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A n n u a lR e p o r t
2 0 0 6
For the safe and optimal use of human proteins
Content
4 Overview by the Chairman of the Group
6 The Management Board
8 Facts and Figures
11 From Human Plasma to Pharmaceuticals
11 - What is Plasma?
13 - The First Manufacturing Steps (fractionation)
15 - The Pharmaceutical Products
17 The Factories
19 Requirements from the Authorities
21 Research & Development
21 - Introduction
21 - Plasma R&D
25 - Recombinant R&D
27 Finance
28 - Key figures for the Octapharma Group
30 - Income statement of the Octapharma Group
31 - Balance sheet of the Octapharma Group
33 - Cash flow statement of the Octapharma Group
35 The Auditor’s Statement
37 Octapharma Contact Details
Wolfgang Marguerre
”The excellent results of 2006
have paved the way for
continuous investments in
innovative and high quality
products for the treatment
of life-threatening disorders.“
Wolfgang Marguerre
Foreword by Wolfgang Marguerre
It was a great personal pleasure for me to witness the revival of plasma-derived Factor VIII for the
treatment of haemophilia A in 2006. After many years of being under severe pressure from the
recombinant products (FVIII protein produced on animal cell lines) there now seems to be a general
acceptance of the benefits associated with von Willebrand stabilised Factor VIII products, namely that
the theoretical risks associated with the use of plasma-derived products are insignificant compared to
the benefits of the treatment. This mind-shift enabled Octapharma to accomplish its highest sales of
plasma-derived Factor VIII in its entire history. So great was the demand that we even had to decline
orders from several overseas markets. This trend appears to be gaining global momentum, even in the
most conservative markets.
Octapharma also benefited from the fact that the demand for intravenous gammaglobulin continues
to exceed supply. Though an equilibrium seemed to be emerging in the United States, there is still a
huge gap to be filled in Europe and the emerging markets.
The albumin market also had a revival in 2006. This was largely attributed to the fact that the emerging
markets are increasing the level of treatment for their patients while the Western world has realised
that that this valuable protein cannot be substituted by artificial volume expanders in all indications.
2006 was further a year where the Octapharma Group saw significant increases in plasma costs, a trend
that seems set to continue in 2007. For the first time in the company’s history we had the possibility
to transfer most of these costs to the market due to the supply situation. It is unfortunate that this,
in some instances, led to severe shortages of products in low-price markets. However, it is important
that both healthcare purchasers and the public realise that the plasma industry has considerably
different finances to the classical pharmaceutical industry due to the fact that the raw material
– 4 –
constitutes approximately one third of our revenues versus insignificant amounts in the classical
pharmaceutical industry. We have little flexibility in absorbing increases in such costs if we wish to
maintain a healthy balance sheet. Huge investments are needed every year in our industry due to
the ever increasing demands from the authorities as well as additional requirements for studies that
document the clinical safety and efficacy of our products. These investments can only come out of
the profits of the company. Likewise, on the research and development side, there are significant costs
associated with the development of new plasma derivative products. When it comes to recombinant
products, development costs approach or even exceed the level of the classical pharmaceutical industry.
Several hundred million Euro must be invested in development before each product can be sold in
the market.
With regard to our manufacturing facilities, continuous investments have been made throughout the
Octapharma Group to enable us to produce all products in all factories. This has resulted in a higher
degree of safety of supply and helped to ensure that both physicians and patients have uninterrupted
access to therapy.
This year I am proud to announce that we have met our long-term goal of achieving profits equivalent
to 20% of revenues; this is a prerequisite for meeting our commitments for a continuous supply of
high quality pharmaceutical products. Octapharma’s shareholders have been very modest in taking out
dividends over the company’s history and today the company is in the very fortunate position of no
longer having any interest-carrying debt. The cash flow in the last couple of years has made it possible
for us not only to finance investments in the future but also to pay back our debts.
Finally, our investment in recombinant technology has motivated us to change our mission slightly
so that our new mission as of 2007 will be “for the safe and optimal use of human proteins”.
Octapharma is the only company that bases its entire recombinant technology on human cell lines
and in this respect we are still unique.
Our outlook for 2007 and beyond is very optimistic. However, we will remain true to our overall
goal of having a balanced production, thereby securing the optimal use of human proteins. This we
will continue to achieve by selling both immunoglobulins and other associated proteins, such as
coagulation factors, produced from human plasma.
Finally, I would like to thank all our partners and employees for their loyal collaboration which has
been the basis of our achieving such excellent results in 2006.
Wolfgang Marguerre
– 5 –
The Octapharma Management Board
“The excellent results of 2006 have paved the
way for continuous investments in innovative
and high quality products for the treatment
of life-threatening disorders”
Wolfgang Marguerre
Chairman Octapharma Group
Tobias Marguerre
Chairman Octapharma Nordic AB
“The successful re-launch of our products
in the Eastern European and Russian market
has required a large investment of human
and other resources.”
“Due to a very strong cash flow, we have
been able to increase our R&D budget
for 2007 by more than 30% which will
enable us to develop new products at an
even faster pace.”
Kim Björnstrup
Deputy Chairman Octapharma Group
Nicholas Jacobson
Chief Operating Officer Octapharma Group
“Thanks to our continuous investments
not only in maintenance of our production
equipment but also in new technologies,
I consider Octapharma's manufacturing
facilities as trend-setters for the state-
of-the-art production in our industry.”
– 6 –
“Being the Finance Department of a family
owned company with no interest bearing
debt enables our team to focus on assisting
the business.”
Karl Erik Clausen
Chief Financial Officer Octapharma Group
Paulo Castro
General Manager Octapharma Portugal
“In a world unable to cope with international
demand for immunoglobulins, Octapharma’s
support to long-time customers has proven
crucial to satisfy their market needs.”
Frederic Marguerre
Member of the Board
“Our strong corporate focus on Australia
has now paid off by the recognition of
Octapharma as an important player in this
market.”
“The change in Octapharma’s strategy
to invest in its own plasma centers in
Germany was made possible due to
our sound financial standing.”
Reinhard Rettinghaus
General Manager Octapharma Germany
– 7 –
Facts and Figures
Founded in 1983
Mission“For the safe and optimal use of human proteins“
Employees 1,640
Turnover EUR 572 million
HeadquartersOctapharma AG, Lachen, Switzerland
Production- Octapharma Pharmazeutika
Produktionsges.mbH, Vienna, Austria- Octapharma SA, Lingolsheim, France- Octapharma AB, Stockholm, Sweden- Octapharma S.A. de C.V., Mexico City, Mexico- Octapharma Produktionsges.
Deutschland mbH,Springe, Germany
2006
20
06
Research & Development- Octapharma Pharmazeutika Produktionsges.mbH, Vienna, Austria- Frankfurter Innovationszentrum, Frankfurt, Germany- Charité Universitätsmedizin Berlin, Germany- Octagene GmbH, Munich, Germany (contract research)- Octapharma AB, Stockholm, Sweden
Corporate Medical, RegulatoryOctapharma Pharmazeutika Produktionsges.mbH, Vienna, AustriaOctapharma Vertrieb von Plasmaderivaten GmbH, Langenfeld, Germany
International Corporate MarketingOctapharma AG, Lachen, Switzerland
Subsidiaries & Representative Offices 27
Markets Europe, Asia, Middle East, USA, South America, Canada, Mexico, Australia, New Zealand
Brands (registered trademarks) Octaplas, Octagam, Octanate, Octanyne, Octaplex, Octavi SD Optimum, Octalbin, Uniplas, Rhesonativ, Aunativ, Gammonativ, Atenativ,Gammanorm, Nanotiv, Octonativ, Octanine F, Wilate
InnovationsOne of the world’s first factor VIII concentrates – AHF concentrate (KABI 1965)
The first albumin-free genetically engineered factor VIII (development started by KABI in the 1980s)
First company to commercially implement Solvent-Detergent (SD) method for virus inactivation (1986)
First SD virus-inactivated, standardised plasma for transfusion (1991)
First liquid, ready-to-use intravenous immunoglobulin with a two year shelf-life at room temperature (1994)
First virus-inactivated universally applicable transfusion plasma (2004)
First double virus-inactivated factor VIII / von Willebrand factorconcentrate product (2005)
– 9 –
What is Plasma?
Plasma is the transparent, liquid component of human blood that is utilised
as a raw material by the plasma industry to produce pharmaceutical products.
Plasma contains many different therapeutically relevant proteins. In our
factories, these proteins are isolated, concentrated, purified and stabilised
into final pharmaceutical products that help to treat patients in a range of
therapeutic areas. The major pharmaceutical products derived from plasma
are used in the area of immune deficiencies, volume expansion and blood
clotting disorders. As described below, such products are subject to the most
stringent rules and regulations which are at least equivalent to, and often
stricter than, those pertaining to classical pharmaceutical drugs.
From Human Plasma toPharmaceuticals
– 11 –
50,000
40,000
30,000
20,000
10,000
0
Investments in production plants
2000 2001 2002 2003 2004 2005 2006 2007 (b)
(All figures in 1,000 EUR)
1.400
1.200
1.000
800
600
400
200
0
Headcount in production plants
2000 2001 2002 2003 2004 2005 2006 (b) 2007
(All figures in FTE)
– 13 –
The First Manufacturing Steps (fractionation)
Human plasma is the starting material for all Octapharma’s pharmaceutical
products. Blood plasma is limited, expensive and, due to its various proteins,
a very valuable material. The target of the basic manufacturing (fractionation)
is to isolate as much of each of the therapeutically relevant proteins
(the active substances for the end pharmaceutical products) as possible
out of the plasma. During the manufacturing process, these proteins are
concentrated in storable intermediates (fractions) in which the target
proteins are already stable, so that they may be used in the manufacture
of pharmaceutical drugs.
Two main process schemata are used for basic fractionation, both named
after their inventors: the "Kistler-Nitschmann" method and the "Cohn"
method (modified by "Oncley"). Both methods are well-established, very
robust processes and follow the same principles. Octapharma utilises both
of them.
The theory of both methods – when viewed chemically – is quite simple but
requires much skill in technical implementation.
All proteins in plasma, including the therapeutically relevant ones, are
– due to their chemical nature – charged molecules dissolved in water
(plasma consists of approximately 90% water). The challenge is to capture
the proteins by various highly specialized methods. After certain treatments,
the proteins tend to precipitate and can be removed by subsequent filtration
or centrifugation steps.
In practice, the processes are conducted at low temperatures (between
-20 °C and +5 °C/-4°F and +41°F). The solubility of the plasma proteins
is influenced by a change in the pH value, ionic strength, temperature and
by the addition of ethanol. Following this scheme, the storable protein
intermediates include cryo-precipitate, paste (I)+II+III, paste IV, paste V
and paste II, which can all be used for further processing into final pharma-
ceutical products.
A very fortunate side effect of “Kistler-Nitschmann“ and “Cohn-Oncley“
plasma fractionation into intermediates is the significant reduction of
potential virus burden and the significant reduction of potential virus prion
burden due to various precipitation and filtration steps. The fractionation
process is therefore one of Octapharma's many safety pillars.
The Pharmaceutical Products
Octapharma’s pharmaceutical products are manufactured with state-of-the-
art processes according to the highest quality standards and strictly following
Good Manufacturing Practice (GMP). An essential part of all manufacturing
processes are dedicated virus reduction procedures utilising the most
efficient technologies known to date. This includes validated steps designed
to ensure the highest levels of viral and prion safety.
Downstream processing to the final pharmaceutical products employs
effective, gentle purification methods including precipitation, filtration and
chromatography. This includes the use of separation media, equipment
and subsequent cleaning procedures of the highest standards. In general,
it takes up to three months to manufacture and release the final pharma-
ceutical product, including quality control and packing. An exception is the
manufacture of factor VIII / von Willebrand factor products starting from
cryo-precipitate, which requires a maximum of eleven days until the final
lyophilised and heat-treated product is ready for testing. A comparable
overall process time is required to manufacture factor IX products.
Immunoglobulins are prepared from fraction I + II + III, requiring an
additional two weeks from start to the filling of one lot.
According to official guidelines, the manufacture of albumin products,
starting from fraction V, requires an interim incubation period which further
extends the production time.
During the manufacturing and final control of Octapharma’s different
final pharmaceutical products, stringent controls of up to fifty different
parameters are required to ensure that they meet all the safety and other
requirements before release to the market.
– 15 –
The Octapharma Group currently operates four manufacturing plants in
Europe – Vienna (Austria), Lingolsheim (France), Stockholm (Sweden) and
Springe (Germany) – as well as one plant in Mexico. The technical set up
of these plants enables manufacturing of Octapharma’s pharmaceutical
products in equal quality on all sites. This equivalence is guaranteed through
a scientifically and regulatory approved technology transfer process and
provides Octapharma with the utmost flexibility to meet the needs of the
market.
A corporate quality system is implemented in all production sites, reflecting
compliance with requirements not only from national and international drug
regulatory bodies such as the FDA (USA), AGES (Austria), AFSSAPS (France),
Health Canada, MPA (Sweden), PEI (Germany) and TGA (Australia), but also
from PICS and EMEA. These authorities ensure Octapharma’s compliance
through regular inspections. To maintain the quality standards and to
perpetually employ state-of-the-art technologies, continuous high levels
of investment are made in production technology, building structures and
quality systems in all locations.
The Factories
Vienna
Stockholm
SpringeVienna
Stockholm
Springe
Lingolsheim (animation)Lingolsheim (animation)
– 17 –
In order to sell our pharmaceutical products, Octapharma has to conduct
extensive safety and efficacy studies. The regulatory demands are increasing
year by year and Octapharma currently employs more than 50 people solely
to supply the necessary documentation to the authorities. Since July 1,
2003 the former individual formats for national marketing authorisation
applications have been replaced by the International Conference of
Harmonisation (ICH). A milestone within the current international regulatory
requirements that significantly affects our daily work load is the “Common
Technical Document” or CTD, agreed by the ICH. The principal behind
the CTD is to have one international format for Marketing Authorisation
applications worldwide. The CTD is applicable for all types of procedures
(Centralised, Mutual Recognition, Decentralised, National, Variations, BLA
and IND). However, the CTD is definitely not an instruction book. Therefore,
even though the regulatory department has gained significant experience
during the last two to three years, it remains a challenge to create the most
meaningful CTD structure for each new marketing authorisation application.
In the past three years the regulatory affairs department has “assigned”
160 submissions (variations, new applications) into a library of electronic
software. This includes several complete eCTDs. Taking into account all
necessary steps, the workload involved in creation of this “library” equates
to 43 months of work for one single person!
From 2007 onwards, Octapharma plans to carry out only electronic
submissions in the USA and, wherever possible, in the rest of the world.
Requirements from the Authorities
100
80
60
40
20
0
Product registrations obtained
2000 2001 2002 2003 2004 2005 2006
25
20
15
10
5
0
Headcount in corporate regulatory affairs
2000 2001 2002 2003 2004 2005 2006
(All figures in FTE)
– 19 –
Since its foundation in 1983, Octapharma has been dedicated to developing
new pharmaceutical products based on human plasma. For eight years
Octapharma has also invested in the development of pharmaceutical
products based on recombinant technology (i.e. cell cultures).
Octapharma currently employs more than 100 people worldwide in the
research and development of such products. The investments in R&D are
increasing substantially every year.
Plasma R&D
The focus of our R&D has always been on haemophilia, immune deficiency
and intensive care. The larger of the specialised patient groups, with more
common diseases, have been provided with a constant supply of new deve-
lopments in terms of product innovations. A more solid financial backbone
has finally made it possible for Octapharma to pursue long-awaited targets,
namely smaller patient groups and new fields of treatment, even outside our
traditional target business areas. Together with the roughly tenfold increase
in demand for patients to be enrolled into clinical trials, and the hundredfold
increase in terms of documentation output from these studies, our staff in
clinical research and development almost doubled during 2006.
In spite of the success of our liquid intravenous immunoglobulin product
Octagam, a few years ago we challenged ourselves to develop a new
generation of the product with even higher purity and yield. The demanding
work with the new product in 2006 led us through process scale-up, large
investments and comprehensive pre-clinical studies. The animal trials are
about to be completed and a substantial clinical development programme
is about to start, targeting both traditional and novel indications.
To meet the desire of the alpha-1 deficiency community to have a liquid
preparation, we pursued the opportunity to develop a liquid A1PI (Alpha 1
proteinase inhibitor – a product for treatment of emphysema) which is now
undergoing validations and animal studies.
Convenience, in terms of storage and administration, is also the basis
for our development of a lyophilised, virus inactivated transfusion plasma,
which could be supplied either as a blood group specific or non-blood-
group specific product. The first large-scale batches have been produced
and major biochemical characterisations and stability studies are about to
commence. The product can be stored at a temperature of between 2–5°C
and reconstituted within minutes, avoiding the need for thawing in critical
or urgent situations.
Research & Development
– 21 –
Besides these three major achievements in research and development,
substantial resources have also been allocated to the initiation of clinical
trials of intravenous gammaglobulin in 10% concentration and universal,
virus-inactivated transfusion plasma in Europe and North America,
respectively.
The US study with our new von Willebrand factor/factor VIII concentrate was
successfully completed and the file was submitted to the FDA towards the
end of the year. In 2006 this product also went through a successful mutual
recognition registration procedure in Europe. It is one of the best examples
of the high number of patients that are required during clinical development
of our products. The FDA submission comprises data from 200 patients that
have been treated with this product in prospective studies.
The latest developments in terms of the prion illness variant Creutzfeldt-
Jakob disease (vCJD) have made it necessary for Octapharma, and all other
companies in this field, to allocate substantial manpower and financial
resources to prion research and validation over the last two years. More than
100 very complicated and costly studies have been performed, both internally
and outsourced, to document the prion safety of all our products in order to
support the almost 500 marketing authorisations we have worldwide.
Our suppliers of both non-plasmatic raw materials and equipment are
constantly improving their specifications and the technological features of
their merchandise. These changes are very important for a proper life-cycle
management of our existing product portfolio and the need to introduce
these developments is sometimes reinforced by actions from regulatory
authorities searching for harmonisation within the pharmaceutical industry.
– 23 –
Frankfurt Innovation CentreFrankfurt Innovation CentreViennaVienna
StockholmStockholmCharité Universitätsmedizin BerlinCharité Universitätsmedizin Berlin
Recombinant R&D
In 2006, our activities in the recombinant R&D department in Sweden were
focused on bringing our first product, the B-domain-deleted recombinant
Factor VIII, to market. The ongoing work enabled us to successfully up-scale
to Pilot Plant and the production of recombinant FVIII for toxicology studies.
The pre-clinical toxicology testing in rats and monkeys was successfully
performed, showing as expected, that our product is comparable with a
plasma FVIII product on the market. We are very proud of these good results
that will provide us with an excellent platform for the clinical phase.
During the year, the group has grown to employ 31 people in Sweden for
this project. For 2007 we will continue to grow and significant investments
are planned to be able to handle the increased activities associated with
preparing for clinical manufacturing and IND application.
In Munich, Octagene is developing a line of new recombinant products for
Octapharma and it is expected that the next new project can be delivered
for commercial development in Stockholm by the end of 2007.
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
R&D Costs Evolution
2000 2001 2002 2003 2004 2005 2006 (b) 2007
Recombinant(All figures in 1,000 EUR) Plasma
– 25 –
The positive sales trend that started in 2005 further developed in 2006
with sales increasing by 32% for the Octapharma Group. Further, the group
realised 19% profit after tax ratio or T EUR 105,694 which is in line with
the expectations and meets the best of the industry standards.
The financing required to establish new markets and build the basis for
further expansion in the coming years was ensured by keeping our plasma
inventories at relatively lower levels during 2006.
The development in the operating cash flow and the investments over the last
five years shows that the operating cash flow has continued to increase in
2006 when Octapharma at the same time increased investment in the future.
The very positive development of the turnover together with the continued
high attention on the cost levels kept both the operating margin and the
return on net assets for the first time well above the long term goal of 20%
respectively:
Already in 2006 the expenditure to ensure future prosperity (i.e. general
investments and R&D) increased by 34%. The funds made available with
the outstanding result of 2006 are, in a similar way, to be used to secure
the continued growth of Octapharma. Investments will increase dramatically
in the coming years to ensure access to new markets and for new and
improved products.
Comments to Octapharma Finance
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
2001 2002 2003 2004 2005 2006
Operating Cash Flow(All figures in 1,000 EUR) Investments
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
Operating MarginReturn On Net Assets
2001 2002 2003 2004 2005 2006
– 27 –
2006 2005 2004 2003 2002
Profit from operations 126,850 59,940 42,070 41,102 53,251
Net profit for the year 105,694 53,417 30,060 27,021 40,859
Year-end headcount 1,826 1,482 1,360 1,401 1,370
Return on average equity 32% 18% 14% 14% 24%
Profit from operations per employee 77 42 31 29 49
Current ratio 204% 142% 114% 93% 114%
Days of sales in receivables 108 109 112 102 108
Days of purchases in inventory 189 196 246 279 262
Cash flow from operations 85,406 80,864 35,511 4,769 30,234
Expenditures to ensure future prosperity 43,239 31,079 35,565 43,125 76,787
• Research & development 19,544 15,291 12,248 14,836 12,843
• Capital expenditures and
investment in activities 23,695 15,788 23,317 28,289 63,944
(Monetary figures in 1,000 EUR)
Key figures for the Octapharma Group
– 28 –
– 29 –
600,000
500,000
400,000
300,000
200,000
100,000
0
2000 2001 2002 2003 2004 20062005
2000 2001 2002 2003 2004 20062005
2000 2001 2002 2003 2004 20062005
Net sales
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
Operating income
1,800
1,600
1,400
1,200
1.000
800
600
400
200
0
Average headcount
2 0 0 6
Income statement of the Octapharma Group
(All figures in 1,000 EUR)
2006 2005
Gross sales 571,588 424,946
Sales deductions -24,643 -17,371
Net sales 546,945 407,575
Total cost of sales -324,286 -279,398
Gross profit 222,659 128,177
Research & development -19,544 -15,291
Selling & marketing -35,404 -29,541
Regulatory affairs / quality audit -6,429 -5,047
General & administration -32,555 -20,715
Other income & expenses -1,877 2,357
Operating expenses -95,809 -68,237
Operating income 126,850 59,940
Non-operating income and expenses -4,873 1,318
Profit before taxes 121,977 61,258
Income tax expenses -16,283 -7,841
Profit after taxes 105,694 53,417
Attributable to:
Shareholders of Octapharma Nordic 101,842 50,344
Minority interest 3,852 3,073
Net profit for the year 105,694 53,417
– 30 –
20
06
Balance sheet of the Octapharma Group
(All figures in 1,000 EUR)
31.12.2006 31.12.2005
Assets
Cash & cash equivalents 70,630 25,148
Trade receivables 169,865 126,731
Receivables from related parties 387 0
Inventory 164,582 141,579
Other current assets 19,462 16,627
Current assets 424,926 310,085
Long-term investments 686 97
Loans to related parties 750 0
Property, plant & equipment 114,235 104,030
Deferred tax assets 8,953 8,163
Fixed assets 124,624 112,290
Assets 549,550 422,375
– 31 –
(All figures in 1,000 EUR)
31.12.2006 31.12.2005
Liabilities and equity
Trade payables & other payables 52,207 49,062
Payables to related parties 10,298 14,035
Short-term loans & liabilities 0 12,215
Income tax payables 13,399 7,076
Short Term Accruals and Provisions 51,476 36,251
Current liabilities 127,380 118,639
Long-term loans 0 3,372
Provisions 42,110 23,723
Deferred tax liabilities 7,051 7,702
Non-current liabilities 49,161 34,797
Liabilities 176,541 153,436
Minorities 0 56,180
Common stock 96 96
Retained earnings 376,527 217,722
Currency translation adjustment -3,614 -5,059
Shareholder’s equity 373,009 212,759
Liabilities and equity 549,550 422,375
– 32 –
Balance sheet of the Octapharma Group
(All figures in 1,000 EUR)
2006 2005
Net profit for the year 105,694 53,417
Depreciation on tangible fixed assets 15,399 13,984
Changes in long-term provisions
and tax assets/liabilities 15,258 1,131
Loss on disposal of fixed assets
and business activities 2,506 -477
Cash flow before changes in working capital 138,857 68,055
Changes in working capital -53,451 12,809
Net cash from operating activities 85,406 80,864
Investment in tangible fixed assets -21,561 -15,788
Investment in activities and other financial assets -2,134 148
Proceeds from sales of fixed assets
and business activities 82 1,996
Net cash used in investing activities -23,613 -13,644
Changes in loans -16,531 -53,918
Dividends paid 0 -6,440
Net cash used for financing activities -16,531 60,358
Effect of currency translation adjustments 220 701
Net change in cash and cash equivalents 45,482 7,563
Cash and cash equivalents beginning of period 25,148 17,585
Cash and cash equivalents end of period 70,630 25,148
Cash flow statement of the Octapharma Group
– 33 –
2 0 0 6
The Auditor’s Statement
KPMG Ltd
Audit
Badenerstrasse 172 P.O. Box Telephone +41 44 249 31 31CH-8004 Zurich CH-8026 Zurich Fax +41 44 249 23 19
Internet www.kpmg.ch
Octapharma Nordic AB, Stockholm
Summarized consolidated financial statements 2006
As independent auditors, we have audited the consolidated financial statements of OctapharmaNordic AB, Stockholm, for the year ended December 31, 2006, from which the summarizedconsolidated financial statements were derived, in accordance with International Standards onAuditing. In our report dated March 8, 2007 we expressed an unqualified opinion on the con-solidated financial statements in accordance with the International Financial Reporting Stan-dards (IFRS) from which the summarized consolidated financial statements were derived.
In our opinion, the accompanying summarized consolidated financial statements are consistent,in all material respects, with the consolidated financial statements from which they were derived.
For a better understanding of the Company's financial position and the results of its operationsfor the period and of the scope of our audit, the summarized consolidated financial statementsshould be read in conjunction with the consolidated financial statements from which the sum-marized consolidated financial statements were derived and our audit report thereon.
KPMG Ltd
Fredy Luthiger Markus Ackermann
Zurich, March 8, 2007
– 35 –
Octapharma Contact Details
HeadquartersOctapharma AGKim BjörnstrupKarl Erik ClausenFrederic MarguerreSeidenstraße 2CH-8853 LachenSwitzerlandTel. (+41) (55) 4 51 21 21Fax (+41) (55) 4 51 21 [email protected]@[email protected]
Australia Octapharma Australia Pty. Ltd.Simon SestichJones Bay Wharf 42/26-32 Pirrama RoadPyrmont NSW 2009AustraliaTel. (+61) 2 8572 5800Fax (+61) 2 8572 [email protected]
AustriaOctapharma Pharmazeutika Produktionsgesellschaft m.b.H.Nicholas Jacobson,Bernhard Kerner, Rudolf LukschanderlOberlaaer Straße 235A-1100 ViennaAustriaTel. (+43) (1) 61 03 20Fax (+43) (1) 61 03 23 [email protected]@[email protected]
Octapharma Handelsges.m.b.H.Walter OdermattOberlaaer Straße 235A-1100 ViennaAustriaTel. (+43) (1) 61 03 21 80Fax (+43) (1) 61 03 22 [email protected]
BelgiumOctapharma Benelux S.A./N.V.Laurent de NarbonneRue de stalle 63/4B-1180 BrusselsBelgiumTel. (+32) (2) 3 73 08 90Fax (+32) (2) 3 74 48 [email protected]
BrasilOctapharma Brasil Ltda.Clóvis BastosAv. Ayrton Senna, 1850Sala 118–, Barra da Tijuca22775-001 Rio de Janeiro-RJBrasilTel. (+55) (21) 24 30 31 83Fax (+55) (21) 24 30 31 [email protected]
ChinaOctapharma Beijing Representative OfficeChao YueYunSuite M-16 InternationalCommunication Building52 NanDaJieZhongGuanCunHaiDianQuBeijing 100081ChinaTel. (+86) 10 621 93528Fax (+86) 10 621 [email protected]
CanadaOctapharma Canada Inc.Geoffrey Thomas4-140 Advance Blvd.Brampton, ON L6T 4Z8CanadaTel. (+1) 416 907 4618Fax (+1) 416 840 [email protected]
DenmarkOctapharma Nordic ABAnders AmossenElersvägen 40SE-112 75 StockholmSwedenTel. (+45) 317 168 77Fax (+46) 8566 [email protected]
FinlandOctapharma Nordic ABJanne NissiläMyyrmäentie 2 BFI-01600 VantaaFinlandTel. (+358) 9 47301162Fax (+358) 9 [email protected]
FranceOctapharma S.A.S.Patrick Selosse / Nicolas Sciard70-72 rue du Maréchal FochBP 33F-67381 LingolsheimFranceTel. (+33) (3) 88 78 89 89Fax (+33) (3) 88 78 89 [email protected]@octapharma.fr
Octapharma France S.A.S.Laurent de Narbonne62 bis Avenue André MorizetF-92100 BoulogneFranceTel. (+33) (1) 41 31 80 00Fax (+33) (1) 41 31 80 [email protected]
GermanyOctapharma GmbHReinhard RettinghausElisabeth-Selbert-Straße 11D-40764 LangenfeldGermanyTel. (+49) (21 73) 91 70Fax (+49) (21 73) 91 71 [email protected]
Octapharma GmbHNiederlassung DessauSybille WernerOtto-Reuter-Straße 3D-06847 DessauGermanyTel. (+49) (3 40) 5 50 80Fax (+49) (3 40) 5 50 81 [email protected]
GreeceOctapharma Hellas SAGeorge Kalbitzer60, Posidonos Ave.166 75 Glyfada AttikiGreeceTel. (+30) 210 89 86 500Fax (+30) 210 89 86 [email protected]
MexicoOctapharma S.A. de C.V.Angel SosaCalzada México Tacuba No. 1419Col. Argentina PonienteC.P. 11230 México, D.F.MéxicoTel. (+52) 55 53 99 56 44Fax (+52) 55 55 27 05 [email protected]
New ZealandOctapharma New Zealand LimitedSimon SestichLumley Center88 Shortland StreetAucklandNew ZealandTel. (+64) (2) 85 72 58 00Fax (+64) (2) 85 72 58 [email protected]
NorwayOctapharma ASJohn Erik ØrnFurubakkenNO-2090NorwayTel. (+47) (63) 98 88 60Fax (+47) (63) 98 88 [email protected]
PolandOctapharma AGJaroslaw CzarnotaIlzecka 26PL-02-135 WarsawPolandTel. (+48) 225 757 082Fax (+48) 225 757 [email protected]
PortugalOctapharma Produtos Farmaceuticos, Lda.Paulo CastroRua da Graca, 14P-1170-169 LisbonPortugalTel. (+351) (21) 8 16 08 20Fax (+351) (21) 8 16 08 [email protected]
RussiaOctapharma RussiaMikhail SmirnovOffice 1002, 10th FloorRegus Business CentreSmolensky PassageSmolenskaya sg., 3Moscow 121099Russian FederationTel. (+7) 495 937 80 59Fax. (+7) 495 937 82 [email protected]
Saudi ArabiaOctapharma Regional Scientific OfficeMaher Abu Al-RobAbdel Malik Bin Marwan St.P.O. Box 7633Riyadh 11472Saudi ArabiaTel. (+966) 50 3844897Fax (+966) 1 [email protected]
SlovakiaOctapharma AG, o.z.z.o.Miroslav GresikZochova 6/8SK-811 03 BratislavaSlovakiaTel. (+421) 2 5464 6701Fax (+421) 2 5441 [email protected]
SpainOctapharma S.A.Diego GarciaParque Empresarial de San FernandoEdif. Berlin - planta BajaAv. Castilla 228830 San Fernando de Henares,MadridSpainTel. (+34) 91 6487298Fax (+34) 91 [email protected]
SwedenOctapharma ABTobias MarguerreOlivier ClairotteElersvägen 40SE-11275 StockholmSwedenTel. (+46) 8 566 43000Fax (+46) 8 566 [email protected]@octapharma.se
Octapharma Nordic ABTobias MarguerreElersvägen 40SE-11275 StockholmSwedenTel. (+46) 8 566 43000Fax (+46) 8 566 [email protected]
United KingdomOctapharma LimitedSue Griffin6, Elm Court, Copse DriveMeriden Green, Coventry CV5 9RGUnited KingdomTel. (+44) (167) 6 52 10 00Fax (+44) (167) 6 52 12 [email protected]
USAOctapharma USA, Inc.Flemming Nielsen5885 Trinity Parkway, Suite 350Centerville, Virginia 20120USATel. (+1) 703 766 48 60Fax (+1) 703 766 48 [email protected]
– 37 –
Octapharma –
A Look into the Future.
Octapharma AG
Seidenstraße 2 · CH-8853 Lachen · Switzerland
Tel. (+41) (55) 4 51 21 21 · Fax (+41) (55) 4 51 21 10
www.octapharma.com
Editorial content: Octapharma AG, Kim Björnstrup
Design, artwork, production: Concept Design, Robert Becker
For the safe and optimal use of human proteins
