pharmaceuticals S.A.S

On 31 December Recipharm acquired 100% of the shares in Kaysersberg Pharmaceutcals S.A.S, situated in Alsace, France. The company is specialised

in production of opthalmic products using the so called Blow Fill Seal/Form Fill Seal-technology. In connection to this acquisition Recipharm signed a

long-term manufacturing agreement with Alcon, a Novartis company, with an annual sales in excess of EUR 36m and a EBITDA-margin well in line with the

Group's average. The acquisition also provides potential synergy with Recipharm's three other French facilities.

Total purchase consideration was SEK 139,1m of which SEK 123,3m was paid at acquisition date and SEK 15,8m was paid in January.

Acquisition costs amount to SEK 1.3m and is reported as Other external costs (SEK 1.1m) and Other operating costs (SEK 0.2m).

The final balance sheet at acquisition date will be settled on 29 February, and consequently the numbers as presented below may be subject to changes.


Intangible assets0.10.1

Property, plant and equipment200.0200.0

Other non-current assets13.113.1

Inventories37.837.8

Accounts receivable and other operating assets10.410.4

Cash and cash equivalents0.00.0

Provisions48.70.048.7

Accounts payable and other operating liabilities73.773.7

Net identifiable assets and liabilites139.10.0139.1

Group goodwill 1)0.00.0

Purchase consideration139.1

Not 5 Finansiella tillgångar och skulder

2015-12-312014-12-31

VerkligtvärdeBokförtvärdeVerkligtvärdeBokförtvärde

Finansiella tillgångar

Finansiella tillgångar som kan säljas

Andra långfristiga värdepappersinnehav101.8101.846.446.4

Kortfristiga placeringar––137.3137.3

Lånefordringar och kundfordringar

Övriga fordringar

ssce: ssce:Övr fordringar- VAT claim38.438.48.98.9

Likvida medel, banktillgodohavande534.2534.2404.5404.5

674.4674.4597.1597.1

Finansiella skulder

Övriga finansiella skulder

Räntebärande skulder, långfristig del1,682.41,672.51,548.41,542.7

Derivat6.16.16.66.6

Räntebärande skulder, kortfristig del*38.438.413.213.2

Övriga skulder

ssce: ssce:Övr kortfristiga skulder- VAT - Employee wht29.029.0592.5592.5

1,755.91,746.02,160.72,155.0

* Räntebärande skulder, kortfristig del avser den del av de långfristiga skulder som kommer amorteras inom tolv månader,

samt utnyttjad del av beviljad koncernkontokredit. Den 31 december 2014 ingick konvertibelskuld från förvärv av Corvette i Övriga skulder (564,5 Mkr)

Derivat värderas till verkligt värde i nivå 2, genom användande av observerbara marknadsdata.

I upplysningssyfte beräknas ett verkligt värde på räntebärande skulder genom en diskontering av framtida kassaflöden av

kapitalbelopp och ränta diskonterad till aktuell marknadsränta. Värdering återfinns i nivå 3 då koncernen antagit att

kreditmarginalen är den samma som när lånet upptogs.

Note 5 Financial assets and liabilities

2015-12-312014-12-31

Fair valueCarrying amountFair valueCarrying amount

Financial assets

Available-for-sale financial assets

Other securities held as non-current assets101.8101.846.446.4

Short-term investments––137.3137.3

Loans and receivables

Other receivables38.438.48.98.9

Cash and cash eqvivalent, bank balances534.2534.2404.5404.5

674.4674.4597.1597.1

Financial liabilities

Other financial liabilities

Interest-bearing liabilities, non-current portion1,682.41,672.51,548.41,542.7

Derivative6.16.16.66.6

Interest-bearing liabilities, current portion*38.438.413.213.2

Other liabilities

ssce: ssce:Övr kortfristiga skulder- VAT - Employee wht

ssce: ssce:Övr kortfristiga skulder- VAT - Employee wht

ssce: ssce:Övr fordringar- VAT claim29.029.0592.5592.5

1,755.91,746.02,160.72,155.0

*Interest bearing liabilities, current portion refers to the part of non-current liabilities that will be repaid within a twelve

month period as well as to the unutilised portion of the Group's overdraft facility. The liability at December 31, 2014 related

to the convertibel bond from the acquisition of Corvette (SEK 564,5m), is part of Other liabilities.

Derivatives are recognized at level 2, using valuation techniques with observable market data.

For information purposes the fair value of interest-bearing liabilities is discounted based on future cash flows of interest,

using actual market discount rate. Valuation is at level 3, based on the assumption that credit margin is the same as

when the loan was issued.

SEGMENT

Note 3 Segment analysisNot 3 Segmentrapportering

(SEK million)Jan - Dec 2015Jan - Dec 2014(Mkr)Jan - Dec 2015Jan - Dec 2014

MFG-SLMFG-SOD&TOtherTotalMFG-SLMFG-SOD&TOtherTotalMFG-SLMFG-SOD&TÖvrigtTotaltMFG-SLMFG-SOD&TÖvrigtTotal

Net sales, external941.61,690.7757.10.03,389.4707.21,463.9398.10.02,569.2Extern försäljning941.61,690.7757.10.03,389.4707.21,463.9398.10.02,569.2

Net sales, internal15.2141.810.3-167.20.05.9114.21.1-121.20.0Intern försäljning15.2141.810.3-167.20.05.9114.21.1-121.20.0

EBITDA220.7117.4222.1-50.3509.9157.7198.2100.7-57.4399.3Rörelseresultat före avskrivningar220.7117.4222.1-50.3509.9157.7198.2100.7-57.4399.3

Depreciations89.088.252.95.5235.653.546.426.60.7127.2Avskrivningar89.088.252.95.5235.653.546.426.60.7127.2

Impairments0.00.00.00.00.00.00.00.00.00.0Nedskrivningar0.00.00.00.00.00.00.00.00.00.0

EBIT131.729.2169.2-55.8274.2104.5151.574.7-58.7272.0Rörelseresultat131.729.2169.2-55.8274.2104.5151.574.7-58.7272.0

Non-current assets920.81,420.71,510.319.13,870.91,239.91,105.11,250.519.23,614.6Anläggningstillgångar920.81,420.71,510.319.13,870.91,239.91,105.11,250.519.23,614.6

Total assets1,706.11,879.91,665.5445.25,696.71,697.01,805.51,456.1445.25,403.7Totala tillgångar1,706.11,879.91,665.5445.25,696.71,697.01,805.51,456.1445.25,403.7

Goodwill394.7165.1326.50.0886.3411.1189.5335.60.0936.2Goodwill394.7165.1326.50.0886.3411.1189.5335.60.0936.2

Capital expenditures291.3106.135.315.1447.8143.681.510.09.9245.0Investeringar291.3106.135.315.1447.8143.681.510.09.9245.0

Net sales major customersNettoomsättning större kunder

Jan - Dec 2015Jan - Dec 2014Jan - Dec 2015Jan - Dec 2014

Customer X481.2566.4Kund X481.2566.4

Customer Z362.5384.2Kund Z362.5384.2

Customer Y325.2

Customer W212.6Kund W212.60.0

Other customers2,333.11,293.4Övriga kunder2333.11293.4

Total3,389.42,569.2Totalt3389.42244.0

Geographical areaFördelning geografiskt område

Net sales Jan - Dec Fixed assetsNettoomsättning Jan - SepAnläggningstillgångar

20152014Dec 31 2015Dec 31 2014Fördelning geografiskt område2015201431 dec 201531 dec 2014

Sweden1,096.51,168.7257.3412.7Sverige1096.51168.7257.3412.7

Other2,292.91,400.53,613.63201.9Övriga marknader2292.91400.53613.63201.9

Total3,389.42,569.23,870.93,614.6Totalt3389.42569.23870.93614.6

The MFG-SL and MFG-SO segments core business is to manufacture pharmaceuticals on behalf of pharmaceuticalSegmenten MFG-SL's och MFG-SO's huvudverksamhet är tillverkning av läkemedel på uppdrag av produktägarna, läkemedels-

companies. The MFG-SL segment includes the units that produces sterile liquids including lyophilisationbolag. Segmentet MFG-SL omfattar den verksamheten som tillverkar sterila produkter inkluderat frystorkning

MFG- SO that produces solid dose, semi solid, non sterile liquids and other. Development and Technology (D&T) segment primarily includesMFG-SO utgörs av tillverkningsenheterna som tillverkar fasta-, halvfasta-, icke sterila flytande lösningar och övriga beredningsformer.

development services to pharmaceutical companies and sales through distributors of own products. Segmentet Development & Technology (D&T) omfattar huvudsakligen utvecklingstjänster till läkemedelsbolag samt försäljning

The segment reporting is based on the structure the management follow the business.av egna produkter via distributörer. Segmentsredovisningen bygger på den struktur som ledningen följer.

Net sales major customers: Products int he past that belonged to customer X have been sold to another pharmaceutical company

and is from XX XX 2015 accounted to the pruchaser in our sales records. These products accounted for SEK XX,X million of the sales period

XX - June 2015

13.8%1.6%22.0%8.1%14.6%9.6%18.7%10.6%

0.10.20.20.10.10.1

54.3

118.7

173.0

NS

Note 1 Net salesNot 1 Nettoomsättning

Oct-DecJan-DecFull YearOct-DecJan-DecHelår

(SEK million)20152014201520142014(Mkr)20152014201520142014

Contract manufacturing674.6675.02,629.42,073.72,073.7Kontraktstillverkning674.6675.02629.42073.70.0

Product sales114.4142.9514.3338.2338.2Produktförsäljning114.4142.9514.3338.20.0

Services73.955.0245.7157.4157.4Tjänsteförsäljning73.955.0245.7157.40.0

Total862.9872.93,389.42,569.32,569.3Totalt862.9872.93389.42569.30.0

Net sales per segmentNettoomsättning per segment

Oct-DecJan-DecFull yearOct-DecJan-DecHelår

SEK million20152014201520142014(Mkr)20152014201520142014

Manufacturing Sterile liquids (MFG-SL)216.0239.7956.8713.1713.1Manufacturing Sterile liquids (MFG-SL)216.0239.7956.8713.1713.1

Manufacturing Soldid dose and Others (MFG-SO)513.6491.21,832.51,578.21,578.2Manufacturing Soldid dose and Others (MFG-SO)513.6491.21832.51578.21578.2

Development & Technology (D&T)188.4181.7767.4399.2399.2Development & Technology (D&T)188.4181.7767.4399.2399.2

Eliminations and others-55.0-39.7-167.2-121.3-121.3Elimineringar och övrigt-55.0-39.7-167.2-121.3-121.3

Total862.9872.93,389.42,569.32,569.3Totalt862.9872.93389.42569.32569.3

Net sales per segment LTM

LTMLTMFull year

Q4 15Q4 1420140.91.0

Manufacturing Sterile liquids (MFG-SL)956.8713.1713.1640.21.0

Manufacturing Soldid dose and Others (MFG-SO)1,832.51,578.21,578.2185.91.0

Development & Technology (D&T)772.6399.2399.258.9

Eliminations and others-172.4-121.3-121.3

Total3,389.42,569.32,569.3

SEGMENTHISTORIK (För att underlätta data jämförelseperioder, och ev göra grafer)

Sales per segment 2015Q1Q2Q3Q4TOT


Manufacturing Soldid dose and Others (MFG-SO)461.7467.0390.2513.61,832.5

Development & Technology (D&T)220.1189.0175.2188.4772.6

Eliminations and others-41.9-45.6-29.9-55.0-172.4

Net sales per segment873.2868.5784.8862.93,389.4

Sales per segment 2014Q1Q2Q3Q4TOTNet Sales change


Manufacturing Soldid dose and Others (MFG-SO)381.3391.4314.2491.21,578.22014ThyrosafeFX impactFR productOther growthAcquisitions2015

Development & Technology (D&T)53.199.465.1181.7399.2872.9845.1845.1840.5822.4822.4862.9

Eliminations and others-19.2-42.2-20.1-39.7-121.127.85.39.918.140.5

Total577.9611.0507.6872.92,569.3

Sales per segment 2013Q1Q2Q3Q4TOT3.18%0.61%1.13%2.07%4.64%862.9


Manufacturing Soldid dose and Others (MFG-SO)369.4360.8338.3398.51,467.0


Eliminations and others-17.4-20.2-18.6-17.6-74.0Kontroll

Total517.4529.6504.8572.82,124.5899.1

Sales per segment 2012Q1Q2Q3Q4TOT

Manufacturing Sterile liquids (MFG-SL)0.0

Manufacturing Soldid dose and Others (MFG-SO)0.0

Development & Technology (D&T)0.0

Eliminations and others0.0

Total524.5564.6471.0513.00.0

Sales per quarter

Q212564.6

Q312471.0

Q412513.0

Q113517.4

Q213529.6

Q313504.8

Q413572.8

Q114577.9

Q214611.0

Q314507.6

Q414872.9

Q115873.2

Q215868.5

Q315784.8

Q415862.9

Sales per quarterChange to prev. Quarter

Q111543.3

Q211561.6

Q311481.1

Q411555.1

Q112524.5-3.5%

Q212564.60.5%

Q312471.0-2.1%

Q412513.0-7.6%

Q113517.4-1.3%

Q213529.6-6.2%

Q313504.87.2%

Q413572.811.7%

Q114577.911.7%

Q214611.015.4%

Q314507.60.6%

Q414872.952.4%

Q115873.251.1%

Q215868.542.2%

Q315784.854.6%

Q415862.9-1.1%

Sales per quarter

Q112.0524.5

Q113.0517.4

Q114.0577.9

Q115.0873.2

Q212.0564.6

Q213.0529.6

Q214.0611.0

Q215.0868.5

Q312.0471.0

Q313.0504.8

Q314.0507.6

Q315.0784.8

Q412.0513.0

Q413.0572.8

Q414.0872.9

Q415.0862.9

MFG-SL

Sales per quarter

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113131.9

Q213149.3

Q313137.4

Q413138.1

Q114162.7

Q214162.4

Q314148.3

Q414239.7

Q115233.3

Q215258.2

Q315249.3

Q415216.0

MFG-SD

Q111

Q211

Q311

Q411

Q112

Q212

Q312

Q412

Q113369.4

Q213360.8

Q313338.3

Q413398.5

Q114381.3

Q214391.4

Q314314.2

Q414491.2

Q115461.7

Q215467.0

Q315390.2

Q415513.6

D&T

Q11150.2

Q21125.2

Q31129.3

Q41147.1

Q11238.6

Q21243.5

Q31234.4

Q41241.3

Q11333.5

Q21339.8

Q31347.7

Q41353.9

Q11452.0

Q21499.4

Q31465.1

Q414181.7

Q115220.1

Q215189.0

Q315175.2

Q415188.4

Utan förvärv

Net sales per segmentQ4 2014Q4 2015

Oct-DecJan-DecMS-SL239.7216.0

SEK million201520142015201420142013MS-SO491.2513.6

Manufacturing Sterile liquids (MFG-SL)111.8142.4599.7615.8713.1713.1MS-SO Acq76.2

Manufacturing Soldid dose and Others (MFG-SO)408.9426.11,478.11,513.11578.21578.2D&T181.7188.4

Development & Technology (D&T)63.081.3282.2298.8399.2399.2D&T Acq117.1

Eliminations and others-16.8-32.4-95.3-114.0-121.3-121.3Eliminations-39.7-55.0

Total566.9617.42,264.72,313.82569.3TOTAL872.91056.2

Jan-dec 15

Net sales per segment

SEK millionCorvetteLMPessacOTCTotalt


Manufacturing Soldid dose and Others (MFG-SO)0.0354.40.00.0354.4


Eliminations and others-26.9-45.10.00.0-72.0

Total550.1472.385.816.51124.7

okt-dec

Net sales per segment

SEK millionCorvetteLMPessacOTCTotalt101.52.70.0

Manufacturing Sterile liquids (MFG-SL)101.52.70.00.0104.20.0104.70.00.0

Manufacturing Soldid dose and Others (MFG-SO)0.0104.70.00.0104.761.741.215.20.0

Development & Technology (D&T)61.741.215.27.3125.3-26.183-12.10.07.316

Eliminations and others-26.2-12.10.00.0-38.2137.0136.515.20.0

Total137.0136.515.27.3296.07.3

Förvärv jan-sep


Manufacturing Sterile liquids (MFG-SL)248.54.40.00.0252.9248.54.40.0

Manufacturing Soldid dose and Others (MFG-SO)0.0249.70.00.0249.70.0249.70.00.0

Development & Technology (D&T)165.3114.770.69.2359.9165.3114.770.60.0

Eliminations and others-0.7-33.00.00.0-33.7-0.7-33.00.09.2

Total413.2335.870.69.2828.8413.2335.870.60.0

9.2

Förvärv 2014





Eliminations and others-7.0-0.30.00.0-7.3

Total149.194.312.10.0255.5

Nov-DecDec

2014





Eliminations and others0.0-6.40.00.0-6.4

Total0.087.11.30.088.4

9.4

OktOkt-Nov

2015





Eliminations and others0.0-5.70.00.0-5.7

Total0.049.413.87.370.6

Net sales per quarter (MSEK)

Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q415517.4190000000001529.63504.7530000000001572.83699999999988577.90899999999999610.97791900000004507.59608100000003872.85400000000004873.17499999999995868.54100000000005784.75900000000013862.923

MS-SLQ4 2014Q4 2015239.65400000000002215.97200000000001#REF!Q4 2014Q4 20151MS-SOQ4 2014Q4 2015491.22199999999998513.61699999999996MS-SO AcqQ4 2014Q4 201576.2D&TQ4 2014Q4 2015181.70899999999997188.357D&T AcqQ4 2014Q4 2015117.1EliminationsQ4 2014Q4 2015-39.731000000000002-55.023000000000003Q112Q212Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q415524.45799999999997564.55599999999993470.9670000000001513.01900000000001517.4190000000001529.63504.7530000000001572.83699999999988577.90899999999999610.97791900000004507.59608100000003872.85400000000004873.17499999999995868.54100000000005784.75900000000013862.923Q112Q212Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q415131.88900000000001149.31599999999997137.43299999999999138.10100000000006162.744162.39099999999999148.273239.65400000000002233.30099999999999258.23200000000003249.26599999999996215.97200000000001Q111Q211Q311Q411Q112Q212Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q415369.40300000000002360.76699999999994338.29900000000009398.49499999999989381.32400000000001391.43314.18700000000001491.22199999999998461.68099999999998466.95700000000005390.21300000000002513.61699999999996Q111Q211Q311Q411Q112Q212Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q41550.19839922380000325.22819516879999929.31412783580000147.14067784019248838.55860681109999943.47376311089999534.41798311710000741.26904698890000133.47166718520000539.78058775819999247.65234131949999653.88500428380000152.03900000000000199.37967899999998265.101321000000027181.70899999999997220.072189.00099999999998175.17599999999999188.357Q1Q1Q1Q1Q2Q2Q2Q2Q3Q3Q3Q3Q4Q4Q4Q4524.45799999999997517.4190000000001577.90899999999999873.17499999999995564.55599999999993529.63610.97791900000004868.54100000000005470.9670000000001504.7530000000001507.59608100000003784.75900000000013513.01900000000001572.83699999999988872.85400000000004862.923

Nettoomsättning per kvartal (Mkr)

Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q415517.4190000000001529.63504.7530000000001572.83699999999988577.90899999999999610.97791900000004507.59608100000003872.85400000000004873.17499999999995868.54100000000005784.75900000000013862.923

Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q415-2.0975386008429076E-2-7.5739090189430258E-2-1.3421475122888493E-2-6.186454488128712E-27.1737510271420168E-20.116599969981618260.116907187405178140.153593865528765425.6326183301533828E-30.523738864633395140.510921269611651630.421558738851902650.54603045487264135-1.1377618708283466E-22014ThyrosafeFX impactFR productOther growthAcquisitions2015872.9845.1845.1840.5822.4822.4862.92014ThyrosafeFX impactFR productOther growthAcquisitions201527.85.39.900000000000002118.10000000000002340.5

EBITDA

EBITDA per segmentRörelseresultat per segment

Oct-Dec Jan - DecFull YearOct-Dec Jan - DecHelår

SEK million20152014201520142014(Mkr)20152014201520142013

Manufacturing Sterile liquids (MFG-SL)48.763.9220.7157.7157.7Manufacturing Services Sweden (MFG-SE)48.763.9220.7157.7157.7

Manufacturing Soldid dose and Others (MFG-SO)39.361.5117.4198.2198.2Manufacturing Services Europe (MFG-EU)39.361.5117.4198.2198.2

Development & Technology (D&T)45.436.2222.1100.7100.7Development & Technology (D&T)45.436.2222.1100.7100.7

Eliminations and others-23.4-14.4-50.3-57.4-57.4Elimineringar och övrigt-23.4-14.4-50.3-57.4-57.4

Total109.9147.3509.9399.2399.2Totalt109.9147.3509.9399.2399.2

EBITDA per segment LTM

LTMLTMFull year

Q4 15Q4 1420140.81.4




Eliminations and others-50.3-57.5-57.40.71.3

TOTAL509.9399.1399.2

SEGMENTHISTORIK (För att underlätta data jämförelseperioder, och ev göra grafer)

EBITDA per segment 2015Q1Q2Q3Q4TOT

Manufacturing Sterile liquids (MFG-SL)66.062.843.248.7220.722.5%23.1%

Manufacturing Soldid dose and Others (MFG-SO)29.248.70.239.3117.47.6%6.4%

Development & Technology (D&T)69.658.548.645.4222.124.1%28.7%

Eliminations and others-6.7-14.2-6.1-23.4-50.3

EBITDA per segment158.0155.986.1109.9509.9


Manufacturing Sterile liquids (MFG-SL)35.937.920.063.9157.722.1%0.20.2

Manufacturing Soldid dose and Others (MFG-SO)64.453.518.961.5198.212.6%0.20.2

Development & Technology (D&T)18.925.719.936.2100.725.2%0.30.2

Eliminations and others-17.2-18.1-7.5-14.4-57.30.40.5

Total102.098.951.1147.3399.20.20.1


Manufacturing Sterile liquids (MFG-SL)30.133.230.646.3140.21.3



Eliminations and others-11.4-8.10.7-17.5-36.3

Total59.975.267.880.2283.1


Manufacturing Sterile liquids (MFG-SL)0.0

Manufacturing Soldid dose and Others (MFG-SO)0.0

Development & Technology (D&T)0.0

Eliminations and others0.0

Total0.00.00.00.00.0

EBITDA per quarter

EBITDAMargin

Q4120.00.0%

Q11359.911.6%

Q21375.214.2%

Q31367.713.4%

Q41380.114.0%

Q114102.017.6%

Q21498.916.2%

Q31451.110.1%

Q414147.416.9%

Q115158.018.1%

Q215155.917.9%

Q31586.111.0%

Q415109.912.7%

EBITDA per quarter

Q1114.9%

Q2118.5%

Q3112.0%

Q4113.6%

Q11268.913.1%

Q21291.016.1%EBIT 2012Q1-senaste kvartalet (Ny graf)

Q31255.111.7%

Q41265.612.8%

Q11359.911.6%

Q21375.214.2%

Q31367.713.4%

Q41380.114.0%

Q114102.017.6%

Q21498.916.2%

Q31451.110.1%

Q414147.416.9%

Q115158.018.1%

Q215155.917.9%

Q31586.111.0%

Q415109.912.7%

EBITDA per quarter

Q112.068.9

Q113.059.9

Q114.0102.0

Q115.0158.0

Q212.091.0

Q213.075.2

Q214.098.9

Q215.0155.9

Q312.055.1

Q313.075.2

Q314.051.1

Q315.086.1

Q412.065.6

Q413.080.1

Q414.0147.4

Q415.0109.9

EBITDA change

2014"Old" businessAcquisitions2015

147.3122.8122.8182.3109.9

24.559.5

16.6%40.4%

2014

873.2

Utan förvärv

EBITDA per segment

Oct-DecJan-Dec

SEK million2015201420152014

Manufacturing Sterile liquids (MFG-SL)21.240.0131.9133.8

Manufacturing Soldid dose and Others (MFG-SO)21.334.663.8171.3

Development & Technology (D&T)19.917.0100.781.5

Eliminations and others-23.4-14.4-50.3-57.4

Total38.977.3246.1329.2

Förvärven jan-dec

EBITDA




Development & Technology (D&T)54.639.133.4-5.7121.4

Eliminations and others0.00.00.00.00.0

Total139.896.333.4-5.7263.8

Förvärven okt-dec

EBITDA






Total39.830.72.5-2.071.0

Förvärven jan-sept

EBITDA






Total100.065.630.9-3.7192.8

Förvärven 2014

EBITDA




Development & Technology (D&T)15.88.4-5.00.019.2


Total39.735.3-5.00.070.0

Nov-DecDec

EBITDA






Total0.014.33.60.017.8

Nov-DecDec

EBITDA




Development & Technology (D&T)0.02.4-1.1-2.0-0.7


Total0.016.5-1.1-2.013.4

EBITDAQ113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q41559.91149999999999775.22350000000001667.73000000000001880.135000000000019101.96198.86270000000001851.125299999999989147.36944300000005158155.8559999999999986.05109.90499999999999MarginQ113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q4150.115783319966373240.142037258026752070.13416078693928010.139888766304499730.176430586077416880.161809513209881820.100723232896359580.168835916806437780.180917914507401130.179445760188638170.109651498103239320.12736362340556456

EBITDAQ112Q212Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q41568.85699999999999990.99755.06199999999999865.62900000000001959.91149999999999775.22350000000001667.73000000000001880.135000000000019101.96198.86270000000001851.125299999999989147.36944300000005158155.8559999999999986.05109.90499999999999MarginQ112Q212Q312Q412Q113Q213Q313Q413Q114Q214Q314Q414Q115Q215Q315Q4150.131266704539822090.161211857080091310.116937479160782080.127902104580029290.115790104344834640.142035005569926180.134230009529413330.139919383699027820.17646722926966010.161807811584758770.100723232896359580.168835916806437780.180917914507401130.179445760188638170.109651498103239320.1273636234055645612,013,014,015,012,013,014,015,012,013,014,015,012,013,014,015,0Q1Q1Q1Q1Q2Q2Q2Q2Q3Q3Q3Q3Q4Q4Q4Q468.85699999999999959.911499999999997101.96115890.99775.22350000000001698.862700000000018155.8559999999999955.06199999999999875.22350000000001651.12529999999998986.0565.62900000000001980.135000000000019147.36944300000005109.904999999999992014"Old" businessAcquisitions2015147.26899999999998122.76899999999998122.76899999999998182.268999999999982014ThyrosafeFX impactFR productOther growthAcquisitions201524.559.5

RPH

Parent company statement of profit and lossERROR:#REF!Full YearResultaträkning för moderbolaget

Oct - Dec Jan - DecFull yearOct - Dec Jan - DecHel år

SEK million201520142015201420142013201220102010Mkr201520142015201420142013

Operating IncomeRörelsens intäkter

Net sales29.822.294.877.477.473.92,073.0ERROR:#REF!2,226.9Nettoomsättning 29.822.294.877.477.473.9

Other operating revenue0.20.10.80.90.92.051.7ERROR:#REF!15.8Övriga rörelseintäkter0.20.10.80.90.92.0

30.022.395.778.278.275.92,124.7ERROR:#REF!2,242.7 30.022.395.778.278.275.9

Operating expenses Rörelsens kostnader

Other external costs-30.6-15.4-76.9-50.0-50.0-55.9-462.5-152.5-464.7Övriga externa kostnader-30.6-15.4-76.9-50.0-50.0-55.9

Employee benefits expense-19.4-16.1-66.8-56.2-56.2-51.0-785.6-225.5-820.8Personalkostnader-19.4-16.1-66.8-56.2-56.2-51.0

Depreciation and amortisation-1.3-1.3-5.6-5.1-5.1-3.3-91.8-32.7-104.1Av- och nedskrivningar-1.3-1.3-5.6-5.1-5.1-3.3

Other operating expenses3.8-0.1-2.3-0.3-0.3-1.9-33.16.5-24.9Övriga rörelsekostnader3.8-0.1-2.3-0.3-0.3-1.9

-47.5-33.0-151.5-111.6-111.6-112.1-1,373.0-404.2-1,414.5 -47.5-33.0-151.5-111.6-111.6-112.1

Operating profit/loss-17.5-10.6-55.9-33.4-33.4-36.3751.7ERROR:#REF!828.2Rörelseresultat-17.5-10.6-55.9-33.4-33.4-36.3

Financial items24.435.1191.473.373.312.1Finansnetto24.435.1191.473.373.312.1

Profit/loss after financial items6.924.4135.539.939.9-24.2ERROR:#REF!ERROR:#REF!ERROR:#REF!Periodens resultat efter finansnetto6.924.4135.539.939.9-24.2

Appropriations and tax-2.9-5.40.01.81.8-35.5Bokslutsdispositioner och skatt-2.9-5.40.01.81.8-35.5

Profit/loss for the period3.919.0135.541.641.6-59.7ERROR:#REF!ERROR:#REF!ERROR:#REF!Periodens resultat3.919.0135.541.641.6-59.7

Statement of comprehensive incomeRapport över totalresultat för moderbolaget

Okt - Dec Jan - DecFull yearOkt - Dec Jan - DecHel år

2015201420152014201420152014201520142014

Items that may be reclassified subsequently to profit or loss Poster som kan komma att omklassificeras till resultat

Translation differences1.00.60.4-2.2-2.2Omräkningsdifferenser vid omräkning av utländska filialer1.00.60.4-2.2-2.2

Total other comprehensive income1.00.60.4-2.2-2.2Summa övrigt totalresultat1.00.60.4-2.2-2.2

Total Comprehensive income4.919.6135.939.439.4Totalresultat4.919.6135.939.439.4

Parent company statement of financial positionRapport över finansiell ställning för moderbolaget

Dec 31Dec 31Dec 3131 DecDec 31Dec 3131-Dec31 Dec

SEK million2015201420142013Mkr2015201420142014

ASSETSTILLGÅNGAR

Non-current assetsAnläggningstillgångar

Intangible non-current assets17.810.710.7739.0Immateriella anläggningstillgångar17.810.710.7739.0

Property, plant and equipment0.90.30.3Materiella anläggningstillgångar0.90.30.3

Financial non-current assets3,074.82,922.02,922.0Finansiella anläggningstillgångar3,074.82922.02,922.0

Current assets624.0544.5544.5161.9Omsättningstillgångar624.0544.5544.5161.9

TOTAL ASSETS3,717.63,477.63,477.6900.9SUMMA TILLGÅNGAR3717.63477.63,477.6900.9

SHAREHOLDERS EQUITY AND LIABILITIESEGET KAPITAL OCH SKULDER0.0

Equity2,040.81,493.61,493.9237.5Eget kapital2,040.81,493.61,493.9237.5

Liabilities1,676.81,984.01,983.8663.4Skulder1,676.81,984.01,983.8663.4

TOTAL EQUITY AND LIABILITIES3,717.63,477.63,477.6900.9SUMMA EGET KAPITAL OCH SKULDER3,717.63477.63,477.6900.9

PLdata

Operating revenueQ1-11Q2-11Q3-11Q4-112011Q1-12Q2-12Q3-12Q4-122012Q1-13Q2-13Q3-13Q4-132013Q1-14Q2-14Q3-14Q4-142014Q1-15Q2-15Q3-15Q4-1520152015LÄGG IN OCRASIFFROR I ACC,

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Q4 2015 PRESENTATION 24 FEBRUARY 2016...Q4 2015 PRESENTATION 24 FEBRUARY 2016 2 HIGHLIGHTS THOMAS...

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