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

 
2
Fund Structure
基金架構
 
l  Fund Size: EURO 850 Million; 基金規模：8.5億歐元
l  Fund Administration: JP Morgan; 基金管理：JP摩根
l  Fund Legal Advisor: Sidley Austin; 基金法律顧問(wèn)：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; 費率：管理費2%;附帶權益20%
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Hurdle Rate: 8%;最低可接受費率：8%
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l  Leverage Ratio: 1:3; 杠桿率：1：3
l  Leading LP: YNBY & Partners; 首席合伙人：YNBY & Partners
l  GPs: Vincent Shen & Partners. 基金合伙人：Shen & Partners
 

 
3
Acquiring Strategies and Benefits
收購戰略和利益
l  Acquiring over 50% of the targeted company (Rottapharm/ Madaus) with leverage ratio 1:3; 收購目標公司(Rottapharm/ Madaus)50%的股權，杠桿率為1：3
l  To bring in YNBY management team (MBI Strategy) growing revenues for both YNBY and the New Co.;獲得YNBY管理團隊（MBI戰略）在YNBY和新公司方面日益增長(cháng)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)，在一年內從中國公司獲得3000-5000萬(wàn)歐元凈利潤
l  The New Co. planning IPO in HK after M&As completed;新公司將在并購完成后在香港IPO。
l  Employee Stock Option Plan attracting talents;職工股票優(yōu)先購買(mǎi)權計劃吸引人才加入。
l  The listed New Co. keeping acquiring companies with novel technologies around the world to accelerate YNBY’s global strategy;上市新公司不斷收購全球各地擁有創(chuàng )新技術(shù)的新公司，以加速YNBY的全球戰略。
l  Targeting Money Multiple from the investment 3 folds in 3 years. 3年內現金投資回饋倍數為3倍。
 

 
4
Vision Statement
基金遠景
We focus on the development of healthcare and life science in the Greater China region because we think that’s the best way to have great impact, and we focus on the issues in the particular area because we think they are the biggest barriers that prevent people from having better quality of life.
我們關(guān)注大中國區健康和生命科學(xué)的發(fā)展，這是因為我們認為這是產(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(wèn)題，我們認為這些問(wèn)題是阻止人們提高生活質(zhì)量的最大壁壘。
 

 
5
Reasons for the Healthcare & Life Sciences Boom in China KPMG 2013
為什么健康和生命科學(xué)能在中國獲得發(fā)展？
High growth and vast middle class高速發(fā)展和規模龐大的中產(chǎn)階段
GDP is forecasted to grow at around 8 percent in 2013; projected to be world’s largest by 2016.
預測2013年GDP增長(cháng)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)階級將達到7億人，這意味著(zhù)醫療保健市場(chǎng)將有巨大增長(cháng)潛力。
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Government support for universal healthcare政府對公眾醫療保健事業(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.
驅動(dòng)醫療保健和生命科學(xué)的主要動(dòng)力是政府向市民提供優(yōu)質(zhì)醫療保健的決定，這導致了2009年大范圍的醫療保健市場(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”計劃是另一個(gè)重要推動(dòng)力，在醫療保健和生命科學(xué)行業(yè)觸發(fā)了大量投資和機遇，從而開(kāi)啟了一個(gè)新的并購時(shí)代，以應對錯綜復雜的醫療保健需求。
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Urbanization pressures and changing lifestyles城市化壓力和變化的生活方式
 
l  China’s urban population will hit the 1bn mark by 2030. By 2025, China will have more than 220 cities with 1mn–plus inhabitants.
l  中國的城市人口在2013年將達到10億，到2015年，中國將出現220座百萬(wàn)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(guò)2千萬(wàn)的特大城市的出現產(chǎn)生了無(wú)數醫療保健方面的問(wèn)題。在此類(lèi)高密度環(huán)境中疾病預防至關(guān)重要，靜態(tài)生活方式和不斷變化的飲食習慣導致的許多疾病也急需解決。
Aging population and increasing awareness of healthcare人口老齡化趨勢和日益強烈的醫療保健意識
 
China’s ageing population is a significant factor. At least 185mn people are now over the age of 60 (13.7 percent of the population). A substantial increase in spending on pensions and social security will result in a relatively wealthy segment of elderly consumers.
中國的人口老齡化趨勢也是一個(gè)重要因素。目前超過(guò)60歲以上老人已經(jīng)超過(guò)1.85億（占總人口的13.7%）。養老金和社會(huì )保險方面開(kāi)支急劇增加也導致老年消費者占較大比例。
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In urban centers, there is a growing awareness of healthcare needs. Strong economic growth will finance such awareness, by triggering a rise in per capita health expenditure. This is currently very low in China at USD 186, compared with USD 8,000 in the United States and USD 870 in Brazil.
在城市中心，人們對醫療保險的意識日益增強。而且強大的經(jīng)濟增長(cháng)通過(guò)提高人均醫療費用也會(huì )促進(jìn)這種意識。目前這個(gè)數字在中國非常低，為186美元，而美國人均8000美元，巴西870美元。

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Our Core Competency
核心競爭力
New areas for investment新投資領(lǐng)域
私募股權基金專(zhuān)注于健康䕶理及生物科技-China has a much smaller share of global private equity investment, mainly because there are still much fewer mega deals. The market is dominated by growth capital and minority stake investments. However private equity has emerged as a key provider of capital to the liquidity starved private sector of the economy in China with real policy support. New regulators are driving strong markets and activities, particularly merger and acquisition activity in the healthcare and life science industry. -私募股權基金專(zhuān)注于健康護理及生物科技-中國只占全球PE投資市場(chǎng)的很小部分，這主要是由于大規模交易的數量要少得多。市場(chǎng)主要由成長(cháng)資本和少數股權投資主導。但是，PE已經(jīng)逐漸成長(cháng)為中國流動(dòng)性嚴重不足的私有領(lǐng)域的關(guān)鍵資本來(lái)源。新任調控者們正在努力驅動(dòng)市場(chǎng)和市場(chǎng)活動(dòng)，尤其是醫療保健和生命科學(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
結合相關(guān)產(chǎn)業(yè)成功之科學(xué)家/企業(yè)家/金融家之專(zhuān)業(yè)團隊- Our team of General Partners is energized and highly aligned. We have innovative ideas for embracing new market opportunities. Our high quality, professional General Partners, with intensive know-how and expertise, will thrive as a result of our experience and the growing markets.
-我們的基金合伙人團隊齊心協(xié)力，干勁十足，擁有精深的專(zhuān)業(yè)知識和技術(shù)，將利用我們的經(jīng)驗在這個(gè)不斷成長(cháng)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識別、執行和管理最熱投資主題的可持續獲得交易能力
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全球菁英擁有在地智慧透過(guò)其全球價(jià)值網(wǎng)絡(luò )以永續力/執行力/創(chuàng )造力經(jīng)營(yíng)投資項目- In China, the days when private equity could throw money at deals and expect a rising tide to float all boats have gone; careful and professional diligence is vitally important while fraud risk is still high. General Partners with profound local knowledge and strong homegrown relationship networks will succeed in China. Most targeted companies in China are state owned enterprises or family owned businesses; GPs with the same culture background as these owners will make better deals happen much easier.
-在中國，當PE能為交易投資，指望所有交易都只賺不賠的日子已經(jīng)一去不復返了。由于欺詐風(fēng)險仍然很高，謹慎和專(zhuān)業(yè)仍然相當重要。擁有淵博在地知識和強大本土關(guān)系網(wǎng)的基金合伙人將是中國市場(chǎng)的贏(yíng)者。在中國，大部分目標公司是國有企業(yè)或家庭企業(yè)；與業(yè)主擁有相同文件背景的GP更容易達成有利交易。
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Our Core Competency-cont. 我們的核心競爭力-續
 
Business-building skills combined with successful investment experience in the emerging market建立業(yè)務(wù)的能力與在新興市場(chǎng)成功投資的經(jīng)驗
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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(jì)效將獲得更多政策支持之投資機會(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)導和藥品商業(yè)化能力應用是創(chuàng )新的重要保證。我們基金合伙人團隊的一名成員目前擔任多家跨國生物科技和醫療保健公司的CEO，具有成功的業(yè)務(wù)建立經(jīng)驗，使我們的PE基金能獲得更多特有渠道介入一些獲得中國當地政府支持的大規模交易。而且包括我們自己在內的在全球醫療保健行業(yè)擁有成功投資經(jīng)驗的基金合伙人更容易與中國當地政府建立有效合作。
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Capability to structure a perfect investment exit架構完美投資退出的能力
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俱有豐富之產(chǎn)業(yè)鍊整合經(jīng)驗與高超縝密之金融工程規劃能力進(jìn)而能創(chuàng )造企業(yè)之未來(lái)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.
根據正在執行的醫療行業(yè)改革五年計劃，中國政府對離岸上市執行嚴格的審批政策，這樣的話(huà)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，當前過(guò)熱的杠桿收買(mǎi)需要當地銀行有力支持。與當地金融機構關(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利用全球平臺建立體系的能力
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l  俱有架構平臺整合資源進(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(lái)越成為獲得先進(jìn)技術(shù)的一個(gè)手段。擁有能促進(jìn)醫療保健行業(yè)垂直整合的全球網(wǎng)絡(luò )的基金合伙人可通過(guò)收購目標外部公司及其技術(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(lái)越多機會(huì )，介入中國大型交易。
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8
How Did We Get Here
我們怎樣走到今天
 
國際知名經(jīng)營(yíng)團隊
Key Strategic Corporate Partner, Yunnan Baiyao Group Co Ltd. 關(guān)鍵戰略合作人，云南白藥集團有限公司 
 
l  Yunnan Baiyao (000538:CH) is the largest Traditional Chinese Medicine (TCM) company in China. The company engaged in the R&D, manufacture and sale of traditional Chinese medicines (TCM) and other related products. Yunnan Baiyao is one of the most well-known consumer brands in China. In China, the reputation of Baiyao is akin to that of penicillin in the US.
l  云南白藥（000538：CH）是中國最大的中藥（TCM）公司。公司致力于中藥和其它有關(guān)產(chǎn)品的研發(fā)、制造和銷(xiāo)售。云南白藥是中國最著(zhù)名的消費品品牌之一。在中國白藥的聲譽(yù)正如盤(pán)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(guò)其子公司利用其強大的企業(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(xiāo)售；2）中藥飲片的生產(chǎn)和銷(xiāo)售；和3）醫療保健和營(yíng)養品以及中草藥產(chǎn)品的生產(chǎn)和銷(xiāo)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(xiāo)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(xiāo)售市場(chǎng)規模約200億人民幣，云南白藥占有該地區銷(xiāo)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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9
General Partners of the Private Equity Fund, Vincent Shen & Team
PE基金合伙人Vincent Shen & Team
Strategic General Partner of Yunnan Baiyao Group Co. Ltd. (000538:CH).
云南白藥集團有限公司（000538:CH）戰略基金合伙人
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Chairman & CEO of JSY Innovation Matrix Ltd.; the business partner with YNBY.
JSY創(chuàng )新矩陣有限公司董事會(huì )主席兼營(yíng)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健康集團大股東
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CEO of CHC Healthcare Group (4164:TT). CHC健康集團CEO（4164:TT）
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Managing Director of Merrill Lynch, The Greater China Head of Private Investment Banking Group; Top Five Banker in the world; honor member of Circle of Champions; raised USD 4 billion under management.
Merill Lynch 管理董事；大中國區PE投資銀行業(yè)集團負責人；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.
摩根斯坦利執行董事，香港PWM團隊負責人
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University of Oxford- The Saïd Business School/ EMBA/ Lincoln College
牛津大學(xué)-薩伊德商學(xué)院/高級工商管理碩士/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)院執行官教育/領(lǐng)導力
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Soochow University- B.A./ Economics
蘇州大學(xué)-文學(xué)學(xué)士/經(jīng)濟學(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)轉讓公司。2012年Isis代表公司擁有100個(gè)專(zhuān)利申請，管理470多個(gè)專(zhuān)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(kāi)發(fā)和銷(xiāo)售產(chǎn)品，被許可人和商業(yè)伙伴來(lái)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 )造了重要的股權持有價(jià)值。Isis與牛津大學(xué)研究人員合作開(kāi)發(fā)新商業(yè)機會(huì )，識別和獲得投資、管理和專(zhuān)業(yè)服務(wù)。
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l  The Saïd Business School is one of Europe's youngest and most entrepreneurial business schools. An integral part of the University of Oxford, the School embodies the academic rigour and forward thinking that has made Oxford a world leader in education.
l  薩伊德商學(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)嚴謹和前瞻性思想著(zhù)稱(chēng)，這使牛津成為世界教育領(lǐng)導者。
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Partners Around the World伙伴遍及全球
Bay Area舊金山灣區 
Boston波士頓
London牛津
Switzerland瑞士
Hong Kong, Shanghai & Taipei香港，上海和臺北
New York紐約
Oxford牛津
Kunming昆明
L.A. 洛杉磯
Melbourne墨爾本
Beijing北京

 
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Goal and Objective
基金目標
雙幣基金Ambidextrous private equity fund- Through China regulatory approved new scheme allowing foreign capital to be channeled into RMB vehicle, our private equity fund would function using dual currencies, both the RMB and the USD with total amount USD 1 billion. -通過(guò)中國監管當局批準的允許海外資本介入人民幣金融工具的新計劃，我們的PE基金會(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)險調節投資策略-醫療保健和生命科學(xué)行業(yè)投資機會(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的市場(chǎng)開(kāi)發(fā)新發(fā)明的系統建造者。
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(guò)價(jià)值創(chuàng )造體系，我們精于將投資轉換成商業(yè)上的突破性創(chuàng )新，然后將技術(shù)轉讓給適當合伙人，這無(wú)可避免地對這些育成性企業(yè)構成威脅。通過(guò)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。

 
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Strategic Value Adding
企業(yè)增值戰略
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(hù)更有效、更方便、更經(jīng)濟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)值主張傳遞給目標客戶(hù)的必要人員、技術(shù)、產(chǎn)品、設施、設備、品牌和現金。
l   
PROFIT FORMULA利潤公式
 
Assets & fixed cost structure, and the margins & velocity required to cover them. 資產(chǎn)與固定成本結構和涉及這些因素的利潤率與周轉率
l   
PROCESSES過(guò)程
 
Ways of working together to address recurrent tasks in a consistent way: training, development, manufacturing, budgeting, planning, etc. 以統一方式共同解決重復性任務(wù)的方式，任務(wù)包括培訓、開(kāi)發(fā)、制造、預算、規劃等。
克萊頓·克里斯坦森博士，哈佛商學(xué)院
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Dr. Clayton M. Christensen, Harvard Business School克萊頓·克里斯坦森博士，哈佛商學(xué)院
 

 
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Strategic Alliances
企業(yè)連盟戰略
Strategic Efforts戰略工作
 
l  Discovery
l  Development
l  Regulatory Approval
l  Manufacturing
l  Marketing
l  發(fā)現
l  開(kāi)展
l  監管批準
l  制造
l  市場(chǎng)營(yíng)銷(xiāo)
l   
Strategic Relationship戰略關(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(yíng)銷(xiāo)和生產(chǎn)
l  充分協(xié)作 
 

 
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Strategic M&As
合併收購戰略
Extension延伸
To extend the reach of a firm in terms of geography, products or markets as in diversification.
根據多樣化原則，延伸公司在地理、產(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. 與競爭對手合并，通過(guò)減少盈余能力或分享資源來(lái)增加市場(chǎng)影響力，提高效率；通過(guò)業(yè)務(wù)合并擴大規模，獲得經(jīng)濟規模和談判籌碼。
 
Capabilities能力
To incorporate the technological capability within their own portfolio, especially useful while industries are converging.
使技術(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(mǎn)意的資產(chǎn)負債表與令人不滿(mǎn)的資產(chǎn)負債表的結合能節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)濟效力
 

 
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MBI (Management Buy-In) Strategy
外部專(zhuān)業(yè)管理團隊融資并購戰略
The period 2011-2012 saw 132 deals in China’s pharmaceuticals sector, with a total disclosed transaction size of USD 5.2bn for 94 deals. The number of deals and the sheer size of transactions exceed those carried out either in Germany or Japan - an indication of how confidently China has advanced to the position of the second largest pharmaceutical market, right behind the US. 2011-2012年之間中國制藥業(yè)共有132筆交易，其中94筆的公開(kāi)交易規模共計52億美元。交易數量和公開(kāi)規模超過(guò)德國或日本，說(shuō)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

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

交易途徑/文件
新產(chǎn)品品類(lèi)
公開(kāi)新市場(chǎng)
更好的市場(chǎng)營(yíng)銷(xiāo)
改善后的客戶(hù)體驗-VfM
Step change growth through strategic development
通過(guò)戰略發(fā)展逐步改變增長(cháng)模式
 

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

 
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Dynamitic VC Investment Track Records
動(dòng)態(tài)風(fēng)險投資績(jì)效
Exited Portfolio Companies with existing Limited Partners (Multiple Return from 3x to 3,000x) 利用當前有限合伙人從投資組合公司退出（現金投資回饋倍數從3到3000）
 
l  Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. As of May 9, 2013, the market cap of the company was USD 6.9 billion.
l  任我游有限公司提供航海、通信和信息設備，大部分都要使用全球定位系統（GPS）。截止2013年5月9日，公司市值達到69億美元。
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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(yáng)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，公司市值達到3.53億美元。
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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(kāi)發(fā)、音樂(lè )制作和無(wú)線(xiàn)音樂(lè )廣播及其它無(wú)線(xiàn)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(lè )媒體公司盛大網(wǎng)絡(luò )互動(dòng)娛樂(lè )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(kāi)發(fā)、制造和銷(xiāo)售芳香治療、美容和美體產(chǎn)品，通過(guò)中國銷(xiāo)售網(wǎng)絡(luò )進(jìn)行營(yíng)銷(xiāo)和分銷(xiāo)。截止2013年5月9日，公司市值達到12億港元。
l  Suntech Power Holdings Company Ltd produces solar cells. The Company designs, develops, manufactures and markets a variety of photovoltaic (PV) cells and modules.
l   尚德電力生產(chǎn)太陽(yáng)能電池。公司設計、開(kāi)發(fā)、制造和營(yíng)銷(xiāo)各種光伏電池和組件。
l  ScinoPharm Taiwan Ltd. offers process research and development and the production of active pharmaceutical ingredients. As of May 9, 2013, the market cap of the company was TWD 45 billion.
l  臺灣神隆有限公司致力于過(guò)程研究和開(kāi)發(fā)，以及活性藥物成份生產(chǎn)。截止2013年5月9日，公司市值達到450億臺幣。
l  CHC Healthcare Group involves in distributing and leasing radiation oncology, neuroscience, dental and ophthalmic equipment. As of May 9, 2013, the market cap of the company was TWD 12 billion.
l  CHC醫療集團涉及放射腫瘤、神經(jīng)系統、牙科和眼科設備銷(xiāo)售和出租。截止2013年5月9日，公司市值達到120億臺幣。
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潛在融資併購標的

 
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Introduction to Rottapharm 羅達制藥介紹

 
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A Healthcare Pharmaceutical Company with a Distinctive Market Position 具有獨特市場(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，調整后息稅折舊攤銷(xiāo)前利潤計1.452億歐元。
l  Global footprint with products sold in over 85 countries 產(chǎn)品銷(xiāo)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，擴展到意大利以外地區，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  在根據法規享受的信息保護到期之后10多年的今天仍作為公司拳頭產(chǎn)品，為公司創(chuàng )造17%的總收入的生化葡萄糖胺產(chǎn)品開(kāi)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  將報銷(xiāo)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  在針對保健專(zhuān)業(yè)人士和藥劑師的特定細分市場(chǎng)采取特殊業(yè)務(wù)模式，占據領(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反映了產(chǎn)品銷(xiāo)往的國家，但并未反映記錄有關(guān)銷(xiāo)售額的法人實(shí)體。這些數據基于公司管理帳目。凈收入指凈收入和其它收入總額
% of revenue 占凈收入的百分比
Column 5 第五欄
Other其它
Americas& Australia美國和澳大利亞
ACT 2012 net revenues by product category ACT 2012年按產(chǎn)品類(lèi)別劃分凈收入
Euromed 4%   EuroMed產(chǎn)品 4%
RX reim bursed 25% 報銷(xiāo)處方藥25%
Semi-ethical 71%半處方藥 71%

 
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Focus on Semi-Ethical 關(guān)注半處方藥
Ethical 處方藥
l  Always doctor prescribed 必須由醫生開(kāi)處方
l  Reimbursed 報銷(xiāo)
l  Scientifically proven and clinically effective科學(xué)證明和臨床驗證
Semi-Ethical 半處方藥
l  Doctor prescribed or Pharmacy recommended 醫生處方或藥房建議
-Depending on product and market, available w/ or w/out prescription取決于產(chǎn)品或市場(chǎng)，無(wú)論有無(wú)處方都能銷(xiāo)售
l  NOT reimbursed 不報銷(xiāo)
l  Scientifically proven & clinically effective科學(xué)證明和臨床驗證
Self-medication自我給藥
l  NOT prescribed or Pharmacy recommended無(wú)須處方或藥房建議
l  NOT reimbursed不報銷(xiāo)
l  NOT necessarily scientifically proven and clinically effective無(wú)須科學(xué)證明和臨床驗證
 

 
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A Distinctive Integrated Model with a Strong, Branded Franchise 一個(gè)基于強大的品牌特許經(jīng)營(yíng)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 非報銷(xiāo)藥，非處方藥，醫學(xué)護膚品，飲食補充（保健藥品）和醫學(xué)設備
l  Not / minimally affected by pricing / reimbursement pressure不受定價(jià)/報銷(xiāo)壓力的影響，或受影響最小
l  Scientifically backed by clinical data臨床數據在科學(xué)上提供支持
l  Strong brands 強大品牌
l  Positive growth during 2009-12 (+2,7% CAGR) 2009年至2012年積極增長(cháng)（+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（報銷(xiāo)）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(zhuān)有知識的基石。
l  Key to build relationship with medical doctors and pharmacists in order to market both Rx-reimbursed and Semi-ethical products 是為銷(xiāo)售報銷(xiāo)處方藥和半處方藥產(chǎn)品而建立與醫生和藥劑師的關(guān)系的關(guān)鍵。
l  Robust ethical heritage: over 300 patents and 19 new drugs to date 強大的處方藥實(shí)力：迄今為止，共有300多項專(zhuān)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(xiāo)售。
l  Provides Rottapharm with “pharma-standard” natural extracts used for both Rx-reimbursed and semi-ethical portfolio 向羅達制藥提供作為“藥品標準”的作為報銷(xiāo)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(cháng)最快的產(chǎn)品系列（復合年增長(cháng)率14.5%）
Source: Company information 來(lái)源：公司信息
(1)      In some regions still a Rx-reimbursed product在一些地區仍是報銷(xiāo)處方藥產(chǎn)品
 
 
 
 
 

 
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Successfully repositioned business from Rx-reimbursed to semi-ethicals
從報銷(xiāo)處方藥到半處方藥，成功的二次商業(yè)定位
Price stability 價(jià)格穩定性
High 高
Low低
Full-fledge clinical evidence 全面的臨床證據
Targeted clinical evidence 針對性臨床證據
No clinical evidence無(wú)臨床證據
Regulatory status監管狀態(tài)
Supplements補充
Prescription處方
Consumers消費者
Pharmacists藥劑師
Physicians醫生
Decision driver決策驅動(dòng)者
Rottapharm’s distinctive business model is based on…羅達制藥獨特的業(yè)務(wù)模式基以下方面：
l  Clinical evidence for semi-ethical products similar to that seen in Rx-products...與報銷(xiāo)處方藥臨床證據類(lèi)似的半處方藥臨床證據
l  ...allowing for marketing and targeted sales to Healthcare Professionals....允許對醫療專(zhuān)業(yè)人士進(jìn)行市場(chǎng)營(yíng)銷(xiāo)和有針對性的銷(xiāo)售
l  ....who actively prescribe / recommend our products, regardless of ethical or semi-ethical status.使其能積極規定/推薦我們的產(chǎn)品，無(wú)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(guò)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
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Leveraging on a global sales and distribution footprint, and in-house manufacturing capabilities利用全球銷(xiāo)售和分銷(xiāo)網(wǎng)絡(luò )，以及內部制造能力
Proprietary sales force⁽¹⁾ 獨有銷(xiāo)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俄羅斯和獨聯(lián)體國家
Poland波蘭
Hong Kong /China香港/中國
Thailand泰國
Malaysia /Singapore / Philippines馬來(lái)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(xiāo)售代理（醫藥代表）和銷(xiāo)售管理層
l  Rottapharm presence through distributors or licensees 羅達制藥通過(guò)分銷(xiāo)商和被許可人開(kāi)展業(yè)務(wù)
l  Rottapharm direct sales force presence羅達制藥直銷(xiāo)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(guò)認證的/授權的設施
l  Cost optimization: reduction from 9 facilities to 6 facilities in the last three years成本優(yōu)化：在最近三年，從9座設施減少到6座
l  Full range of in-house manufacturing capabilities 全面內部制造能力
-Pharmaceuticals 醫藥產(chǎn)品
-Ireland 愛(ài)爾蘭
-Italy意大利
-Germany德國
-Consumer healthcare消費品保健品
-Italy意大利
-Bulk granules 散裝顆粒劑
-India印度
-Euromed   Euromed產(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)驗的地區/當地管理團隊
l  State of the art, award winning manufacturing facilities.先進(jìn)一流的制藥設施

 
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Key highlights關(guān)鍵投資亮點(diǎn)
Rottapharm: A Strong Credit Case羅達制藥：一個(gè)有強大說(shuō)服力的案例
1.       Resilient developed market with strategic emerging markets position.具有復原能力的成熟市場(chǎng)，并在新興市場(chǎng)擁有戰略地位。
2.       Competitive advantage through brand reputation, highly profitable product portfolio and leading market position. 通過(guò)品牌聲譽(yù)、高利潤產(chǎn)品組合和領(lǐng)先市場(chǎng)地位獲得競爭優(yōu)勢。
3.       Highly diversified product, customer and geographic mix. 高度多元化的產(chǎn)品、客戶(hù)和地理組合。
4.       Strong cash flow generation and low cost base. 強大的現金流產(chǎn)生能力和低成本的業(yè)務(wù)基礎。
Highly experienced management team with strong track record. 經(jīng)驗豐富的管理團隊和具有說(shuō)服力的歷史業(yè)績(jì)。1。
 
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Leading position in an industry with attractive fundamentals  在行業(yè)占據領(lǐng)先地位，擁有極具誘惑的基礎條件
Pharma Rx 報銷(xiāo)處方藥
(1)      Resilient, less cyclical and defensive sector具有復原能力，周期性更小，受市場(chǎng)影響較小的領(lǐng)域
l  Strong supportive trends: 受到強烈支持
-Aging population 老齡化
-Increasing healthcare expenditure per-capita in both developed and emerging markets發(fā)達國家和新興市場(chǎng)的人均醫療開(kāi)支都在增加
-Focus on innovation and discovery of treatments for unmet medical needs 對于那些尚未攻克的疾病，人們一直關(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一些報銷(xiāo)處方藥成為非處方藥，驅動(dòng)市場(chǎng)復原能力
l   
l  Growing consumer awareness and product knowledge日益增長(cháng)的消費意識和產(chǎn)品知識
(3)      Strong resiliency and brand equity of products with Rx heritage具有報銷(xiāo)處方藥優(yōu)勢的產(chǎn)品具有強大市場(chǎng)恢復能力和重要品牌價(jià)值
l   
Nutraceutical營(yíng)養制劑
 
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(lái)重要的增長(cháng)機會(huì )
l  Increasing focus on promotion of healthy behaviours越來(lái)越多的人開(kāi)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(lái)越多的人意識到營(yíng)養在預防疾病和提高生活質(zhì)量方面的關(guān)鍵角色
l   
Dermocosmetics醫學(xué)護膚品
 
l  Increasing global usage of cosmetic products全球使用化妝品日益增長(cháng)
l  Look good / feel better effect要求好看/使人感覺(jué)更好
l  Demand for next generation cosmetics without heavy metals, allergenic agents, impact of new regulation etc. 對下一代化妝品無(wú)重金屬或過(guò)敏性成份的要求，新法規的影響等
Global Pharma market size (€bn)全球制藥市場(chǎng)規模（單位：10億歐元）
Global OTC market size (€bn) 全球非處方藥市場(chǎng)規模（單位：10億歐元）
(5)      Italian Pharmacy Nutraceutical market value share意大利藥房營(yíng)養食品市場(chǎng)份額
(6)      Novartis諾華
Rottapham羅達制藥
Recordati
#3 player (Italy) 3家公司（意大利）
Italian Dermocosmetic market value share印度護膚品市場(chǎng)份額
Rottapham 羅達制藥
Procter& Gamble 寶潔公司
#1 player (Italy)1家公司（意大利）
#7 player (Europe)7家公司（歐洲）
Source: IMS Health 來(lái)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，前瞻性地應對財政緊縮政策
Successful strategy in Italy意大利的成功戰略
l  Active portfolio mix management積極的投資組合管理
-Approx. 85% of actual 2012 Italian net revenue from semi-ethicals 2012年近85%的實(shí)際凈收入來(lái)自半處方藥
-Consequential positive top line growth despite the financial crisis 盡管財政危機，仍實(shí)現最高增長(cháng)
l  Reduced exposure to reimbursement pressure, control of pricing避免直接面對報銷(xiāo)壓力、定價(jià)控制
Proactively addressing austerity measures in Iberia前瞻性地應對伊比利亞的財政緊縮政策
Shifting of portfolio away from Rx-reimbursed 將投資組合從報銷(xiāo)處方藥向其它產(chǎn)品轉移
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% 報銷(xiāo)處方藥 50%
Semi-Ethical 45% 半處方藥 45%
Rx-reimbursed 68% 報銷(xiāo)處方藥 68%
Euromed 5% Euromed產(chǎn)品 5%
Rx-reimbursed 86% 報銷(xiāo)處方藥 86%
Semi-Ethical 14% 半處方藥 14%
Rx-reimbursed 72% 報銷(xiāo)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(wàn)歐元）
Selected initiatives 經(jīng)慎重選擇的計劃
l  Successful launch of Armolipid 成功推出Armolipid
l  Active portfolio management of Plantaben Plantaben積極的投資組合管理
l  Cost containment measures being implemented 正在執行的成本控制措施

 
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Focus on increasing exposure to key Emerging Markets, underpinned by strong fundamentals
關(guān)注由強大基礎支撐的對關(guān)鍵新興市場(chǎng)日益增長(cháng)的影響
Evolution of geographic exposure 發(fā)展趨勢（從地理角度分析）
2006 net revenues 2006年凈收入
2012 net revenues  2012年凈收入
Total: €281mm 總額：2.81億歐元
Total: €540mm 總額：5.40億歐元
Emerging markets 6% 新興市場(chǎng)：6%
Rottapharm’s key Emerging Markets(1) are forecast to experience robust growth 預計羅達制藥的關(guān)鍵新興市場(chǎng)（1）將進(jìn)入強勁增長(cháng)時(shí)期
Pharmaceuticals to outgrow healthcare expenditure 制藥業(yè)面臨過(guò)快增長(cháng)的醫療費用
Pharmaceutical sales(2) 藥品銷(xiāo)售額
Healthcare expenditure 醫療費用
Healthcare expenditure per capita comparison 人均醫療費用比較
Source: BMI Pharmaceuticals & Healthcare reports來(lái)源：BMB制藥和醫療報告
(1)   Includes: Brazil, China, Egypt, India, Malaysia, Mexico, Russia and Thailand包括巴西、中國、埃及、印度、馬來(lái)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(zhuān)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(cháng)

 
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Branded pharma portfolio with leading positions in niche market segments 在細分市場(chǎng)占據領(lǐng)先地位的品牌藥業(yè)投資組合

	% of revenues占收入百分比(1)	Indication 適應癥	Reimbursement 報銷(xiāo)	Patent 專(zhuān)利	Leading market position領(lǐng)先市場(chǎng)地位
Dona	17%	Osteoarthritis 骨關(guān)節炎	Yes / no是/否	No否	The world’s best selling and the original glucosamine product世界上最為暢銷(xiāo)和最先進(jìn)的葡萄糖胺產(chǎn)品
Saugella	9%	Intimate / baby hygiene 私密/嬰兒衛生	No否	Yes / no是/否	The market leading product in the Italian daily intimate hygiene market意大利市場(chǎng)最有名的私密衛生產(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,包含獨特的水飛薊制劑，其適應癥可能會(huì )增加新項目
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(lái)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) 在細分市場(chǎng)占據領(lǐng)先地位的品牌藥業(yè)投資組合（續）

	% of revenues占收入百分比(1)	Indication 適應癥	Reimbursement 報銷(xiāo)	Patent 專(zhuān)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(guò)動(dòng)癥方面，是法國最重要的治療藥品
Go-ON	3%	Osteoarthritis骨關(guān)節炎	Yes / no是/否	No否	A leading intra-articular hyalauronic acid product in France, Germany and Thailand是法國、德國和泰國最重要的關(guān)節內玻尿酸產(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(zhuān)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,代表從報銷(xiāo)處方藥到半處方藥的成功轉變
Total top 10 products 10種最重要產(chǎn)品	58%

1.         Source:   Company information資料來(lái)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“內部”的全球性成功案例
3.         The global leader in treating osteoarthritis骨關(guān)節炎治療領(lǐng)域全球領(lǐng)導者
l  Rottapharm is the originator of glucosamine sulfate for osteoarthritis羅達制藥是用于治療骨關(guān)節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(lèi)別中唯一經(jīng)臨床認證的產(chǎn)品(1974年第一個(gè)被批準為報銷(xiāo)處方藥產(chǎn)品)
5.         Strong history of growth, establishing DONA® as a landmark brand在過(guò)去一直保護持續增長(cháng)，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即使在根據法規享受的信息保護到期之后10多年后，仍是同類(lèi)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)品競爭者中保持領(lǐng)導地位
8.         Strongly backed by clinical studies and publications in top-rated medical journals臨床研究和頂級醫學(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)節炎治療藥物
10.     Globally recognized superior scientific profile全球公認的極其科學(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構和緩解癥狀方面的長(cháng)期效果意味著(zhù)它可能成為一種緩解骨關(guān)節炎疾病的藥劑”
 
13.     Archives of Internal Medicine 2002; 162:2113-23: 《2002年內科醫學(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(guò)氨基葡萄糖硫酸鹽長(cháng)期治療來(lái)阻礙骨關(guān)節炎發(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年國際循證醫學(xué)協(xié)作組織回顧：只有羅達制藥的硫酸葡萄糖胺制劑在骨關(guān)節炎方面是有效的,而其它氨基葡萄糖制劑臨床研究未顯示任何益處。
Source:   Company information來(lái)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黃酮類(lèi)物質(zhì)混合物(Silybum marianum, syn. Carduus marianus)。主要異構體是水飛薊素。
l  Positioning: Legalon is a natural, clinical-proven effective and unique sylimarine preparation with outstanding bioavailability compared to standard silimarin products定位：利肝素是一種天然的，經(jīng)臨床證明的特殊的水飛薊素制劑，與標準水飛薊素產(chǎn)品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分銷(xiāo)渠道：報銷(xiāo)處方藥，僅藥房銷(xiāo)售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目標群體：:肝臟病學(xué)家、胃腸病學(xué)家、全科醫師、藥劑師和消費者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商標：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description產(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
15.     Worldwide exclusive rights全球獨家權利
16.     After the study of Prof. Ferenci (2008), Legalon SIL has been discovered as a potent antiviral agent in patients with chronic hepatitis C not responding to standard therapy / patent pending在Ferenci教授的研究(2008)之后，人們發(fā)現Legalon SIL是一種有效的抗病毒劑，能用于治療那些標準療法/專(zhuān)利申請產(chǎn)品無(wú)能為力的慢性丙型肝炎患者。
l   
17.     -Fast-tracked Orphan Drug status in EU and USA for prevention of recurrent hepatitis C in liver post-transplant recipients not responding to standard therapy為了預防不適用標準療法的肝移植接受者移植后丙型肝炎復發(fā)，快速跟蹤歐盟和美國罕見(jiàn)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(wàn)歐元）

 
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Robust near- and long-term pipeline mix provides upside potential強勁的長(cháng)短期潛在風(fēng)險投資后備項目組合具有重大潛力
l  Traditional discovery R&D (Rx-reimbursed) provides long-term innovation at the highest level of scientific capability, with different innovative projects at different stage of development . The Company is one of the few major R&D players in Italy and it is concentrating especially on the highly competitive areas of Rheumatology, Pain, Gastrenterology and Hepathology.傳統研發(fā)（報銷(xiāo)處方藥）以最高科研能力實(shí)現持續創(chuàng )新，當前有許多創(chuàng )新項目正處于不同開(kāi)發(fā)階段。該公司是為數不多的意大利研發(fā)機構之一，尤其專(zhuān)注于一些競爭激烈的領(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)險投資后備項目能夠實(shí)現快速創(chuàng )新。
l  Robust, near-term semi-ethical pipeline provides substantial incremental revenue growth potential強勁的近期半處方藥潛在風(fēng)險投資后備項目使收入增長(cháng)潛力可持續增長(cháng)。
-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(yíng)養品和醫學(xué)護膚品，上市后平均12個(gè)月（相比之下，對于非處方藥，行業(yè)平均2年，對于非專(zhuān)利藥，平均4-5年）
-Semi-ethical pipeline consists of 半處方藥潛在風(fēng)險投資后備項目包括
A.       Innovative nutraceuticals 創(chuàng )新性的保健品
B.        Existing nutraceutical extension line 現有營(yíng)養食品的擴展系列
C.        New OTCs 新非處方藥
D.       New dermocosmetic products extending existing lines 作為原有產(chǎn)品系列擴展的新醫學(xué)護膚品
E.        Dermocosmetics extension lines 醫學(xué)護膚品擴展系列
l  Near-term Rx pipeline provides consolidation of existing product lines and consists of: 短期報銷(xiāo)處方藥潛在風(fēng)險投資后備項目是對原有生產(chǎn)線(xiàn)的整合，包括，
1.       New indications of existing products 原有產(chǎn)品的新適應癥
2.       New branded generics 新品牌非專(zhuān)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(kāi)發(fā)階段的新化學(xué)和生物實(shí)體

COMPOUNDS IN ACTIVE DEVELOPMENT 目前正在開(kāi)發(fā)的復方藥
INN and/or CODE INN和代碼	PHARMACOLOGICAL CLASS 藥理類(lèi)分類(lèi)	CHEMICAL NATURE 化學(xué)性質(zhì)	THERAPEUTIC INDICATIONS 治療適應癥	DEVELOPMENT PHASE 開(kāi)發(fā)階段
CR4056	Imidazoline I2 binding site ligand咪唑啉I2結合位點(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)節痛：疾病緩解藥品	Pre-clinical Development 臨床前開(kāi)發(fā)
CRB0089 (monoclonal antibody) (單克隆抗體)	Nerve Growth Factor (NGF) receptor (trkA) inhibitor 神經(jīng)生長(cháng)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)節炎疼痛 慢性疼痛 神經(jīng)性疼痛	Pre-clinical Development 臨床前開(kāi)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)節炎:早期非甾體類(lèi)抗炎藥和/或緩解疾病的抗風(fēng)濕性藥物	Pre-Clinical development 臨床前開(kāi)發(fā)
CR8357 (series) （系列）	Selective kinase inhibition (undisclosed) 選擇性激酶抑制(未公開(kāi))	Small molecule 小分子	l Osteoarthritis: Disease Modifying Drug with potent symptom activity 骨關(guān)節炎: 緩解疾病的藥物，具有有效癥狀活動(dòng)	Exploratory Development 應用研究
CR5542 CR5742	Orexin receptor antagonist(s) 增食欲素受體拮抗劑	Small molecule 小分子	l Drug addiction l Insomnia and sleep disorders 藥物成癮 失眠和睡眠障礙	Exploratory Development 應用研究

 

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

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

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

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

 

 
35
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  泌尿學(xué)
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 新興市場(chǎng)
Mitigated single product / therapeutic area risk 減輕后的單獨產(chǎn)品/治療領(lǐng)域風(fēng)險
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(xiāo)售額占全部30%以上。
l  Portfolio mix with limited patent expiry risk 具有有限專(zhuān)利失效風(fēng)險的投資組合
Broad geographic exposure 廣闊的地理范圍
l  Broad geographic exposure 廣闊的地理范圍
l  No country apart from Italy and Germany accounting for more than 10% of sales  除意大利和德國外，任何國家銷(xiāo)售額都不超過(guò)10%
l  Fast-growing emerging markets account for 19% of sales 快速增長(cháng)的新興市場(chǎng)占銷(xiāo)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反映了產(chǎn)品銷(xiāo)往的國家，但并未反映記錄有關(guān)銷(xiāo)售額的法人實(shí)體。這些數據基于公司管理帳目。

 
36
Efficient cost base coupled with high cash flow generation allow strong deleveraging
與高現金流結合產(chǎn)生的有效的成本基礎為堅決的去杠桿化提供條件
Stable profitability through European crisis thanks to a flexible cost base…
由于靈活的成本基礎，即使在歐洲危機時(shí)期也具有穩定的盈利能力
…leading to a strong operating cash flow conversion …
導致強大營(yíng)運現金流轉換…
Operating Cash Flow conversion (%)(1) 運營(yíng)現金流轉換（%）（1）
…and strong deleverage 和堅決的去杠桿化
Net debt / Adjusted EBITDA (x) 凈負債/調整后息稅折舊和攤銷(xiāo)前利潤
Source:   Company information 來(lái)源：公司信息
(1) Calculated as (Adjusted EBITDA - Capex) / Adjusted EBITDA 計算公式（調整后息稅折舊和攤銷(xiāo)前利潤-資本費用）/調整后息稅折舊和攤銷(xiāo)前利潤

 
37
Solid foundation built upon years of industry experience堅實(shí)基礎，具有多年行業(yè)經(jīng)驗
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)醫學(xué)總監
 
Luca Rovati
Vice Chairman董事會(huì )副主席
Chief Executive Officer 首席執行官
 
Sigieri Diaz della Vittoria Pallavicini
Chief Investment Officer 首席投資官
 
Vincenzo Maglione
Chief Operating Officer 首席運營(yíng)官
 
Stefano Bertoletti
Head of HR 人力資源負責人
 
Anne Boulanger
Head of Finance & Administration 財務(wù)和行政部負責人
 
Lorenzo Michetti
Head of Legal and Intellectual Property Department法律和知識產(chǎn)權部負責人
 
Antonino Santoro
Business Development and Regulatory Affairs Director 業(yè)務(wù)開(kāi)發(fā)和監管事務(wù)部總監
 
Enzo Lacchini
Group Technical Director 集團技術(shù)總監
 
Roberto Bonfanti
Head of Group Plans, Controls & IT Manager 集團規劃負責人、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)驗的管理團隊，成員平均行業(yè)經(jīng)驗超過(guò)20年。

 
38
Historical financials金融業(yè)績(jì)回顧

 
39
Key financial strategy highlights關(guān)鍵財務(wù)戰略亮點(diǎn)
Continue to grow revenues organically  收入繼續有機增長(cháng)
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)戰略性原材料控制（Euromed，葡萄糖胺）
l  Adjustable operational leverage including sales force, discovery R&D, discretionary marketing and manufacturing expenses 可調整的運營(yíng)杠桿，包括銷(xiāo)售力、新產(chǎn)品研發(fā)、隨意性很大的市場(chǎng)營(yíng)銷(xiāo)和制造費用
l  Asset-light/low-capex model  資產(chǎn)輕/低資本支出模型
Disciplined approach to acquisition strategy 收購戰略
l  Selective and restricted to access strategic therapeutic areas or markets 對戰略性治療領(lǐng)域或市場(chǎng)的進(jìn)入的選擇和限制
l  Consistent with conservative leverage metrics 與保守的杠桿標準保持一致
Dividend policy 股息分配方針
l  Prudent dividend policy 謹慎的股息分配方針
Ensure high level of transparency with investors going forward 確保在未來(lái)對投資者保持高透明性
Continue to be publicly rated by Moody’s and S&P 繼續通過(guò)穆迪和標準普爾指數公開(kāi)定價(jià)
l   
l  Focus on quality of reporting 關(guān)注報告質(zhì)量

 
40
Stable, highly diversified revenue base, demonstrating resilience through recession…穩定、高度多元化的收入基數顯示了經(jīng)濟衰退之后的恢復復原能力
Net revenues by product categories (€mm) 按產(chǎn)品類(lèi)別列示的凈收入（單位：100萬(wàn)歐元）
Rx-reimbursed 報銷(xiāo)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(wàn)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
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)細分領(lǐng)域出現可持續的顯著(zhù)增長(cháng)
-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(guò)推出ArmoLIPID、Pafinur、Erdotin、Saugella擴展系列、Bellissima / Evaluna/Mayra和銷(xiāo)售額較高的Silymarine和Glucosomin，半處方藥業(yè)務(wù)擴大。
-Euromed showing strong growth  Euromed市場(chǎng)顯示強勁增長(cháng)。
-Italy, Northern Europe and Emerging Markets showing strong resilience and growth dynamics意大利、北歐和新興市場(chǎng)顯示了強勁的恢復能力和增長(cháng)勢頭。
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，在報銷(xiāo)處方藥和非核心非專(zhuān)利藥方面收益下降。
-Decrease in Rx-reimbursed revenues in 2011 and 2012  2011年和2012年報銷(xiāo)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(guān)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)濟緊縮政策使價(jià)格和銷(xiāo)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(lái)源：公司信息
(1) The geographical breakdown of our net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on the company’s management accounts按地理范圍劃分的我公司凈收入明細反映了產(chǎn)品銷(xiāo)往的國家，但并未反映記錄有關(guān)銷(xiāo)售額的法人實(shí)體。這些數據基于公司管理帳目。
 

 
41（以下報表就翻譯英文，不用輸入數字。）
Revenue by Product category按產(chǎn)品類(lèi)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(lèi)
半處方藥
報銷(xiāo)處方藥
天然提取物
廢止產(chǎn)品
總凈收入和其它收入
 
42
Revenue by Geography按地理列示的收入


單位：1000歐元
占總凈收入和其它收入的百分比（%）
單位：1000歐元
占總凈收入和其它收入的百分比（%）
地理
意大利
德國
西班牙
葡萄牙
法國
愛(ài)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(xiāo)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
持續經(jīng)營(yíng)凈利潤
收入稅開(kāi)支
財務(wù)收入
財務(wù)費用
所占聯(lián)營(yíng)公司贏(yíng)利/虧損
其它金融資產(chǎn)再評估（減記）
貶值、攤銷(xiāo)和沖銷(xiāo)
 
息稅折舊攤銷(xiāo)前利潤
非經(jīng)常性項目
儲備金發(fā)放
退稅
養老金計劃-實(shí)際調整
研發(fā)費用
產(chǎn)品線(xiàn)處置收益
廢止產(chǎn)品
調整后息稅折舊攤銷(xiāo)前利潤
 
 
44
Income Statement 利潤表

 
（單位為1000歐元，除非另有說(shuō)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、供應品、消費品和商品成本
人力成本
服務(wù)成本
其它成本
貶值、攤銷(xiāo)和沖銷(xiāo)
運營(yíng)利潤
財務(wù)收入
財務(wù)費用
所占聯(lián)營(yíng)公司贏(yíng)利/虧損
其它金融資產(chǎn)再評估（減記）
息稅折舊攤銷(xiāo)前利潤
收入稅費用
持續經(jīng)營(yíng)凈利潤
中斷經(jīng)營(yíng)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部開(kāi)發(fā)和臨床驗證，有助于保持高利潤率。
以下單詞如果不明白請參考原圖
Seeds selection 種子選擇
Soil analysis 土壤分析
Raw materials analysis 原材料分析 
Extraction (Pharmaco-poaeias standards) 提�。ㄋ幍錁藴剩�
Stability analysis 穩定性分析
Verification of potential pollutants潛在污染物驗證
Rottapharm’s Pipeline 羅達制藥的潛在風(fēng)險投資后備項目
from cultivation to finished product 從種植到成品
Rottapharm’s products  羅達制藥的產(chǎn)品
Horse chestnut (Aesculus hippocastanum)  馬栗樹(shù)（七葉樹(shù)屬七葉樹(shù)）
 
Milk thistle (Silybum Marianum L.) 水飛薊(Silybum Marianum L.)
Aescin
Sylimarin
Clients客戶(hù)
Intra group captive revenues  集團內壟斷收入
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提供對優(yōu)質(zhì)原材料的專(zhuān)有獲取渠道，使潛在風(fēng)險投資備項目和當前產(chǎn)品都能受益
Source:   Company information來(lái)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 適應癥：促進(jìn)關(guān)節軟骨代謝,保護關(guān)節結構和支持關(guān)節靈活性
l  Ingredient: crystalline glucosamine sulphate主要成份:結晶葡萄糖胺硫酸鹽
l  Positioning: world's best selling glucosamine product. Dona is a registered drug worldwide and is the only clinically proven brand to be effective in double-blind, placebo-controlled, randomised clinical studies shown to assist in promoting healthy cartilage, lubricating joints, supporting joint mobility and flexibility and protecting cartilage. Dona is also proven to reach the joints in humans, which is not proven with any other formulations of glucosamine定位：世界最暢銷(xiāo)的葡萄糖胺產(chǎn)品。Dona是一種在全世界都受到保護的注冊藥品，是唯一經(jīng)臨床證明品牌，在雙盲、安慰劑對照、隨機臨床研究中證明有助于促進(jìn)軟骨健康，潤滑關(guān)節，支持關(guān)節靈活性和適應性,并為軟骨提供保護。Dona也被證明藥效能抵達人類(lèi)關(guān)節,而其它任何氨基葡萄糖配方都無(wú)法證明這一點(diǎn)。
l  Distribution: Rx, pharmacy, OTC分銷(xiāo)渠道：報銷(xiāo)處方藥、藥房和非處方藥
l  Target groups: rheumatologists, orthopaedics, general practitioners 目標群體：專(zhuān)家、整形外科和全科醫生
l  Brands / trademarks: Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan 品牌/商標：Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan
2012 Actual net revenue split by geography (€93m) ) 2012年按地理劃分實(shí)際凈收入（9300萬(wàn)歐元）
 

其它 俄羅斯，獨聯(lián)體國家 中國 泰國 德國 意大利 臺灣地區 香港地區 馬來(lái)西亞 巴西 西班牙 波蘭 
Revenue evolution收入趨勢
(€ in millions)（單位：100萬(wàn)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 報銷(xiāo)暫停6個(gè)月
Source:   Company information 來(lái)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?chē)乐赜绊?br clear="all" />
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適應癥：日常私密衛生，婦科疾病
l  Ingredient: dermocosmetic – thymus, salvia, calendula主要成份：皮膚化妝品-胸腺、鼠尾草、金盞花
l  Positioning: range of product lines (Blue, Green, Pink, Girl and Man) across all ages and different hygiene requirements with c.50% market share in Italy. Clinically documented and recommended by gynaecologists. Approx 8.1% revenues CAGR since acquisition from BMS in 2000定位：為具有不同衛生要求，任何年齡群體提供的產(chǎn)品系列（藍色、綠色、粉紅色、女士和男士），在意大利占50%的市場(chǎng)份額。婦科醫生臨床證明和推薦。從2000年收購 BMS以來(lái)，復合年增長(cháng)率接近8.1%。
l  Distribution: Rx, pharmacy, OTC分銷(xiāo)渠道：報銷(xiāo)處方藥、藥房和非處方藥
l  Target groups: gynaecologists, general practitioners, pharmacists, consumers 目標群體：婦科醫生、全科醫師、藥劑師和消費者
l  Brands / trademarks: Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo 品牌/商標：Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo
2012 Actual net revenue split by geography (€48m) ) 2012年按地理劃分實(shí)際凈收入（4800萬(wàn)歐元）
Revenue evolution收入趨勢
(€ in millions) （單位：100萬(wàn)歐元）
Y-o-Y growth 同比增長(cháng)
Source: Company information 來(lái)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黃酮類(lèi)物質(zhì)混合物(Silybum marianum, syn. Carduus marianus)。主要異構體是水飛薊素。
l  Positioning: Legalon is a natural, clinical-proven effective and unique sylimarine preparation with outstanding bioavailability compared to standard silimarin products定位：利肝素是一種天然的，經(jīng)臨床證明的特殊的水飛薊素制劑，與標準水飛薊素產(chǎn)品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分銷(xiāo)渠道：報銷(xiāo)處方藥，僅藥房銷(xiāo)售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目標群體：:肝臟病學(xué)家、胃腸病學(xué)家、全科醫師、藥劑師和消費者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商標：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description產(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(wàn)歐元）
 
Revenue evolution收入趨勢
Source: Company information 來(lái)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(yíng)養食品產(chǎn)品，具有受專(zhuān)利保護的降血脂功效。由全科和專(zhuān)科醫師臨床證明和推薦
l  Distribution: Rx, pharmacy, OTC分銷(xiāo)渠道：報銷(xiāo)處方藥、藥房和非處方藥
l  Target Groups: GPs, specialists, cardiologists, consumer 目標群體：全科和專(zhuān)科醫師、心臟病專(zhuān)家和消費者
l  Brands / Trademarks: Armolipid, Armolipid Prev, Armolipid Plus 品牌/商標：Armolipid, Armolipid Prev, Armolipid Plus
l  Worldwide rights世界范圍內權利
l  Indication / composition / dosage patented 適應癥/成份/專(zhuān)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(wàn)歐元）
 
Revenue evolution收入趨勢
 

 
52
Reparil overview七葉皂苷鈉概述
5% of 2012 Actual net revenues 2012年凈收入的5%
Product description 產(chǎn)品描述
l  Indication: treatment of traumatic injuries and venous diseases適應癥：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(shù)皂苷和diethylamino-salicylate(凝膠);七葉樹(shù)皂苷（糖衣藥片）
l  Positioning: catches the pain rapidly from the beginning due to its capillary sealing effect定位：由于毛細血管密封效果，初期迅速止痛
l  Distribution: OTC, pharmacy only定位：非處方藥，僅藥房銷(xiāo)售
l  Target groups: consumers, pharmacists, general practitioners, orthopaedics, physiotherapists 目標群體：消費者、藥劑師、全科醫生、、外科醫生和理療師
l  Brands / trademarks: Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin 品牌/商標：Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin
l  Key Markets: Belgium, Germany, Italy, Portugal, Saudi Arabia, Spain 關(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世界范圍內權利
2012 Actual net revenue split by geography (€24m) 2012年按地理劃分實(shí)際凈收入（2400萬(wàn)歐元）
 
Revenue evolution 收入趨勢
(1)   Impacted from de-stocking股票減持影響

 
 
53
Agiolax overview 艾者思簡(jiǎn)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：與草本植物結合的首選藥，刺激和調節腸道，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(guò)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(xiāo)渠道：非處方藥，僅限藥房銷(xiāo)售
l  Target Groups: general practitioners, pharmacists, consumers目標群體：全科醫師、藥劑師和消費者
l  Brands / Trademarks: Agiolax, Alaxyl, Manevac, Satolax 品牌/商標：Agiolax, Alaxyl, Manevac, Satolax
l  Key Markets: Germany, Italy, Portugal, Spain 關(guān)鍵市場(chǎng)：德國、意大利、葡萄牙、西班牙
l  Worldwide rights世界范圍內權利
2012 Actual net revenue split by geography (€22m) 2012年按地理劃分實(shí)際凈收入（2200萬(wàn)歐元）
Revenue evolution收入趨勢
Source: Company information 來(lái)源：公司信息  
(7)      Impacted from de-stocking 股票減持影響   

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