TAKING OFF - BEBIG · 7180 Seneffe (Belgium) Tel: +32 64 520 808 ... Nbr. Employee Sales per Employee (EUR 000) ... TAKING OFF ! Contact:

Contributing to saving lives !

annual repor t 2009

TAKINGOFF !

Contact:

Paul-Emmanuel Goethals

Head of Investor Relations & Communication

Zone Industrielle C

7180 Seneffe (Belgium)

Tel: +32 64 520 808

Fax: +32 64 520 801

E-Mail: [email protected]

Website: www.ibt-bebig.eu

Version française disponible sur demande

Contributing to Saving Lives !

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2612202662

Highlights of the year

Message to our Shareholders

IBt Bebig Today

IBt Share and Shareholders

Corporate Gover-nance

Management & Financial Report

Corporate Governance

IBt annual report 2009


annual repor t 2009

TAKINGOFF !

Contact:



Zone Industrielle C


Tel: +32 64 520 808

Fax: +32 64 520 801





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IBt Bebig Today






€ 000 2009 2008 2007 CAGR (%)

Sales 30 682 17 240 8 003 95.8%EBITDA 7 200 3 897 584 251.1% EBITDA margin (%) 23.5% 22.6% 7.3%EBIT 5 350 2 398 -241 na EBIT margin (%) 17.4% 13.9% -3.0%Net income 4 405 -2 681 -8 620 na Net margin (%) 14.4% -15.6% -107.7%Research & Development expenses 1 109 257 0 na

Equity 33 430 29 062 8 073 103.5%Cash 9 605 2 305 3 005 78.8%Financial debt 12 822 12 942 1 412 201.3%Net debt (cash) position 3 217 10 637 -1 593 Gearing ratio 38.4% 44.5% 17.5%Total assets 66 322 55 115 17 810 93.0%

Share price at December 31st. 3.70 2.45 3.17 8.0%Number of shares at December 31st. 17 554 354 17 554 354 10 804 354 27.5%Market capitalization 64 951 43 008 34 250 37.7%Enterprise value 68 168 53 645 32 657 44.5%

Earnings per share EPS (EUR/share) 0.25 -0.15 -0.80Book value per share (EUR/share) 1.90 1.66 0.75 59.6%Price/Earnings ratio 14.74 - -Price/Book value 1.94 1.48 4.24 EV/EBITDA 9.5 13.8 55.9

Employees at December 31st. 155 148 65 54.4%

Key Figures Sales per applications (treatment of cancers)

Employees in 2007-2009Total number of employees per year and Sales per employee (EUR 000)

12%Therapy Accessories & Others

5%Eye

32%Head, Neck, Gynecological

51%Prostate

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Nbr. Employee Sales per Employee (EUR 000)

Sales/EBIT/Net

EUR

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,682

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148

116

155

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2009 2008 2007

31,000

26,000

21,000

16,000

11,000

6,000

1,000

-4,000

-9,000

Sales EBIT Net Income

Financial Data 2009

Financial Calendar Trading Update 1Q-2010: by mid-May 2010Annual General Meeting: June 7, 2010 (10:30 am)Half-Year Results 2010: by end August 2010 Trading Update 3Q-2010: by mid-November 2010Annual Results 2010: by mid-March 2011

€ 000 2009 2008 2007 CAGR (%)









5%Eye


51%Prostate

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2009 2008 2007

210

180

150

120

90

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Sales/EBIT/Net

EUR

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,682

5,35

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4,40

5

65

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148

116

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198

17,2

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2,39

8

-2,6

81

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2009 2008 2007

31,000

26,000

21,000

16,000

11,000

6,000

1,000

-4,000

-9,000


Financial Data 2009


IBt Bebig, incorporated in 1996, is a European based group, active in the Active Implantable Medical Devices segment of the Health Care sector.

IBt Bebig’s core business is the treatment of cancer using radiation technology, particularly the treatment of cancer by brachytherapy, a technique which consists of placing a sealed implant containing a minuscule quantity of a radioactive isotope in the body, on either a temporary or on a permanent basis. Depending on the application, the implant can take the shape of a seed , a plaque or a tiny catheter. The precise positioning of the implant allows the cancer cells to be destroyed while sparing the healthy tissues and increasing the patient’s quality of life. Today, brachytherapy procedures are used mostly to treat cancers of the prostate, neck, head and eye, as well as certain gynecological cancers

Products and equipment provided by the group are targeting radiation oncologists, radiologists, urologists and medical physicists.

IBt Bebig employs over 150 people and has entities in Germany, France, United Kingdom, Spain, Italy and India. Its Headquarters is located in Seneffe, Belgium and the company has been listed on the Euronext stock exchange since April 1997 (Reuters : IBTH.BR – Bloomberg : IBTB BB).

Treatment of cancers

EyeProstate Gynecological, Head & Neck

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2009, a year of strong Growth

• July 2009: The Christie Hospital in Manchester, UK,

treated its 1000th patient with I-125 (Iodine 125)

implants, one of Europe’s leading cancer centers

with the largest prostate cancer brachytherapy

program in United Kingdom.

• October 2009: 100th Cancer Center in the world

choosing the IBt Bebig temporary brachytherapy

solution MultiSource® HDR Co-60 afterloader. The

installation of the equipment was made at the Vajira

Hospital in Bangkok, Thailand. MultiSource® is now

being in use in more than 20 countries around the

world.

• November 2009: Record attendance at IBt Bebig

International Brachytherapy User Group Meeting

held in Brussels, Belgium. The company gathered

together over 150 people specializing in the field

of temporary or permanent brachytherapy with

Doctors and Professors coming mainly from

Europe, but also from Asia and South America.

Development in Russia

• April 2009: Creation of a Russian joint venture,

NanoBrachyTech, based in Moscow that will focus

on innovative technologies for the treatment of

cancer by brachytherapy in the Russian Federation.

IBt Bebig holds 15% equity stake in the joint

venture.

• June 2009: Signature of two major contracts

with NanoBrachyTech. First contract regarding

the purchase of production assets using the

latest technology developed by IBt Bebig in the

brachytherapy field. The second contract regarding

a technology transfer license and exclusive

distribution agreement.

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Perspective in USA

• December 2009: Strategic Alliance between IBt

Bebig and Core Oncology Inc., California, USA.

The agreement calls for covering initially the cross

marketing of products of both companies and the

definition of mutual R&D programs. As part of

the agreement, IBt Bebig made a two million USD

investment in Core Oncology. Both groups are

investigating the possibilities to collaborate further

together.

• February 2010: The two companies have entered

into discussions about a possible merger of their

activities.

Innovation

• During the year 2009 R&D grew in importance

and activities were focused on new products,

technology and applications development.

• R&D expenditures represented about 3.6% of

sales, with some major milestones achieved like: an

improved software version for the MultiSource®

HDR afterloader and new accessories for

MultiSource® HDR afterloader system, including

applicators for gynecological application.

The saga on IBt share with the Takeover bid

• April 2009: Mandatory Takeover imposed by CBFA

on all IBt shares at 3.47 euro.

• December 2009: The CBFA, the Belgian regulatory

body for financial markets, published a notice

regarding the launching of a takeover bid by the

companies Eckert & Ziegler AG (EZAG) and SMI

Steglitz (SMI) for all IBt shares not yet held by these

two companies.

• January 2010 : Brussels Court of Appeal has

ordered Eckert & Ziegler to make a Takeover bid

for 100% ownership of IBt.

• March 2010: Eckert & Ziegler announces the results

of the Takeover bid. It owns now 72% of all IBt

shares and 78.2% of voting rights (with SMI Steglitz).

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Messageto our Shareholders

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Dear Shareholders,

2009 for IBt Bebig was a year of great emotions. It began,

in the midst of a global financial crisis, with the collapse of

the IBt’s share price to an all-time-low, continued with a

highly publicized lawsuit among IBt’s Directors, with claims

and counterclaims entertainingly flying forth and back. The

year 2009 brought to light a spectacular improvement in

profitability and cash flow, a result coming mainly from

last year’s courageous restructuring. After the summer,

the year excited investors with a joint venture in the East

and an alliance in the West. In its very last days, at the end

of December, it even brought about a public takeover bid,

voluntarily submitted by IBt’s largest shareholder – Eckert

& Ziegler – in order to put an end to the paralyzing legal

quarrels.

The bid, which later became mandatory without material

changes, made the Happy End for 2009 complete. It gave

everyone whatever he wanted: the claimants cheerfully

walked away with their EUR 3.64 per share; Eckert &

Ziegler strengthened its control over a growing and

profitable Therapy division, full of prospects; and IBt Bebig

received new and leaner structures. Most importantly,

the Group was able to put an end to its internal divisions.

With the turnaround completed and harmony restored,

IBt Bebig now looks forward to interesting opportunities.

As the former and new Chairman of the Board of

Directors of IBt, I am very pleased about this development

and thank everyone who made this success possible. It

is comforting to see that IBt Bebig is on the right track.

The profit that the company recorded in 2009 is not a

windfall, but it results from regular operating activities. It is

therefore sustainable for the future. I am convinced it can

be increased, a task that the new management will eagerly

tackle.

Very truly yours

9

Dr. Andreas Eckert

Chairman of the Board of Directors

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Message from the Managing Directors Dear Shareholders, Partners, Employees, and Patients,

The year 2009 was exceptional in many ways and marked

a great stride forward for our company. We are proud to

announce a historic achievement. IBt Bebig has posted its

first-ever profit, and it is a substantial one: €4.4 million.

This very satisfying bottom line is primarily the result

of the merger of IBt and Eckert & Ziegler Bebig. We are

beginning to reap the benefits of the consecutive strategic

change made in 2008. Our ensuing internal restructuring

has proved extremely positive. We became the European

market leader on early stage prostate cancer treatment

and have benefited from the temporary brachytherapy

businesses which Bebig brought along.

As a result of its 2008-2009 consolidation, IBt Bebig now

has three diversified treatment lines: for prostate cancers,

for eye cancer (we are the world leader in this niche), and

for gynecological, head, and neck cancers. As a result of

this, our company has grown almost fourfold, and we are

now working with a diverse patient panel.

It should also be recalled that our products are based

on an extraordinary but insufficiently known technology.

Brachytherapy is a form of cancer treatment that

offers the enormous benefit of maintaining quality of

life for both patients and their close circle and being

relatively low cost. The latter should prove a non-

negligible advantage in the coming years, in view of the

trend toward tighter government control of health care

spending.

The past year was also a pivotal year in terms of

commercial development. We have laid the foundations for

our eastward and westward expansion. On the east, we

have established a joint venture in Russia, NanoBrachyTech,

while on the west, we have acquired a stake in the US

company Core Oncology Inc., as part of our plan to re-

enter the American market through local production (in

contrast with our previous approach). Our objective is to

make IBt Bebig a true international Group providing the

benefits of brachytherapy to the greatest possible number

of patients—in Europe, the United States, and the World.

In 2010, we will be focusing on developing our corporate

identity in order to increase recognition of our Group,

particularly within the scientific community. While we

were not affected by the difficult economic environment

in 2009, the coming months should see fewer temporary

brachytherapy orders from hospitals operating under

tighter budgets. To counter this effect, we will be paying

particular attention to increasing market share. In

response to the needs of our customers and patients, we

will continue to invest heavily in research and development

in 2010, in order to ensure continued growth.

Obviously, the litigation in 2009 over IBt Bebig’s ownership

was limited to the shareholders and had no effect

whatsoever on its business operations. The Brussels Court

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of Appeal handed down its final judgment in January 2010,

a takeover bid from Eckert & Ziegler ensued, and the case

is now officially closed. We apologize to our shareholders

for the unintended irritation and thank them warmly for

their renewed confidence.

Lastly, we wish to thank all employees of the Group

for their commitment to their daily work in the face of

the occasional, unavoidable difficulties that come with

restructuring. IBt Bebig now enjoys the benefit of a wealth

of complementary cultures and fields of expertise. The

value of your efforts is expressed in thousands of lives

saved. Every week, each person at IBt Bebig helps to save

one life. This is tremendous, already, but we are convinced

that we can do much, much more.

Dr. Edgar Löffler

Managing Director

Dr. Gunnar Mann

Managing Director

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IBt Bebig Today

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IBt Bebig Today

With more than 780,000 estimated new cases per year

in the world, prostate cancer is in the second largest

frequently diagnosed cancer among men.

IBt Bebig is a European based group, active in the Active

Implantable Medical Devices segment of the Health Care

sector.

IBt Bebig’s core business is the treatment of cancer using

radiation technology, particularly the treatment of cancer

by brachytherapy (from the Greek brachy: meaning short

distance).

Products and equipment provided by the group are

targeting radiation oncologists, radiologists, urologists and

medical physicists.

Geographic presence

London,Madrid,Milan,Paris,

Delhi-India HQSeneffe, Belgium

ProductionBerlin,

Germany

Subsidiaries

IBt Bebig is today a clear leader in brachytherapy

in Europe. Headquartered in Belgium, the company

has a production facility in Germany and subsidiaries

throughout Europe and in India, in addition to a large

network of distributors and agents. The company is

marketing its products lines worldwide. Early 2009 the

company increased its presence in the East through the

creation of a joint venture in Moscow, NanoBrachyTech.

End of 2009 the group moved also to the West, as IBt

Bebig made steps to the US market which is around three

to four times the size of the European market, through an

alliance with Core Oncology, Inc.

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What is Brachytherapy?

Brachytherapy is a minimally invasive procedure

used in the treatment of different kinds of cancer.

It consists of placing a sealed implant, containing a

tiny quantity of a radioactive isotope, in the body.

Brachytherapy could be called internal radiotherapy,

as it is another mode of delivering radiation therapy.

Over the last decades, brachytherapy has been proven

to be very effective and safe. It provides a good

alternative to the surgical removal of the prostate

gland (prostatectomy), breast and cervix and it

reduces the risk for certain long term side effects. The

precise positioning of the radioactive implants allows

to spare the surrounding healthy tissues and therefore

reduces the side effects endured by the patient.

Brachytherapy is usually an outpatient procedure and

the patient can restart professional or other activities

within a week. While in the case of surgery patient

will have to stay a week in the hospital and in the case

of external radiotherapy it can means more than 30

visits to hospital over five to seven weeks.

Two different forms of brachytherapy are used today:

Permanent and Temporary Brachytherapy.

Permanent BrachytherapyPermanent brachytherapy – also called Low Dose

Rate brachytherapy (LDR) – relates to placing

radioactive implants (called seeds) that remain

inside the body permanently. It is used mostly to

treat prostate cancer in its early stage. During a

permanent brachytherapy procedure, approximately

70 to 100 radioactive seeds are placed into the

prostate gland. These implants are very small, about

a third of the volume of a grain of rice and they are

inserted directly into the tumor through thin, hollow

needles. The radioactivity of the seed decay in time is

treating the cancerous cells while sparing the healthy

surrounding tissues. For prostate cancer, based on

long term scientific studies and publications done

by a number of medical institutions in the US and in

Europe, this method of treatment appears to strike

a very good balance between maximizing the cancer

control rate while preserving the patient’s quality of

life.

Temporary BrachytherapyTemporary brachytherapy – also called High Dose

Rate brachytherapy (HDR) – relates to placing a

radioactive source that stays in the body for a limited

period of time. The implant takes usually the form of

a plaque or a tiny catheter. When a catheter is used,

a computer-controlled equipment pushes a highly

radioactive source into the catheter and is left in

place for a few seconds only to treat the cancerous

cells. The ability to modify the dose during the

treatment is one of the main advantages of temporary

brachytherapy as it allows to deliver high doses to the

cancerous cells while preserving the dose to healthy

tissue. Temporary brachytherapy is mainly used for

head & neck, eye cancers, as well as gynecological

cancers.

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IBt Bebig’s Products Offering

PERMANENT BRACHyTHERAPy

IBt Bebig manufactures radioactive implants used

mainly in the treatment of localized prostate cancer.

The seeds offered by the group take the form of

little capsules containing a minuscule quantity of a

radioactive isotope, I-125 (Iodine-125). These seeds

are proposed in several configurations:

• IsoSeed®: loose seeds, offering excellent visibility.

Depending on model, it is optimized for high-

contrast X-Ray imaging or when containing a gold

marker it offers visibility in CT imaging.

• IsoStrand®: it consists of 10 IsoSeed® spaced

1 cm apart. The unique design of the biodegradable

spacers and outer suture ensures excellent strand

placement.

• IsoCord®: a unique needle loading station that

enables the practitioner to cut the IsoCord®

seed chain in a safe and convenient way. During

the whole process the user is protected by an

integrated radiation shielding. IsoCord® provides

excellent strand placement characteristics and

outstanding visibility under X-ray and ultrasound.

• In addition to radioactive implants, IBt Bebig

provides also full installation to hospitals, including

treatment planning, ultrasound scanners and a

complete range of accessories.

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TEMPORARy BRACHyTHERAPy

IBt Bebig manufactures two lines of temporary

brachytherapy products and equipments: HDR

MultiSource®, so called Afterloaders and ophthalmic

plaques. Afterloaders are mostly used to treat head

& neck cancers and certain gynecological cancers.

Ophthalmic plaques are used to treat eye cancer.

Afterloaders:

• MultiSource®: an HDR 20 channel afterloader

system designed for the entire range of HDR

brachytherapy applications. The dose is delivered

to the cancerous cells by using a unique Co-60

(Cobalt 60) or an Ir-192 (Iridium 192) source,

contained in a shielded trolley to which a catheter

is attached.

• In addition to the equipment, IBt Bebig is also

marketing an innovative, user friendly software

for quick and efficient HDR planning, named

HDRplus™. It also provides a full range of

applicators and accessories.

Ophthalmic plaques:

• IBt Bebig is the sole supplier of Ru-106 (Ruthenium

106) ophthalmic plaques: mostly used for the

treatment of uveal melanoma, retinoblastoma and

melanoma of the iris. The plaques consist of a thin

film of Ru-106, a beta emitter, encapsulated within

pure silver sheets with a total thickness of only

1 mm.

• COMS Eye Applicators: an eye applicator reliable

and proven to treat intraocular tumor with I-125

seeds when higher thickness is needed.

• Plaque simulator: a 3D treatment planning system

for ophthalmic plaque brachytherapy.

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IBt Bebig and its customers

IBt Bebig provides a platform to customers to share

their scientific, clinical and practical experiences

through an International Brachytherapy User Group

Meeting.

• In November 2009, the group gathered together

over 150 people specializing in the field of

temporary or permanent brachytherapy with

Doctors and Professors coming mainly from

Europe, but also from Asia and South America.

• During the meeting, a multidisciplinary Scientific

Committee made of some of the most prominent

Radiation Oncologists, Urologists and Medical

Physicists, led the conference sessions. A panel of

well recognized experts has discussed about usage

of temporary brachytherapy (High-Dose rate) to

treat gynecological, head & neck tumors, as well as

ocular melanoma treated by local implants. Some

of the other subjects were covering the trends

in prostate cancer treatment, such as the latest

developments in permanent prostate brachytherapy.

Quality Management, Environment and Safety

IBt Bebig has a strong commitment towards Quality,

Environment and Safety. The company manufactures

medical devices and operates in a highly regulated

sector. The group maintains comprehensive,

formalized quality assurance systems. The

manufacturing site is regularly inspected by external

authorities, such as TÜV or the calibration

service inspectors to ensure compliance with the

guidelines. IBt Bebig constantly seeks to improve and

exceed the required standards. The group ensures

that even the most minor defects or signs of wear

can be identified in good time and the safety of plants

can be maintained at the highest level. Before a newly

created workplace is approved, the hazard which it

poses is always evaluated first of all and this is then

reevaluated at least every three years for existing

workplaces as well.

The passion and dedication shown by IBt Bebig

employees at our manufacturing site, made possible

that for eight years in a row, there were no accidents

at work caused by either lack of protective equipment

or technical defect.

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Research & Development is an essential part of IBt

Bebig activities. During the year 2009 R&D expenditures

represented about 3.6% of sales. R&D is growing in

importance and activities are focused on new products,

technology and applications development.

A team of over 20 people, representing more than 13% of

IBt Bebig employees, are working on specific new product

and technology development as well as providing high-

level technical support for production and maintenance

on some equipment at customers’ sites.

The most important Research & Development milestones

during the year 2009 were:

• The development of an improved software version

for the MultiSource® HDR afterloader system which

contains new features for clinical users and optimizes

the user-friendliness of the devices. This improved

version was brought onto the market during the year.

• The development of new accessories for MultiSource®

HDR afterloader system, including applicators for

gynecological application, as well as so-called Portio

and Fletcher applicators and variable-length vaginal

applicators. Other items developed include applicators

for the treatment of breast cancer, dilatation boogies,

plastic needles and flexible catheters with improved

properties.

• For the production of the ruthenium eye applicators,

production capacity was increased again by 50% in

the second half of the year through constructive

improvements following the measures implemented for

reducing production times and reject rates in the first

half of the year.

• An ongoing project is focusing on keeping the in-house

production up-to-date as the world leading seed

manufacturing equipment and process. Again in 2009,

this has leaded to even lower scrap rates and reduced

cycle times.

• The work on developing a complete plant for the

production of prostate cancer implants in Russia is in

full swing. Delivery of equipment for the first stage of

production took place on time in November 2009.

R&D

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I. The IBt Share

IBt Share Price

During the year 2009, the IBt share has strongly

performed, increasing by 51% to close at EUR 3.70 on

December 31, 2009 versus 2.45 a year earlier. The volume

of shares traded daily has also increased significantly by

75%, going from 9,600 shares traded daily in 2008 to

16,802 shares traded daily in 2009.

In relative terms, the IBt share performed better than the

indexes of references:

• the BEL Small increased by 35.7% in 2009

• the BEL 20 increased by more than 31.6% over the

same period.

The market capitalization of the group ended the year

2009 at EUR 65 million.

Brief History of public offerings

The IBt share was first introduced on the market in April

1997 (IPO offer of EUR 6.2 million - shares issued at EUR

2.48 per share, post split). In August 1998, shares were

split in a ratio to 10 new shares for one share. In January

1998, the company launched a public offering of corporate

bonds, raising EUR 12.3 million, through the issuance of a

zero coupon five year convertible bond. The conversion

ratio allowed converting bonds in exchange for shares,

at regular intervals over a period of five years. Over this

period, in excess of 98% of these bonds were converted

by their holders into shares at a price of EUR 4.39 per

share.

No public offering of IBt shares has been made since 1998.

II. Structure of the capital

At the end of the Takeover bid process, on March 24,

2010 there were two types of shares to which economical

and/or voting rights are associated:

Regular shares : total of 17,554,354

Beneficiary shares : total of 5,025,000

1. Regular Shares

As of March 24, 2010, the total number of shares

amounted to 17,554,354 shares.

All shares are listed on the Pan-European stock exchange

Euronext - Brussels. Ticker symbols used are: IBTH.BR

(Reuters); IBTB BB (Bloomberg); IBT (NySE Euronext).

2. Beneficiary Shares

As of March 24, 2010, there were 5,000,000 «Beneficiary

shares A» and 25,000 «Beneficiary shares B» in existence.

The associated rights differ materially.


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IBt Share in 2009 versus indexes

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9

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. 09

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Oct

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Nov

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Feb-16-2009:Request of a mandatory

takeover bid

May-12-2009: Trading update

Q1-2009: record results

July-28-2009: Trading update

H1-2009: record results

December-2-2009: Strategic alliance

IBt Bebig and Core Oncology

October-28-2009: Trading update

Q3-2009: record results and

guidance revised upwards

August-31-2009: H1-2009 shows record results

April-8-2009: JV in Russia

April-29-2009: Mandatory

takeover bid imposed by

CBFA at €3.47

2009 2008 2007

Minimum price 2.14 2.00 3.01Maximum price 5.00 4.28 8.90

Closing price, December-31 3.70 2.45 3.17Number of shares, December-31 17,554,354 17,554,354 10,804,354

Market Capitalization (EUR million) 65.0 43.0 34.2

Stock market data

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Beneficiary shares A and B were issued at the time of the

incorporation of the company. They are not listed, both

type of securities are being nominative and recorded

in the registrar of «nominative shareholders» of the

company. Since the General Assembly of Shareholders

of June 2008 these beneficiary shares can be sold or

transferred.

a. Beneficiary shares AThe «Beneficiary shares A» convey the right to one

vote per beneficiary share at the General Assembly of

Shareholders (within the limits attached to beneficiary

shares as defined by the Belgian Company Code), but

they do not entitle their holder to any dividends, to any

liquidation surplus should the company be wound up

or to any economical benefit. In short and despite their

denomination, they could be assimilated to «shares with

voting rights attached only». As per the last transparency

declaration received (dated December 28, 2009), they

are currently owned by SMI Steglitz Medinvest UG

(«SMI»), a German investment entity based in Berlin. The

company has been notified that there are also cross-

option agreements in existence and potentially impacting

the ownership of the «Beneficiary Shares A». According

to these option agreements, SMI has a «put right», i.e.

the right - to be exercised from September 30, 2011 to

December 31, 2014 - to sell these beneficiary shares

to Eckert & Ziegler AG at a predefined price. Likewise,

Eckert & Ziegler AG has a «call option» on the same

securities, i.e. the right to buy these beneficiary shares

from December 22, 2008 to December 31, 2014 (with

extension possibilities for this last expiration date of the

option) at a given price.

b. Beneficiary shares BThe «Beneficiary shares B» have exactly the same rights

as ordinary shares, except for the applicable limitations

provided under Belgian law and relating to voting at the

General Assembly of Shareholders. They are held since

March 24, 2010 by Eckert & Ziegler AG.

III. Shareholdership and Voting rights

Following the mandatory takeover bid in cash by Eckert

& Ziegler Strahlen- und Medizintechnik AG and SMI

Steglitz MedInvest UG during the period from February

23, 2010 to March 17, 2010, as detailed in the prospectus

dated February 16, 2010 and based on information made

available to the company after the closing of the Offering

on March 24, 2010, the shareholdership of the company

is summarized in the table here after. This table provides

details on economical rights and voting rights. In addition,

Eckert & Ziegler owns 55,000 warrants of which 5,000

expiring end of 2010 and 50,0000 expiring end of 2011.

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Transparency Declaration

Under Belgian law, holders of shares are to notify to the

company and to the financial markets when the number

of shares they hold represents a certain percentage

(«transparency threshold») of the total number of

voting shares outstanding («Denominator»). Further

reporting obligation also applies afterwards and requires

new notification to be done whenever this holdership

increases or decreases by increments of the defined

threshold.

The «transparency threshold» is, in the case of IBt, set at

5% of voting rights.

IV. Financial Calendar

Trading Update 1Q-2010 by mid-May 2010

Annual General Meeting June 7, 2010 (10:30 am)

Half-Year Results 2010 by end August 2010

Trading Update 3Q-2010 by mid-November 2010

Annual Results 2010 by mid-March 2011

72%Eckert & Ziegler AG

17.9%Free Float-

Euronext

3.90%SRIW

5.01%SRIW

22.1%SMI

Steglitz

23%Free Float - Euronext

56.1%Eckert & Ziegle AG

Shareholdership Number of Shares Economical rights Voting rights

Eckert & Ziegler AG 12,635,594 71.98% 55.96%SRIW 879,899 5.01% 3.90%Free Float - Euronext 4,038,861 23.01% 17.89% Total: 17,554,354 100.00% 77.75% SMI Steglitz 5,000,000 0.00% 22.14%Eckert & Ziegler AG 25,000 0.00% 0.11% Total: 22,579,354 100.00%

Shareholders of IBt

Economical rights

Voting rights

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Management &Financial Report

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Content

Board of Director’s Management Report 29Research & Development 31

Risk Management 31

Statutory items – IBt s.a. 34

Statutory Auditor’s Report 35

Financial statements 37Consolidated Statement of Income 37

Consolidated Statement of Cash Flows 38

Consolidated Statement of Shareholders’ Equity 39

Consolidated Balance Sheet 40

Reporting Rules 42

Notes to the Financial Statements 47Preliminary Note - Consolidation scope 47

Notes on the Consolidated Income Statement 49

Notes on the Consolidated Balance Sheet 52

Financial risks analysis 57

Notes on the Consolidated Cash Flow 59

Extracts Non Consolidated or StatutoryFinancial Statements 60Non Consolidated Statement of Income 60

Non Consolidated Balance Sheet 61

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Board of Director’sManagement Report (1)

Ladies and Gentlemen,

The Board of Directors of IBt is pleased to present and submit for your approval its report on the Group’s activities for the year ending on December 31, 2009.

The year 2009 will be remembered as a landmark year for the IBt Bebig Group in many respects.

For the first time in its history, the Group booked a Net Profit. IBt Bebig stands today as a European leader in its segment: the treatment of early stage cancer by brachytherapy. Its portfolio of products is now much better balanced than in the past and covers a wide range of different applications. The breakthrough achieved by the group, materialized in outstanding and historical results of this past year, validates in retrospect the strategic move that was initiated during the summer of 2007.

Main events of the year

From an operating point of view, the following events of 2009 should be highlighted:

• Inagrowingnumberofemergingmarkets,thecompanyencounteredsuccessinthepromotionofitsTemporaryBrachytherapyMultiSource® solution – a world unique HDR (High Dose Rate) Co-60 afterloader equipment. This system allows for the efficient treatment of a number of different pathologies ranging from head, neck, brain or gynecological cancers. During the year 2009, the 100th hospital proceeded with the installation of a MultiSource®.

• SuccessfuldevelopmentofthegroupinRussia.CreationofaRussianjointventure,NanoBrachyTech,inassociationwithRussNano, the State Fund of the Russian Federation. The JV, based in Moscow, will initially focus on innovative technologies forthetreatmentofcancerbybrachytherapy.ItisexpectedthatthismajordevelopmentwillyielduptoEUR20millioninrevenuesforthegroupoverthelifeoftheproject.

• Towardstheendoftheyear,thesignatureofastrategicalliancewithCoreOncology,Inc.(USA)andcurrentlyoneofthetopfourcompaniesintheAmericanmarketforPermanentBrachytherapy,representsanothermajorprojectforIBtBebigasthis alliance could provide a unique opportunity to re-enter into a market that is roughly four times the size of the European market.

From the shareholders perspective, the year was of course marked by the dispute between some of the company’s shareholders. Itfinallyresultedinthelaunch,asimposedbythedecisionoftheCourtofAppealsofBrussels,ofamandatoryTakeoverBidexecutedbyEckert&ZieglerAGonallIBtsecuritiesatapriceof3.64EUR/share.By the end of this bid process, Eckert & Ziegler owned 72% of all outstanding shares and 78.2% of voting rights (when acting inconcertwithSMISteglitz)overIBt.Asaresultofthetakeoverbid,theManagingDirector,Mr.FrançoisBlondel,andtheCompanyhavedecidedtoendtheircollaboration.Mr.FrançoisBlondelresignedonMarch24,2010fromallofhisdutiesandresponsibilities within the Group.

Dr. Edgar Löffler and Dr. Gunnar Mann, directors of IBt, have been appointed as the new persons in charge of the daily managementofthecompany.TheytookovertheresponsibilitiesofMr.Blondelandmanagejointly,eachinhiscapacityasManaging Director.

(1) This Management Report has been approved by the Board of Directors on March 23, 2010.

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Key Consolidated Figures

Remark: the final numbers stand slightly below the preliminary figures announced end of January, as, based on the audit process and requirements, most of the income generated by the Russian venture will be spread over future years despite the fact that most of the associated cash has already been received by the company.

Income Statement

Sales for the year 2009, representing the income generated by the sales of temporary brachytherapy equipments, i.e. HDR equipments using Co-60 (Cobalt 60) and Ir-192 (Iridium 192) sources (also called “afterloaders”), ophthalmic plaques and permanentbrachytherapy I-125(Iodine-125)radiotherapeutic implantsandtherapyaccessories,reachedEUR30.7million,comparedtoEUR17.2millionin2008,showingastrongincreaseby78%.

RevenuesgeneratedbytheRussianproject in2009hadonlya limitedcontributiontotheoverallgrowth.As indicated inintroduction, it is expected that this important strategic development will further and strongly positively fuel the results of the groupoverthecomingyears.OncetheproductionhasstartedinRussia,IBtBebigwillnotonlybenefitfromthesalesofpartsand raw materials but will also perceive a stream of royalties on seeds produced by the JV, NanoBrachyTech.

ConsolidatedgrossmarginreachedEUR17.9millionfortheyear2009versusEUR9.5millionin2008,showinganincreaseof88.5%.Asapercentageofsales,grossmarginimprovedfurtherandreached58.2%,versus55.0%in2008.

OperatingexpensestotaledEUR13.9million,comparedtoEUR9.1millionin2008reflectingthefactthattheyear2009wasthe first year with the full impact of the consolidation of the acquisitions made in the course of the year 2008. These costs brokedownasfollows:“salesandmarketingexpenses”(EUR7.9millionin2009versusEUR6.0millionin2008),“generalandadministrativeexpenses”(EUR4.9millionin2009versusEUR2.9millionin2008)and“researchanddevelopmentcosts”(EUR1.1millionin2009versusEUR0.3millionin2008).

Earningsbeforeinterestsandtaxes(EBIT)reachedEUR5.3millionforthewholeyear2009comparedtoEUR2.4millionin2008, showing an impressive growth of 123.1 %.

FinancialresultsshowedanetexpenseofEUR0.6millionin2009versusachargeofEUR0.7millionin2008.

NetprofitreachedEUR4.4millioncomparedtoanetlossofEUR2.7millionin2008.

Balance sheet

TotalEquityofthegroupstoodatEUR33.4milliononDecember31,2009versusEUR29.1millionin2008.

IBtBebigalsomaintainedasolidfinancialsituation,withCashamountingtoEUR9.6millionendofDecember2009,versusEUR2.3millionayearearlier.Outofthiscashposition,EUR8millionwasreceivedasprepayment inrelationshiptotheRussianventure.NetDebtstandsatEUR3.2million,versusEUR10.6millionin2008.TheDebttoEquityratiostoodat38.4%end of 2009.

Towardstheendoftheyear, IBtBebigmadeaUSD2million investment intoCoreOncology, Inc.,agroupactiveontheAmericanbrachytherapymarket.

AnamountofEUR2.2millionwasinvestedintangibleassetsoverthecourseoftheyear.

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Research & DevelopmentResearch & Development is an essential part of IBt Bebig activities. During the year 2009 R&D expenditures represented 3.6% of sales. R&D is growing in importance and activities are focused on new products, technology and applications development.Ateamofover20people,representingmorethan13%ofIBtBebigemployees,areworkingonspecificnewproductandtechnology development as well as providing high-level technical support for production and maintenance on some equipment at customers’ sites.

Risk ManagementGeneral Comment

IBt Bebig, like any other company acting internationally, is exposed to a large number of opportunities but also risks which may influence the company’s business activities. The associated consequences could affect the company’s business significantly and even the very existence of the group.

Atthesametime,theserisksand/ortheirperceptioncanpotentiallyhaveamaterialimpactontheevolutionoftheshareprice listed on Euronext.

The identified risks have been hereunder regrouped into a number of categories. For each category, the risk is briefly described together with, when applicable, the estimated impact it may have on the group as a whole and complemented by a summary of the actions undertaken to anticipate or reduce its effects. This list is not exhaustive and the order of presentation does not reflect either the degree of seriousness or likelihood of occurrence of these risks.

Legal and Regulatory risks

The legalrisk is tiedtothenegativeconsequencesof failuretorespectregulationsand/orcontractualcommitments.Thecompany operates in a highly regulated sector.Amultitude of inspections are carried out by independent authorities indifferent countries both at product launch and during the commercial stages.Obtaining and then renewing licenses foroperating production sites and for marketing products involves complex procedures and outcomes are always uncertain.

Intellectual property – Patents risks

The value of the group’s activities lies to a considerable extent in its intellectual property portfolio and in the know-how it hasaccumulatedsinceitscreation.Theriskthatsomeonechallengesitsintellectualpropertyrightsand/ortheirpotentiallyinsufficient protection should be considered, as well as the cost of defending the same rights. IBt Bebig cannot guarantee that the defection of certain employees would not have a negative impact on its intellectual property rights.

Strategic market risk

The company operates today in a highly specific market segment, proposing cancer treatment by brachytherapy through permanent or temporary implantation. The group’s entire income is generated from this source. For this reason the company can be considered as acting in one market segment only. The risk is therefore linked to the highly concentrated origin of the recurringincome.Toreducethisrisk,thecompanyhassetoutasstrategicobjectivetosignificantlyextendandtodiversifythefield of application to other types of tumors.

Business risks

Overall, the group attempts tomanage its business risks by using a rangeof instruments, such as yearly interviewswithtechnicalmanagers andexecutives.As far aspossible, preventivemeasures are taken to counter those riskswhichmightdamage the company, contingency plans are drawn up, and regular evaluations of these risk factors are organized. These include market surveys, evaluation of scientific literature, analysis of customer complaints, financial control analysis, etc… These reports provide discussion material for the meetings of the Executive Committee at which significant risks to the earnings of the group are discussed.

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Personnel risks

In different areas, the group depends on highly specialized or skilled employees. It relies on the expertise and skills of a few particularly well-qualified key individuals. In order to minimize the risk of losing talented personnel, the company strives to create a friendly and supportive atmosphere, adequate compensation together with further education opportunities. Despite these measures, the group cannot guarantee that these employees will remain with the company or display the necessary commitment.

Financial risks

Financial risks regroup different types of risks, namely: liquidity, foreign exchange, interest rate and credit risks. The liquidity risk relates to the group’s ability to have at its disposal and maintain the financial resources needed for its activities, development and future expansion. Prudent management of this risk makes it necessary to maintain sufficient liquid funds and borrowing facilities.Acquiringsuchfacilitiesandmaintainingtheminplacecanneverbeguaranteed.Thisisevenlesssointhecurrentcontext, characterized by a clear tightening of access to credit and the associated conditions.

Additionally,whenfinancingthroughborrowedsourcesisused,itiscriticaltoensurethatthefuturecashflowsgeneratedbythegroup will allow to safely cover the cash outflows associated with the required interest payments and capital reimbursements. In this context, the group is also taking measures to monitor and limit the risks associated with credit and loans by borrowing an amount which is manageable in relation to the group’s overall assets.

In the area of managing exchange rate and interest rate risks, the company pursues a simultaneously active and conservative policy. Insofar as possible, this entails restricting the volatility of the results to variations in exogenous parameters such as interest rates or prices of foreign currencies. To do this, the associated income and charges are denominated in the same currency wherever and whenever possible. Similarly, debt and its interest burden are denominated in the currency of the incomewhichthefinancingoftheinvestmentmadeitpossibletogenerate.Options,forwardcontractsandswapsaresomeof the instruments used to implement this risk management policy.

Finally, the credit risk is linked to the risk of the client’s insolvency or inability to pay. This risk has risen significantly insofar as thecompanynowdealsessentiallywithfinalusersandalsoventuresinemergingmarkets.Requirementofpre-paymentsand/or usage of letters of credit allow to reduce this risk.

Production risks

The production process risk includes the risk of being unable to buy all the raw materials and consumables at the right time and in the necessary quantities. This risk can be reduced by warehousing and by establishing alternative procurement sources, butitcanneverbeeliminatedaltogether.Also,officiallicensesandpermitsareneededfortheproductionandthedispatchofproducts in many different countries, and IBt Bebig can only exert indirect influence on when these are issued or renewed. The manufacturing risk relates to the possibility of the occurrence of irreparable damages to the manufacturing lines. This risk is tempered, but not eliminated, by the fact that the manufacturing of implants is achieved with two production lines located in two different buildings.

Commercial and Healthcare Reimbursement risks

These are linked, in particular, to the success of individual products and commercial policies, the competitive situation in a particular country, the renewal of distribution contracts, the conditions governing the reimbursement of medical treatment indifferentcountries,etc.Inthisrespect,majorsalesandrevenueriskscontinuetolieindevelopingtheEuropeanmarketfor permanent implants for the treatment of prostate cancer as it is generating more than half of the current business of the group. This treatment method faces in European countries the problem that the reimbursement by health insurance programs – public or private - is essential for its economic success. For the sales associated with temporary brachytherapy treatment,thesalesofradiationsystemsarestillsubjecttotheriskthatmarketpenetrationintheprimarytargetmarketswill not take hold as expected or will be delayed due to high capital expenditures and follow-up costs that these machines represent.Assuch,theseriskscannotofcoursebecovered.Evenso,thegrouptakesmeasurestoensurethatnoonemarketor distribution channel comes to represent too large a portion of the group’s overall revenue. In this context, the company aimstoavoidthatanyonesourceofrevenuesaccountsformorethan10%ofthetotal.Additionally,thepossibilitycannotbeexcluded that improved processes and efforts on the part of the competition might lead to the loss of important markets or that development efforts will remain unsuccessful and that new business fields can only be developed too late, or inadequately, or not at all.

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Other operational risks

Otheroperationalrisksare linkedtorisksrelatingto informationtechnology,personalhealthandsafety,humanresourcemanagement, etc… The group uses insurance to cover all catastrophe hazards, in all cases where insurance is compulsory and also when insurance represents the best economic solution for transferring risk.

Reputation risks

The historic performance of IBt Bebig, its approach to ethics and governance, its organization and its responsibility to exercise an abundance of caution in dealing with its customers, the community and stakeholders, contribute to the group’s renown. Safeguarding this sound reputation is essential.

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Statutory items – IBt s.a.Appropriation of the result

The statutory accounts were drawn up in accordance with Belgian accounting legislation. The Board of Directors will propose totheOrdinaryGeneralMeetingofJune7,2010toapprovethenonconsolidatedaccountsclosingonDecember31,2009andwhichclosewithanetprofit(groupshare)ofEUR7.6million.ItwillalsoproposetothemeetingtoapprovethedeferraloftheaccumulatedlossofEUR28.6million.

Risk management

The risks incurred at group level are essentially the same as those prevailing at the level of the consolidating parent company (see description above).

Authorized capital

AttheGeneralAssemblyofshareholdersofJune2,2008,theauthorizedcapitalmechanismwasapprovedforaperiodoffiveyearsforanamountof10,879,026.72EUR.OnDecember31,2009,thebalanceoftheauthorizedcapitalavailablestoodatthis same level.

Conflict of interests

Article523oftheBelgianCompanyCoderegardingconflictinginterestsbetweenthecompanyanditsdirectorsprovidesthat when a situation of this type arises, the directors concerned have to declare the conflict of interests, and their statement must be recorded in the minutes of the meeting of the Board of Directors. It also stipulates that these directors must not participate in the deliberations and vote.

During the year 2009, this situation occurred at several occasions during the meetings of the Board of Directors. More specifically, the representatives of Eckert and Ziegler (“EZAG”) did not participate in the discussions and the vote on18February 2009about thereassessmentof the2007accountsbyan independentauditor.Anypotentialfinding in thatrespectwouldhaveEZAGbeentitledtoanindemnificationunderthecontributionagreement.Atthesamemeeting,AndreasEckertconfirmedhisconflictofinterestsandtheconflictofEZAGinrespecttothediscussionanddecisionsaboutpotentialactions to be taken against EZAG in courseof anongoingdispute regarding non-complianceof the representations andwarranties given by the respective parties under the contribution agreement and the afterloader agreement. Edgar Löffler, althoughconsideringnothavingaconflictofinterestsinthemeaningofArticle523oftheCompanyCode,preferred,onavoluntary basis, to leave the room as well.

OnthemeetingoftheBoardofDirectorsof23July2009,thedirectorsdiscussedandapprovedthesettlementproposalmadebyEZAGinrespecttothependingclaimprocedurebetweenIBtandEZAG,thesametopicasalreadydiscussedinFebruary.ForthisdiscussionAndreasEckertandEZAGlefttheroominapplicationofArticle523oftheBelgianCompanyCode.EdgarLöffler,althoughconsideringnothavingaconflictofinterestsinthemeaningofArticle523oftheCompanyCode,preferred, on a voluntary basis, to leave the room, as he did during the meeting of 18 February 2009.

Atthesamedate,theExecutivedirectorsdidnotparticipateinthediscussionandvoteabouttheproposalsmadebytheRemuneration Committee.

Issue of subscription rights

Asareminder,astockoptionplaninfavorofcompanystaffandcollaborators(involvingamaximumof250,000shares)wasapprovedby theExtraordinaryGeneralMeetingof shareholderson June24,2005.Nowarrantswereofferedduring theelapsedyear.AttheendoftheTakeoverbid,therewere55,000warrantsremaining,allownedbyEckert&Ziegler,ofwhich5,000 expiring end of 2010 and 50,000 expiring end of 2011.

In conclusion to our report, we respectfully propose that you approve the accounts and discharge the directors as well as the statutory auditor for the exercise of their respective mandates for the financial year closing on December 31, 2009.

The Board of Directors,Seneffe, March 23, 2010

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André CLYBOUWReviseur agréé par la CBFA pour les établissements de crédit, compagnies financières, sociétés de bourse, organismes de placement collectif, sociétés de gestion d’organismes de placement collectif, entreprises d’assurance et fonds de pensions

Karel NIJSReviseur agréé par la CBFA pour les organismes de placement collectif

Francis BUYTAERTExpert-Comptable - Conseil fiscal

Avec le concours deArnaud CLYBOUWMaster en Sciences Economiques Appliquées Master en DroitMaster en CriminologieMaster en Notariat

Statutory Auditor’s Report

Statutory Auditor’s Report to the general meeting of shareholders of international brachytherapy (IBt) S.A. On the consolidated financial statements for the year ended december 31, 2009In accordance with the legal requirements, we report to you on the performance of the mandate of statutory auditor, which has been entrusted to us. This report contains our opinion on the true and fair view of the consolidated financial statements as well as the required additional statement.

Unqualified Opinion on the Consolidated Financial Statements

We have audited the consolidated financial statements for the year ended December 31, 2009, prepared in accordance with InternationalFinancialReportingStandardsasadoptedby theEuropeanUnion,whichshowabalancesheet totalof66,322(000)EURandaprofitfortheyearof4,405(000)EUR.

Management is responsible for the preparation and the fair presentation of these consolidated financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting principles; and making accounting estimates that are reasonable in the circumstances.

Ourresponsibilityistoexpressanopinionontheseconsolidatedfinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewiththelegalrequirementsandtheAuditingStandardsapplicableinBelgium,asissuedbytheInstituteofRegisteredAuditors(InstitutdesReviseursd’Entreprises/ InstituutderBedrijfsrevisoren).Thosestandardsrequirethatwe plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement, whether due to fraud or error.

In accordance with the above-mentioned auditing standards, we considered the group’s accounting system, as well as its internal control procedures. We have obtained from management and the company’s officials, the explanations and information necessary for executing our audit procedures with exception of the elements mentioned below. We have examined, on a test basis, the evidence supporting the amounts included in the consolidated financial statements. We have assessed the

CLYBOUWReviseurs d’entreprises

S.C.P.R.L.

International Brachytherapy (IBt) S.A.Zone Industrielle C

7180 Seneffe

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appropriateness of the accounting policies and consolidation principles, the reasonableness of the significant accounting estimates made by the company, as well as the overall presentation of the consolidated financial statements. We believe that these procedures provide a reasonable basis for our opinion.

The financial statements of theGerman, Spanish and Italian subsidiaries have been the object of a compilation exerciseexecutedbytheinternalservicesofthecompanyandtheyhavenotbeensubjecttoanauditperformedbyanothercertifiedauditor. The audit of the financial statements of the subsidiary Eckert&Ziegler Bebig GmbH, being the main subsidiary of the group, representing over 75% of the consolidated net assets and positively and significantly contributing to the result of the year,hasbeensubjecttoanauditexecutedbyacertifiedauditor.Ourcertificationontheconsolidatedfinancialstatementsattached has been based on the report of that certified auditor, to the extent it relates to the elements of that subsidiary.

In our opinion the consolidated financial statements for the year ended December 31, 2009 give a true and fair view of the group’s assets and liabilities, its financial position, the results of its operation and cash flow in accordance with International FinancialReportingStandardsasadoptedbytheEuropeanUnion.

Additional Statement

The preparation of the consolidated Director’s report and its content are the responsibility of management.

Our responsibility is to supplement our reportwith the following additional statementswhich do notmodify our auditopinion on the consolidated financial statements:

•TheconsolidatedDirector’sreportincludestheinformationrequiredbylawandisconsistentwiththeconsolidatedfinancialstatements. We are, however, unable to comment on the description of the principal risks and uncertainties which the consolidated group is facing, and of its financial situation, its foreseeable evolution or the significant influence of certain facts on its future development. We can nevertheless confirm that the matters disclosed do not present any obvious inconsistencies with the information that we became aware of during the performance of our mandate.

Antwerp,April26,2010

Clybouw Reviseurs d’entreprises scprlStatutory AuditorRepresented by André Clybouw, Certified Auditor and Auditor Recognized by the CBFAManager

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IBt Bebig GroupFinancial statements

Consolidated Statement of Income(Following the «cost of sales method»)

As required by the IFRS rules, hereafter follow several tables comparing data related to the years 2009 and 2008. It should be stressed that the comparability of the data presented in the tables here below is limited as it has been significantly affected by the changes in the scope of consolidation of the Group’s activities during 2008. (See Notes for details)

(AmountsinthousandEURexceptforpersharedata) Note 2009 2008

Sales 1. 37. 30,682 17,240Cost of sales -12,819 -7,763

Gross profit on sales 17,863 9,477Sales & Marketing expenses 3. -7,919 -6,022General and Administration expenses 4. -4,897 -2,871Research and Development expenses 5. -1,109 -257

Otheroperatingincomeandexpenses 8. 9. 1,412 2,071

Earnings before interest and taxes 5,350 2,398Financial result 10. -579 -719

Profit before tax 4,771 1,678Income tax 11. -366 -553

Net profit (before restructuring costs and minorities) 4,405 1,125Restructuring costs 14. 0 -3,766Minority interests 12. 0 -39

Net profit (loss) 4,405 -2,681

Netprofitpershare(inEUR) 13.Standard 0.25 -0.16Diluted 0.25 -0.16

Averagenumberofsharesincirculation(inthousands) 17,579 16,548

Problème justif

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Consolidated Statement of Cash FlowsYears ended December 31, 2009 and 2008

(AmountsinthousandEUR) Note 2009 2008

Operatingactivities 33.

Profit/loss for the year 4,405 -2,681Adjustments for

Minority Interests 0 39Non cash expense from share option plan 0 78Depreciation, amortization and impairments 1,911 2,376Other non cash items -1,451 1,488

Net change in working capital 6,690 -1,154Cash flow from operating activities (1) 11,555 146

Investing activities 34.

Intangible assets -23 -1,293Tangible assets -1,948 -2,996Financial assets -1,381 1Cash from acquisition/disposal of consolidated entities 36. 537

Cash flow from investing activities (2) -3,352 -3,750

Financing activities 35.

Net change in payables -868 2,725Distribution to minority interests 0 0Capital increase and premium 36. 0 0Impact of exchange rate differences -37 181

Cash flow from financing activities (3) -905 2,905

Net cash change = (1) + (2) + (3) 7,300 -700

Cash and cash equivalents - at beginning of period 2,305 3,005Cash and cash equivalents - at end of period 9,605 2,305

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Consolidated Statement of Shareholders’ EquityAs of December 31, 2009 and 2008

(AmountsinthousandEUR) Capital Issue premium

Reserves Translation differences

Equity

Balance as at December 31, 2008 10,875 50,186 -32,207 208 29,062

Result of the period 4,405 4,405Translation differences -37 -37Capital increase

Balance as at December 31, 2009 10,875 50,186 -27,802 171 33,430

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AssetsNon-current assets

Intangible assets 15. 23,597 23,081Property, plant and equipment 16. 9,411 9,143Equity investments 0 28Financial investments reported according to the equity method

850 0

Deferred tax assets 19. 8,538 8,158Other assets 17. 149 247

Total non-current assets 42,546 40,656

Current assetsCash and cash equivalents 18. 9,605 2,305Trade accounts receivables 20. 7,398 7,524Inventories 21. 3,845 3,633Other assets 22. 2,928 996

Total current assets 23,776 14,458

TotalAssets 66,322 55,115

Consolidated Balance SheetAs of December 31, 2009 and 2008

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Equity and liabilitiesShareholders’ equity 23.

Subscribed capital 10,875 10,875Capital reserves 50,186 50,186Retained earnings (losses) -27,801 -32,207Other reserves 171 208Own shares 0 0

Total shareholders’ equity 33,430 29,062

Minority Interests 0 0

Non-current liabilitiesLong-term portion of borrowings and finance lease obligations

24. 11,760 10,113

Deferred income from grants and other deferred income

25. 249 367

Other non-current liabilities 26. 5,632 5,220Total non-current liabilities 17,641 15,700

Current liabilitiesShort-term borrowings 24. 0 1,140Short-term portion of borrowings and finance lease obligations

24. 1,062 1,689

Trade accounts payables 1,662 2,503Advance payments received 8,204 239Provisions 27. 3,735 4,058Deferred income from grants and other deferred income

25. 168 154

Other current liabilities 28. 420 570Total current liabilities 15,251 10,353

Total equity and liabilities 66,322 55,115

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IBt Bebig GroupReporting RulesBackground and principles

a. Organization and brief description of business activities

IBt s.a. (hereinafter referred to as “IBt” or “the Company“) is a holding and operating company whose specialized subsidiaries are engaged worldwide in the processing of radioisotopes and the development, manufacture and sale of components based on isotope technology, radiation equipment or of related products (together referred to as “IBt Bebig”, « IBt Bebig Group » or the “Group”). The main areas of application for Group products are in medical technology, particularly in cancer therapy. In this area, the products of IBt Bebig are primarily aimed at radiation therapists and radio-oncologists.

The Company operates in a market characterized by rapid technological progress and constant new scientific discoveries. This marketissubjecttostrictsupervisionbylocalregulatoryauthorities.TheCompanyis,therefore,directlyaffectedbychangesin technology and in products used in cancer treatment, by government regulations related to the industry in which IBt Bebig operates, and by the general business environment within the healthcare sector. For a more detailed risk analysis, please refer to the “Management report”.

b. Reporting principles and legal basis

BywayofapplicationoftheRoyalDecreeofDecember4,2003andEuropeanRegulationno.1725/2003,theconsolidatedfinancial statements of the Group have been prepared in accordance with the International Financial Reporting Standards (IFRS).Allstandardsaretakeninaccount,applicablewithintheEU,definedbytheInternationalAccountingStandardsBoard(IASB),London,aswellastheinterpretationsoftheInternationalFinancialCommittee(IFRIC)andtheStandingInterpretationsCommittee (SIC) in force at the closing date. The closing procures an effective picture of the Group’s position on its assets, liabilitiesandearnings.ThefinancialstatementsarepresentedinthousandsofEuro.AccordingtotheapplicableIFRSstandards,the valuation basis used for preparing the financial statements is cost, net realizable value, fair value or recoverable value. Where IFRS standards leave a choice between cost and another valuation basis (like systematic revaluation), the cost method is applied.

The closing of subsidiaries were done on December 31, 2009, which is the closing date of IBt s.a. The closing includes the period from January 1, 2009 till December 31, 2009. The profit and loss statement was prepared in accordance to the «cost of sales method». For comparison purposes with the previous period, the profit and loss statement is also shown in accordance to the «total cost method».

PreparingfinancialstatementsthatareinconformitywithIFRSstandardsrequiresmanagementtomakejudgments,estimatesand assumptions which affect the application of the policies and the reported amounts of assets, liabilities, income and charges. The estimated and related assumptions are based on the experience of the past and on various other factors. The current results can differ from the estimated results. Judgments made by management in applying IFRS, which can significantly impact thefinancialstatementsandestimatesandwhichpresentamajorriskofproducingsignificantadjustmentsinthecourseofasubsequent accounting period, are set out in the annexes below.

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Following standards and interpretations were not used:

c. Goodwill

The goodwill represents the difference between the cost of an acquisition and the Group’s interest in the fair value of the identifiable assets and liabilities of the entity at the time of the acquisition date.

d. Foreign currency: Conversion of financial statements – Transactions – Balance sheet item translations

The financial statements of subsidiaries prepared in foreign currency and included in the Group consolidation are translated into Euro in accordancewith IAS21.As the subsidiaries conduct their business affairs autonomously from an economicand organizational standpoint, the functional currency of the companies included corresponds to their respective national currency.Assetsandliabilitiesaretranslatedatmarketratesonthebalancesheetdate.

Conversion of the subsidiaries’ results and financial position

Each subsidiary’s financial statements are drawn up in its operating currency. The consolidated financial statements are then subsequently prepared and presented in Euro, which is the Group’s operating currency.

The exchange rates used in translating financial items upon consolidation are:• Balancesheetitems:exchangerateonDecember31• Incomestatementitems:arithmeticalaverageexchangeratefortheyear• Equityitems:historicalexchangerate

The resulting translation differences are reported under “translation differences” in the equity capital.

Translation of assets and liabilities denominated in foreign currencies

Attheendofthefinancialyear,monetaryassetsandliabilitiesdenominatedinforeigncurrenciesaretranslatedattheexchangerates prevailing at the end of the period and the resulting difference, due to the different exchange rate used at the time the entrywasmade,isaccountedforasfinancialincome/expensesintheincomestatementfortheperiod.Non-monetaryassetsand liabilities denominated in foreign currencies are translated at the prevailing exchange rate at the transaction date. Non-monetary assets and liabilities denominated in foreign currencies that are estimated at fair value are translated into Euro at the prevailing exchange rate on the date of establishment of such fair value.

Gains or losses resulting from transactions using foreign currencies

Profitsand losses resulting fromtransactions in foreigncurrenciesareaccounted forasfinancial income/expenses in theincome statement for the period.

Norm Description Applicable from

Expected impact

IFRS 8 Operating Segments 01.01.2009 noneIAS32 Financial instruments 01.01.2009 minorIFRS 2 Addition to IFRS 2 – Share based remuneration 01.01.2009 minorIAS1 Addition to IAS 1 – Presentation of financial statements 01.01.2009 minorIAS23 Addition to IAS 23 – Cost of debt 01.01.2009 minorIFRIC 13 Customer Loyalty programs 01.01.2009 noneIFRIC14 Defined Benefit Asset Minimum Funding Requirements and

their interaction01.01.2008 none

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Buildings 20 yearsMachinery and equipment 3 to 10 years Officeequipmentandtools 3 yearsIT equipment 3 yearsVehicles 5 years

e. Intangible assets

Research and Development expenses

Research expenses incurred in order to acquire new scientific or technical knowledge and agreements are charged to the income statement when incurred and during the financial period in which they are incurred.

Development expenses, as a result of which research results are applied to the planning or design of the production of new or improved products or processes, are accounted for as assets where (1) the product or process is technically and commercially feasible, (2) where there are probable economic benefits, and (3) if IBt Bebig has sufficient resources to develop them fully. The expenses capitalized in this way are the raw materials costs, direct salary costs and the related portion of general and administrativecosts.Allotherdevelopmentcostsarechargedtotheincomestatementwhentheyareincurred.Capitalizeddevelopment expenses are shown in the balance sheet at acquisition cost less impairment losses.

Advertising and promotion expenses

These expenses are always charged in full to the income statement of the relevant period.

Patents

Patents are capitalized at the amount expensed to acquire them and amortized over their legal protection period, with impairment losses recorded if necessary.

f. Tangible assets

Tangible assets are carried at historical cost less accumulated depreciation and less any applicable impairment losses. Cost includes all directly imputable charges required to render the asset operational for its intended function. Borrowing costs are not capitalized. Depreciation is applied on a straight-line basis as a function of the estimated useful life of the asset in question, andiscalculatedfromthedatethattheasset isreadyforuse.Ateachbalancesheetclosingdate,assetsareexaminedtodetermine whether their carrying value is recoverable in the form of future benefits. If not, an impairment loss is recorded.

Subsidies received in connection with assets are deducted directly from the value of such assets.

Land is not depreciated.

Fixed assets which have been lease-financed are recorded according to the defined depreciation period for the asset concerned, regardless of the term of the financial contract.

Depreciation periods

g. Leasing

IftheconditionsforafinanceleasearesatisfiedtheleasedassetsinuseaccordingtoIAS17arecapitalizedasproperty,plant,and equipment and depreciated in full over the life of the leasing agreement. The leasing liabilities are valued at the present value of the lease payments.

h. Inventories

Inventories are recorded in the balance sheet at production cost. This production cost includes the direct purchasing or the manufacturing costs together with an allocation of overheads incurred in bringing the inventories to their present location or condition. Finished products which can no longer be sold due to radioactive decay are written off. Inventoriesconsist(IAS2§6)ofassetsheldinordertobesoldinthenormalcourseofactivity,assetsinproductionforsuchsale, and assets in the form of raw materials or supplies to be consumed in the production process.

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i. Provisions

Aprovisionissetupwhenever(1)thecompanyhasalegalorimplicitobligationatbalancesheetdate,(2)resultingfromapastevent,(3)whichwillprobablyengenderanoutflowofresources,(4)theamountofwhichcanbereliablyestimated(IAS37§14).The amount of the provision is the best possible estimate of the costs and expenditures needed to completely fulfill the obligation, given the probability of the occurrence of the event at the end of the financial period.

j. Trade receivables and payables

Tradeandotherreceivablesarerecordedattheirnetvaluelessvaluationallowances.Attheendoftheaccountingperiod,anestimateofdoubtfulreceivablesismade,basedonthetotalamountofunsettledamounts.Avalueallowanceisalsorecordedin the income statement as resulting from the difference between the carrying value of the receivable and the estimated present value of the related future cash flow after appropriate discounting.Trade liabilities are stated at their nominal value with no discounting applied.

k. Interest-bearing borrowings

Interest-bearing loansarerecorded initiallyat their fairvalue lessrelatedtransactioncosts.After initialbooking, interest-bearing loans are recorded at depreciated cost.

l. Financial instruments

Cashandequivalentsreferstocash,sightaccounts,short-term,highlyliquidinvestments,whichdonotpresentanymajorriskof change in value. Bank loans and overdrafts are accounted for the amount of the net proceeds received. Financial charges, including any settlement or redemption premiums, are charged over the term of the facility.

Derivativefinancialinstrumentsareinitiallyrecordedatcostandre-assessedtotheirfairvalueateveryclosingdate.Aboveall2optioncontractsweresignedinregardtoaninvestmentintheUSimplantbusiness.

m. Income

Anincomeitemisrecognizedonceitisprobablethatthefutureeconomicbenefitswillaccruetothecompany,andprovidingthat these benefits can be reliably evaluated.

Turnover

Turnover consists only of sales to third parties. It is recognized when the significant risks and rewards attached to the ownership of the goods are transferred to the buyer. Turnover is recorded only when it can be reliably measured and when it is probable that the economic benefits linked to the transaction will be received by the entity.

Subsidies and government grants

Investment grants are initially recorded as amounts receivable when there is reasonable assurance that they will be received and that the conditions will be fulfilled. Subsidies received as compensation for expenses incurred by the company are accounted for as other operating income during the period in which the corresponding expenses are incurred.

Financial income

Financial income consists of the interests received on investments, dividends, gains on the translation of foreign currencies, gains on foreign currency hedging, gains on hedging instruments which are not part of a hedge accounting relationship, and income on financial assets held for transaction purposes. Interest income is recorded when acquired (taking into account the time elapsed and the effective return on the asset), except where doubt exists as to its actual receipt. Dividends are recorded in the income statements on the date at which they are declared.

n. Financial Charges

Financial charges consist of interests due on borrowings, foreign exchange losses, charges relating to foreign exchange hedging instruments, charges relating to foreign exchange instruments that are not part of a hedge accounting relationship and charges onfinancialassetsheldfortransactionpurposes.Allinterestsandothercostsincurredinrespectofborrowingsorfinancialtransactions are charged to the income statement as financial charges. Interest expenses relating to lease contract payments are recognized in the income statement using the effective interest rate method.

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o. Fringe benefits

These cover all benefits of any kind provided by a company in return for the services rendered by its personnel.Short-term benefits are the various elements making up employee remuneration. They are accounted as expenses under operating result in the income statement. For post-employment benefits, the company has a certain number of «defined contribution retirement plans» in place and for which contributions are paid to distinct entities. The Group is under no obligation to pay additional contributions if the funds do not have sufficient assets to serve all the benefits corresponding to services rendered by personnel during the present and previousaccountingperiods(IAS19§7).

p. Share options

Share options are valued at their fair value at allocation date. The fair value is estimated using the Black & Scholes option valuation model. This value is then charged on a straight-line basis during the vesting period, taking into account the estimated number of options finally acquired. When options are exercised, equity is increased by the amount of the proceeds collected.

q. Taxes

Income taxes recorded in the income statement are taxes payable on the taxable profit for the period, calculated by using the tax rates prevailing at the balance sheet closing date. Deferred tax assets are recognized where taxable profits are likely to be realized, against which the deferred tax assets will be imputed. In the same way, the tax assets will be reduced where this probability no longer exists.

r. Consolidation principles

Consolidation of investments in subsidiaries is carried out in accordance with IFRS 3 (Business Combinations) under the purchasemethod.Under this norm, the assets and liabilities acquired aremeasured at their «fair value» on the date ofpurchase. Next, the costs incurred in order to acquire the purchased shares are netted against the proportionate share of the newlyvaluedshareholders’equityinthesubsidiary.Apositivedifferenceresultingfromthiswillbeincludedunderintangibleassets as goodwill, a negative difference will be included affecting the operating result in the income statement. The initial consolidation is carried out as of the date of purchase.

AllreceivablesandpayablesaswellastransactionsbetweenrelatedentitiesoftheGrouphavebeeneliminatedaspartoftheconsolidation process.

s. Forward looking statements

This report contains qualifications as well as forward-looking information and estimates concerning the company’s future performance. It can contain words that anticipate the future development. The declarations and estimates are based on various suppositions and assessments of risks, uncertainties and others factors, which appeared reasonable at the time they were made but which may or may not turn out to be correct. Events are not predictable and can depend on factors lying outside the control of the company and which can turn out significantly differently to what had been anticipated.

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IBt Bebig GroupNotes to the Financial Statements

OOO“Bebig”Moscow, Russia

100%

Eckert & ZieglerItalia s.r.l.,Milan, Italy

100%

Eckert & ZieglerIberiaSLU.

Madrid, Spain

Eckert & Ziegler BebigRadiotherapySARL

Paris, France

100%

100%

100%

100%

100%

100%

15%

Eckert & ZieglerBebigSARLParis, France

100%

IBt Inc.NorcrossGA(USA)

IBt s.a.Seneffe (B)

100%

IBt Bebig GmbHBerlin , Germany

100%

IBt Ltd.London(UK)

ZAO«NanoBrachyTech»Moscow, Russia

Eckert & Ziegler MMIGmbH

Berlin , Germany

Eckert & ZieglerBebig GmbH,

Berlin , Germany

IsotronIsotopentechnik GmbH

Berlin, Germany

Eckert & ZieglerBebig India,

Chennai, India

Eckert & ZieglerBebig France,Paris, France

BranchOffices

Preliminary Note - Consolidation scopeComparability

Given the very significant changes that have occurred in the course of the year 2008, the comparability of the consolidated balance sheet and of the income statement between the years 2009 and 2008 is somewhat limited.

Asreminder:

1. From 1 March 2008, integration and consolidation of the permanent brachytherapy activities of Bebig GmbH and of its subsidiaries.

2.AsaresultofthesaleofallsharesownedbyIBttoitsformerpartnerinCurieMed,deconsolidationfrom1July2008oftheresults of CurieMed b.v., a previously partially owned subsidiary of IBt s.a.,

3.FollowingtheacquisitionoftheactivitiesofEckert&ZieglerAGinthefieldoftemporarybrachytherapy,consolidationofthe results of this acquisition from December 1, 2008.

Structure of the Group

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IBtLtd.,London,UnitedKingdom 100%IBtInc.,Norcross-Atlanta,USA 100%Eckert & Ziegler Bebig GmbH, Berlin, Germany 100%Eckert&ZieglerIberiaS.L.U.,Madrid,Spain 100%IBt Bebig GmbH, Germany 100%Eckert & Ziegler Italia s.r.l., Milano, Italy 100%Eckert & Ziegler MMI GmbH, Berlin, Germany 100%Eckert & Ziegler Bebig Radiotherapy s.a.r.l., Paris, France 100%Isotron Isotopentechnik GmbH, Berlin, Germany 100%Eckert & Ziegler Bebig s.a.r.l., Paris, France 100%

Branches

IBt Bebig France, ParisIBt Bebig India, Chennai

Joint Venture

A JointVenture «NanoBrachyTech »was founded in 2009 togetherwith Santis LLC and the Russian government fund«RUSSNANO».Russnanobrought intheamountofRUB103million incash.SantisLLCbrought itssubsidiary«OOOBebig»,Moscow,Russia,valuedatRUB148millionandIBts.a.broughtintangibleassetsintotheventure.Inexchangeforitscontribution in kind, IBt received a 15% equity stake in « NanoBrachyTech ». The intangibles assets so contributed to the JV previously carried no book value in the balance sheet as at December 31, 2008.

Subsidiaries of IBt s.a.

(directly or indirectly owned) at December 31, 2009

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Notes on the Consolidated Income Statement1. Revenue

The company generates its income mainly from the sale of goods and equipments and, to a lesser extent, from services provided.Therevenueshavegoneupinthefinancialyear2009fromEUR17,240thousandtoEUR30,677thousand.This78% increase was generated primarily from the full year consolidation of the 2008 acquisitions.

The amount of revenue generated by the services provided and invoiced to wholly owned companies of the Eckert & Ziegler Groupamountedin2009toEUR372thousand.

2. Costs of goods sold

The «Costs of goods sold» include all the direct costs associated with the materials used in the manufacturing of the goods that will be sold together with the cost pertaining to the labor and the depreciation of the assets that is directly attributable to the products sold.

3. Sales and Marketing expenses

Allexpendituresonadvertisingandothersales-relatedcostsarechargedtotheexpenseasincurred.Sales and Marketing expenses are broken down as follows:

(AmountsinthousandEUR) 2009 2008

Personnel 3,282 1,895Depreciation 899 930Other 3,738 3,197Total 7,919 6,022

4. General and Administration costs

GeneralandAdministrationcostsinclude:


Personnel 1,886 1,059Rent and Depreciation 1,434 336Services 663 549Other 914 1,086Total 4,897 2,871

5. Research and Development costs

All research costs, togetherwith the development costs thatwere not eligible for capitalization, have been expensed asincurred.TheyamountedtoEUR1,109thousandfor2009.Coststhathavebeencapitalizedduring2009relatedtothesetupof a new Iodine-125 production line in Berlin and to the setup of a production line for a future new product. The amount capitalizedin2009isEUR768thousandintangibleassets,nothingwascapitalizedinintangibleassets.

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Wages and salaries 6,961 4,157

Social security contributions and pensions costs 1,514 1,535

6. Number and Cost of employees

TheitemsintheincomestatementincludestaffcostsofEUR8,475thousand.Staff costs for the financial years 2009 and 2008 were as follows:

OnDecember31,2009,atotalof155personswereemployedbyGroupcompanies.

ThoseemployeeshavecontributedtotheGroup’sresultin2009,generatingapproximatelyEUR198thousand(2008:EUR116thousand)insales/person.

7. Depreciation and amortization

In2009,theamortizationanddepreciationofassetsrepresentEUR1.850millioncomparedwithEUR1.499millionin2008.The increase is mainly related to the full year consolidation of the activities acquired in 2008.


Cost of goods sold 269 328Sales & Marketing 899 931Research and Development 7 19General and Administrative 675 220Total 1,850 1,499

8. Other operating income

This relates to other miscellaneous revenue items linked to the company’s operations. In general, they cover: milestones payments, royalties, or distribution rights received, reimbursement of certain expenses by export agencies, services provided, abandonment of claims, etc... During2009,theGrouphasbenefitedfromanimportantnoncashandnonrecurringincome,amountingtoEUR0.83million,relatedtotheshares ithasreceivedinexchangefor itscontributionintoaRussianJV.Additionally,aportionofEUR152thousand was recorded for the granting to the Joint Venture « NanoBrachyTech » of an exclusive right to distribute products in the Russian market. This last item will recur for the next 5 years.

9. Other operating expenditure

Otheroperatingexpenditureessentiallyincludesexpenditureresultingfromimpairmentlosses.

10. Financial result

When it comes to manage foreign exchange risk, the company pursues a conservative policy consisting, in as much as it is possible, of reducing the volatility of its results caused by exogenous parameters. To achieve this, income and the related charges are, whenever feasible, denominated in the same currency. Similarly, debt financing and interest charges are denominated in thecurrencyof the incomestreamtheyhaveservedtoproduce.Options, forwardcontractsandswapsaresomeof theinstruments available for implementing this risk management policy. It is Group policy to centralize the management of this foreign exchange risk in the parent company, thereby relieving subsidiaries of the related administrative burden.

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The following exchange rates were used

Currency Dec. 31, 2009 Dec. 31, 2008 Average rate 2009 Average rate 2008 USD 1.433 1.410 1.461 1.478GBP 0.900 0.974 0.900 0.798

Interest rate risk :OneInterestRateSwapagreementwasenteredintoduring2008,convertingafixedratetoafloatingrate,withanotionalamountofEUR370,000andadurationof10years.Thefairmarketvalueofthisswapagreementstoodat+EUR18thousandon December 31, 2009.

Credit risk management :This risk is linked to potential for customer failure and has increased by the fact that the company is working considerably more with end users today.

The Group has credit lines with a number of financial institutions, providing access to in excess of three million Euro of short term funding.

11. Income tax expense

No income tax was incurred by IBt s.a. as the mother company has a large amount of operating losses that can be carried forward with no limitation in time under Belgian law. The amount of taxes reported in the results of the Group essentially relate to income taxes incurred by Bebig GmbH. The applicable tax rate for the computation of the tax charge in Germany for corporation tax and trade tax purposes during the financial year was 30.175 percent.

12. Profit/loss attributable to minority interest

No minority interest was recorded in 2009.

13. Earnings per share

The net result per share is obtained by dividing the net result recorded by the Group by the weighted average number of shares in circulation during the year. The diluted net result per share is calculated in the same way, taking also into account the potential increase in the number of shares that may result from the exercise of options, granted under the conditions of existingoptionplans.Bydefinition(IAS33),whenacompanypostsaloss,thedilutedresultpersharemaynotbelessthanthe undiluted result per share.

Earnings per share have been calculated as follows:


Numerator Net profit/loss 4,405 -2,681Denominator Weighted Average Number of shares (in ‘000) 17,579 16,429

Net profit per share (in EUR) 0.25 -0.16

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14. Restructuring costs

No restructuring costs were recorded in 2009.

Notes on the Consolidated Balance Sheet 15. Intangible assets

Intangible assets include goodwill, customer relations, prohibitions to compete, patents and technologies, licenses and software andcapitalizeddevelopmentcosts.Theintangibleassetsthatarenotsubjecttoscheduleddepreciationaremainlygoodwill.AsatDecember31,2009,thebookvalueofintangibleassetswithunlimitedeconomiclives,whicharenotsubjecttoscheduleddepreciation, relate to the goodwill paid by the company in the context of the acquisition of the shares of Bebig GmbH, Isotron Medizintechnik GmbH and MMI.


Goodwill 23,001 22,254Total as of Dec. 31 23,001 22,254


Licenses/Softwares 351 496Intellectual property 72 72Capitalized development costs 173 217Others 42

Total as of Dec. 31 596 827

Thebookvaluesoftheintangibleassetsthataresubjecttoscheduledamortizationwereasfollows,asatDecember31,2009.

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16. Property, plant and equipment

Tangible assets are recorded at cost less cumulative depreciation and impairment losses.

Leased assets are recorded as financial leases when, under the terms of the contract, the risks and benefits of ownership are substantially transferred to the lessee. In this case, the assets held are reported under the Group’s assets at fair value. The corresponding debt to the lessor is accounted for as a financial leasing obligation. Lease payments are split between financial charges and reduction of the related debt.Anumberoftheassetsthathavebeenacquiredunderleasecontractshavebeenmadeavailableforusagebycustomers.

The fixed assets are net of all subsidies received. Subsidies received are deducted directly from the acquisition price of the assets which it has helped finance.

TANGIBLEASSETSAsof

31.12.2008Aquisitions Additions Disposals Clearing of

PrepaymentsAsof

31.12.2009

1. Land and Buildings 4,268 0 187 0 34 4,489

2. Machine & Equipments 12,483 0 134 0 375 12,992

3. Other Equipment 4,912 0 609 61 -4 5,456

4. Prepaid assets 1,255 0 966 0 -581 1,640

5. Asset Retirement Obligation 592 0 336 0 0 928

23,510 0 2,232 61 -176 25,505

TANGIBLEASSETS(Amounts in thousand EUR) Accumulateddepreciation Net value

Asof31.12.2008

Additions Disposals Asof31.12.2009

Asof31.12.2008

Asof31.12.2009

1. Land and Buildings 1,865 239 0 2,104 2,403 2,385

2. Machine & Equipments 9,768 994 188 10,574 2,715 2,418

3. Other Equipment 2,710 593 36 3,267 2,202 2,189

4. Prepaid assets 0 0 0 0 1,255 1,640

5. Asset Retirement Obligation 24 125 0 149 568 779

14,367 1,951 224 16,094 9,143 9,411

17. Other non-current assets

TheamountofEUR148thousandismainlymadeupofEUR100thousandrelatingtotherightofpaymentforassetretirementincaseofearlycancellationofacontractwithoneofthemajorcustomersofthecompany.Theremainingvalueisrelatedtodeposits paid by the company.

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Trade accounts receivables 7,013 6,857Related parties receivable 977 1,178Less allowances -592 -509Balance as of Dec. 31 7,398 7,524

18. Cash and cash equivalents

CashandcashequivalentsamountedtoEUR9,605thousandandwererepresentedbycashinhand,cashatbanksandshortterm deposits maturing within three months. Investments in «high yield» financial assets were neither made during the year, nor outstanding at the end of the year.

19. Deferred tax assets

Deferred tax assets are recorded on base of different valuations of assets and liabilities between the IFRS closing and the according tax statements, as well as calculated on base of the available tax deductible losses carried forward. Deferred tax assetsandliabilitiesarebalancedasfarasitispossibleundertherulesofIAS12.Taxassetsontaxdeductiblelossescarriedforwardaresubjecttoanimpairmenttestregardingexistenceandvalue.It should be mentioned that for the closing of the financial year 2009 the existence was investigated also in consideration of the change of control happened to the company. The accounting for tax assets on tax deductible losses carried forward is based on assumptions and forward looking planning done by the company, these are by nature not definite.

ThetaxassetaccountedfortaxdeductiblelossescarriedforwardamountstoEUR5,200thousandlocatedwithEUR5,143thousand in IBt s.a.Tobe complete: an additional assetof EUR4,000 thousand is available for futureuse, butunder theapplicable rules not accounted.

ThebalancedtaxassetsandliabilitiesaccountedontemporarydifferencesamountstoEUR3,338thousand.

ThisamountissplitasfollowsinEURthousands:

TheamountoftradereceivablesincludesamountsheldagainstcompaniesthatarewhollyownedbyEckert&ZieglerAGforaboutEUR1.0million.Outofthisnumber,EUR0.9millionrelatestoa«thirdpartyclaim»madebyIBts.a.againstEckert&ZieglerAGinthecontextofthetransactionclosedinFebruary2008andforwhichacorrespondingprovisionhasbeenrecorded under «Trade accounts payables». Likewise, the outstanding trade payables by IBt or its subsidiaries towards Eckert &ZieglerAGoritswhollyownedsubsidiariesamountedtoEUR196thousand.

20. Trade accounts receivables

Difference on Tax assets Tax Liabilities

Fixed assets 325 150Provisions & asset retirement obligations 1,343 19Receivables 0 127Payables & prepayments received 1,733 0Stock 60 0Others 173 0Total 3,634 296

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Raw materials, consumables and supplies mainly consist of nuclides and components needed for the fabrication of end products.Adjustmentsweremadeonthebasisofacomparisonofnetrealizablevalueagainstbookvaluerecorded(EUR116thousandloss).

22. Other short-term assets

TheOtherShort-termAssetsamountingtoEUR2,928thousandmainlyconsistsofdeferrals,prepaymentsandamountsowedbytaxauthorities.AdditionallytheloanprovidedtoCoreOncologyamountingtoEUR1.382millionisrecordedunderthispositionaswellastheattachedoptionsevaluatedtoEUR13thousand.AportionofEUR933thousandrelatestoVATassets.

23. Shareholders’ equity

Capital

IBt’ssubscribedcapitalamountstoEUR10.9millionandtheIssuancePremiumaccountamountstoEUR50.2million.TheparvaluepersharestandsatBEF25,orapproximatelyEUR0.62pershare.AuthorizedcapitalamountstoEUR10,879,026.72.ItisavailableforusageuntilJune2013.

Number of shares

Thetotalnumberofsharesoutstandingamountsto17,554,354shareswithoutnominalvalue.Foradetaileddescriptionoftherights and privileges linked to shares and beneficiary shares, see section « IBt Share and Shareholders »

No warrants were exercised during 2009.

The company does not hold any treasury or own shares.

24. Debt

Borrowings consist of the following items as of December 31, 2009:


Bank borrowings 2,788 3,589Other borrowings 10,034 9,353

Balance as of Dec. 31 12,822 12,942


Raw materials and consumables 993 1,650Trading Goods 850 1,022Finished products 1,222 838Products in production – WIP 823 123Balance as of Dec. 31 3,845 3,633

21. Inventories

Inventories consist of the following items as of December 31, 2009:

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Current deferred income from grants 121 121Other current deferred income 46 33Non-current deferred income from grants 249 367Balance as of Dec. 31 416 521


Change in Provision 433 1,999AsatDecember31, 5,632 5,199

26. Other non-current liabilities

Themainelementofothernon-currentliabilities istheprovisionrecordedpursuanttoIAS37,asadjustedinaccordancewithIFRIC1. It isrelatedtoAssetretirementobligations, i.e. forassetscontaminatedduringtheproductionprocesswithradioactive nuclides.

27. Provisions

Short-term provisions were recorded in 2009 as follows:


Personel costs 827 1,230Others 2,908 2,828Balance as of Dec. 31 3,736 4,058

28. Other current liabilities

The position is related to liabilities from social securities, salary and similar items.

(AmountsinthousandEUR) duration < 1 year

duration between 1 and 5

years

duration > 5 years

Loans with Eckert & Ziegler AG 9,339 0 6,089 3,250Banks - Other loans 2,788 990 1,493 305Others 695 72 288 335

Total borrowings as of Dec. 31 12,822 1,062 7,870 3,890

ContractualadjustmentofthepricepaidbyIBtforthetemporarybrachytherapyactivitiesofEckert&ZieglerAGisleadingtotheincreaseoftheseller’sloanprovidedbyEckert&ZieglerAGtothemaximumofEUR6.5Million.

Debtsreferredtoundertheline«Others»arenoninterestbearing.

25. Deferred income from grants and other deferred income

The item “Deferred income from grants and other deferred income” is made up of the following as of December 31 2009:

The following table gives an overview of the loans (including leasing debt), broken down according to their maturity

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Financial risks analysisFor a general risk analysis, please refer to the Management report. The notes hereafter refer more specifically to some of the financial risks. In the course of its operational activities, the Group is exposed to credit, liquidity and market risks in the finance sector. Market risks relate in particular to interest rate changes and foreign exchange risks.

29. Credit risk

Credit risk or risk of non-payment is the risk that a customer or contractor of the Group cannot meet its contractual obligations. The result of this is on the one hand the risk of depreciation of financial instruments due to issues of solvency and on the other hand the risk of partial or complete loss of contractually agreed payments. For the Group a possible credit risk arises essentially from its receivables from goods and services. Exposure is primarily influenced by the size of the customer and region-specific regulations and customs for handling the reimbursement of medical services by public authorities. In general, initialdeliveriesareinprinciplemadeagainstcashinadvanceorlettersofcredit,usedasasafeguard.AspartoftheGroup-wide risk management, the credit risk is monitored by means of regular analysis of overdue payments of all receivables from goods and services.

The age structure of due, but not depreciated receivables, is shown as at December 31, 2009 as follows:


Not due 2,983 3,3341 to 90 days 2,477 1,939Over 90 days 961 1,073Balance as of Dec. 31 6,420 6,346

Theoverdue,butnotyetdepreciatedreceivablesrelateessentiallytoclaimsondoctors’practicesandforeignclinics.Onthebasis of past experience, payment is expected at the above-mentioned level.

Thereceivablesarediscountedusingtheaveragedayssalesoutstanding(DSO)withthecorrespondingEURIBORrates.TheimpactrepresentedaprofitofEUR45thousand,astheDSOcouldbedecreasedin2009.

30. Liquidity risk

The liquidity risk is the risk that the Group is not able to meet its financial obligations on time. The aim and function of liquidity managementistoensurethattheprovisionofborrowedfundsandcapitalresourcesisalwaysadequate.Aspartoffinancialplanning, a liquidity forecast is produced from which it is possible to identify the borrowed fund financing requirements in advance.

Asatthedateoftheclosing,theconsolidatedbalancesheetshowsvariousshort-termandlong-termobligationsbothtoEckert&ZieglerAG,animportantshareholderoftheGroup,andalsotovariouscreditinstitutions.Forthefutureliquidityofthe company, it is necessary for this third-party financing to continue. So far, the company has experienced limited effects from the financial crisis on the availability of financing.

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In thousand of currency 2009 2008GBP USD CHF GBP USD CHF

Cash 141 108 48 47Receivables from goods and services 248 2,271 119 170 209 25Trade accounts payables -96 -75 -6 -50 -45 -36

Balance-sheet exposure 293 2,304 113 168 211 -11


Interest-bearing financial assets 1,409 28of which variable interest rate 0 0of which fixed interest rate 1,409 28

Interest-bearing liabilities 12,127 10,253of which variable interest rate 2,839 1,375of which variable interest rate 9,288 8,878

31. Foreign exchange risks

The Group’s international business activities exposes it to foreign exchange risks which result from the influence of exchange ratefluctuationsonbusinessandassetsandliabilitiesdenominatedinforeigncurrencies(transactionrisks).Atpresent,themainforeigncurrencyriskwithintheGrouprelatestothefluctuationsintheEURGBPandEURUSDrates,andtoalesserextent,toCHF.Inthecaseofthesecurrencies,therearefewcostsincurredinthesamecurrency.Asaresult,thecompleteconversion is exposed to the currency risk.

The exposure of the Group in respect of transaction risk as at the date of the annual accounts was as follows:

Foreign currency exposure

32. Interest rate risks

Asatthebalance-sheetdate,theCompanyhasthefollowingmedium-termandlong-terminterest-bearingassetsandliabilities:

Medium-term and long-term interest-bearing assets and liabilities

33. «Off balance sheet» items

Asatthebalance-sheetdate,therewasonelongterminterestrateswapagreementoutstandingforanotionalamountof EUR370thousand.Thefairmarketvalueofthiscontractstoodat+EUR18thousand.

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Notes on the Consolidated Cash FlowTheGroupcashflowstatementdepictshowcashbalanceshavechangedbycashinflowsand/oroutflowsinthecourseofthefinancialyear.InaccordancewithIAS7,cashflowshavebeensplitundercashinflowsfromoperating,investingandfinancingactivities. Cash and cash equivalents shown are represented by cash in hand, cash at banks and all highly liquid cash equivalents maturing within three months.

34. Cash Flow from operating activities

Startingwith the“Netprofit”after tax, thecash inflowsandoutflowsaredetermined indirectly.Profit/lossafter taxes isadjustedforexpensesorincomenotinvolvingthemovementofcashandsupplementedbychangesinassetsandliabilities.

35. Cash Flow from investing activities

Cash flows from investing activities are derived only from actual cash payment transactions. They include cash flows in connectionwith the acquisition and/ordisposalofnon-current assets andmarketable securitieswhichdonot formpartof cash and cash equivalents. Inflows and outflows of cash from the acquisition and disposal of companies are also included here. The received stake of NBt JV has not been included here as the transaction was not based on a cash payment.

36. Cash Flow from financing activities

Cash flows from financing activities are derived from actual payment transactions. Changes in the balance sheet items which are consideredasmovementsintheGroupcashflowstatementareadjustedtoexcludenon-casheffectsofcurrencytranslation.Further, investing and financing transactions that have not led to changes in actual cash and cash equivalents are not included in the cash flow statement. For these reasons, some of the changes to the balance sheet items concerned in the cash flow statement may not be directly reconcilable to the corresponding amounts.

37. Concentration of risk

Duringtheyear,thetwosinglelargestcustomersrepresentedapproximatelyEUR2.86millionandEUR1.39millionworthofsales in 2009, i.e. approximately, if aggregated together, 13% of the Group’s total sales.

38. Related parties

UnderIAS24,transactionswithpersonsorcompaniesonwhichIBts.a.exercisesacontrolaretobedisclosed.AlltransactionswithintheGroupwereundertakenbasedontheevaluationofthemutualeconomicbenefitforallthepartiesinvolved.Allsuchtransactionsareentered intoonanarm’s lengthbasis.Theapplicableconditionsarebasedonequitablenegotiation criteria and respect the principle of free trade and competition.

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IBt s.a. – ExtractsNon Consolidated or StatutoryFinancial Statements OnlytheconsolidatedfinancialstatementsreproducedabovepresentafaithfulpictureoftheGroup’sfinancialsituationandresults.

In conformity with Belgian legislation, the non consolidated financial statements, an extract of which are included here below, accompaniedbythemanagementreportoftheBoardofDirectors,andthatoftheStatutoryAuditor,willbefiledwiththeNational Bank of Belgium.

The auditor has issued an ”unqualified opinion on the annual financial statements”. This certifies that the non consolidated financial statements present a true and faithful view of the company’s financial situation in accordance with legal and statutory provisions.

These documents are available on request at:IBt s.a.Investors RelationsZone Industrielle CB-7180 Seneffe

Non Consolidated Statement of Income(AmountsinthousandEUR) 2009 2008

Sales and services 26,660 8,843Cost of sales and services 19,334 10,424Operating result 7,327 -1,582Net financial result -46 -68Net extraordinary result 282 -2,300Result 7,563 -3,949

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Non Consolidated Balance Sheet

References

Affiliated parties – intra-Group transactions

This item was dealt with in the Notes above (cf. note 38).

Events after the closing date

This item was dealt with in the Board of Directors’ Management Report.

Statutory auditor

This item was dealt with in the ‘Corporate Governance’ section.

Structure of the capital

This item was dealt with in the section ‘IBt – Share and shareholders’.

Statement from the responsible persons :

PursuanttolegalrequirementsandtotheRoyalDecreeofNovember14,2007,Dr.AndreasEckert,ChairmanoftheBoard; Dr. Edgar Löffler, Managing Director and Dr. Gunnar Mann, Managing Director, declare that, to the best of their knowledge:

(1) The consolidated financial statements for 2009 have been prepared in accordance with applicable accounting standards and accurately reflect the assets, financial position, and earnings of IBt Bebig Group and its subsidiaries included in the consolidation;

(2) The management report includes a fair view of the business progress, the earnings, and the position of IBt Bebig Group and the subsidiaries included in the consolidation as well as a description of principal risks and uncertainties they face.


AssetsStart-up Costs 7 0Intangible assets 173 217Tangible assets 3,582 3,987Financial assets 36,657 33,410Inventories 200 0Amounts receivable within one year 7,834 4,314Investments, cash and cash equivalents 6,691 711Total 55,144 42,641

liabilitiesCapital 10,879 10,879Issue premium 50,186 50,186Deferred loss -28,590 -36,153Subsidies 0 0Provisions 725 708Amounts payable after one year 11,760 10,302Amounts payable within one year 10,184 6,719Total 55,144 42,641

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IBt Bebig believes that a good corporate governance

system is a necessary condition to ensure its long term

success. This implies an effective decision-making process.

It has to allow for an optimal balance between a culture

of entrepreneurship and highly effective steering and

oversight processes. In this respect IBt Bebig has sought,

whilst taking into account the specificities and the size of

the company, to apply the recommendations contained

in the “Belgian Corporate Governance Code” that was

updated on March 2009.

IBt Bebig Corporate Governance Charter is available

on the company’s website (www.ibt-bebig.eu - Investor

Relations section – Corporate Governance) and describes

the main aspects of its corporate governance. A summary

of the provisions relating solely to the company’s control

organs and management is provided here below.

Organization and Controlof IBt Bebig

I. The Board of Directors

Role, powers and responsibilities of the Board:

The Company is headed by a Board a Directors acting as

collegial body.

The Board’s role is to pursue the long-term success of the

Company by providing entrepreneurial leadership and

enabling risks to be assessed and managed. The Board pays

attention to corporate social responsibility and diversity.

The Company has opted for a “one-tier” governance

structure. As a result and as provided for by article 522

of the Belgian Company Code, the Board of Directors

is the ultimate decision-making body in the Company,

except with respect to such areas which are reserved to

the shareholders’ meeting by law or by the Company’s

Articles of Association.

With respect to its monitoring responsibilities, the Board

shall:

• review the existence and functioning of a system of

internal control, including adequate identification

and management of risks (including those relating to

compliance with existing legislation and regulations);

• take all necessary measures to ensure the integrity and

timely disclosure of the Company’s financial statements

and other material financial and non-financial

information disclosed to the shareholders and the

potential shareholders;

• review executive management performance and the

realization of the Company’s strategy;

• supervise the performance of the external auditor and

supervise the internal audit function;

• monitor and review the effectiveness of its Committees.

Furthermore, the Board encourages the dialogue with all

shareholders and potential shareholders of the Company

and encourages the Company’s controlling shareholder(s) to

comply with the 2009 Belgian Corporate Governance Code.


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It should be noted however that Pr. John L. Carden,

Mr. Jean-Pierre Delwart and Mr. Claude Onkelinx will

resign from the Board of IBt effective at the adjournment

of the June 7, 2010 IBt General Assembly of Shareholders.

The functioning of the Board

The Board shall meet sufficiently regularly to fulfill its

duties effectively but in any case not less than four (4)

Members of the Board of Directors

Name Duties within IBt Bebig Main duties outside of IBt Bebig End of term

Dr. Andreas Eckert (1) Chairman of the Board CEO Eckert & Ziegler AG June 2011Dr. Edgar Löffler Managing Director Member of the Executive Board of

Eckert & Ziegler AGJune 2013

Dr. Gunnar Mann Managing Director - June 2013Eckert & Ziegler Strahlen-und Medizintechnik AG represented by Dr. André Hess

Director Member of the Executive Board of Eckert & Ziegler AG

June 2013

SMI Steglitz Medinvest UG, represented by Frank Perschmann

Director - June 2015

Pr. John L. Carden Independent Director - June 2013Jean-Pierre Delwart (1) Independent Director CEO Eurogentec s.a. June 2011Martin Hölscher (1) Independent Director Director Strategic Engagement &

Deployment Program Scale, The Coca-Cola Company Bottling Investment Group

June 2013

Claude Onkelinx (1) Independent Director June 2013

(1) = Nomination and Remuneration Committee

times a year. The date, hour and place of such meetings

will be agreed upon by the Board, upon proposal by the

Chairman, for the next financial year at the last Board

meeting of each financial year.

The Board is convened by the Chairman or by at least

two (2) Directors acting jointly. The Board meets each

time it is required by the Company’s interest.

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The Board meetings are based on an agenda, defined by

the Chairman after prior consultation with the Managing

Directors, specifying the topics for decision and those for

information. Board members have the power to raise any

question which they consider appropriate concerning the

Company and its operations.

The Board can only validly take decisions if at least half

the members are present or represented.

The Directors should arrange their personal and business

affairs so as to avoid conflicts of interest with the

Company. Any Director with a conflicting financial interest

(as set forth in article 523 of the Belgian Company

Code) on any matter before the Board must bring it to

the attention of both the statutory auditor and fellow

Directors, and shall not take part in any deliberations

related hereto. Any abstention from voting, as a result

of a conflict of interest, shall be disclosed in accordance

with the relevant legal provisions. Given the existence of

a controlling shareholder of the Company, the Company

decides that functional conflict of interests shall be

considered as conflict of interest within the meaning of

article 523 of the Belgian Company Code.

Access to information and management

Non-executive members of the Board shall not intervene

directly in the operations of the Company other than in

exceptional circumstances, on a “needs only” basis and

following prior consultation with the Managing Directors.

Non-executive members of the Board ordinarily shall not

give instructions to, or interfere with the activities of the

Company management and employees. Directors have

access to all corporate information needed to fulfill their

duties as Board members. The right of access is subject, in

the case of personal information concerning employees

of the Company, to applicable privacy laws. The Company

Secretary is available to supply the requested information.

Remuneration of Directors

The mandate of Directors is free of charge, unless decided

otherwise by the shareholders’ meeting.

Should their mandate become remunerated, the

Nomination and Remuneration Committee will

recommend the level of remuneration for Directors,

including the Chairman, subject to approval by the Board

and, subsequently, by the shareholders’ meeting when it

approves the annual accounts. This remuneration could

include both regular remuneration for Board membership

and meeting’s attendance fees.

In compensation for their expenses, non-executive

members receive today a fixed amount of EUR 250 per

meeting attended in person. The Managing Directors, are

remunerated for their function as Managing Directors on

the basis of their contracts but they are not remunerated

as Directors.

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The Chairman

The Board elects the Chairman of the Board from

amongst the Directors on the basis of her/his knowledge,

skills, experience and mediation strength. The Managing

Directors will not be the Chairman of the Board.

The Chairman is responsible for the proper and efficient

functioning of the Board.

The Chairman promotes effective interaction between

the Board and the executive management. The Chairman

establishes a close relationship with the Managing

Directors, providing support and advice, while fully

respecting the executive responsibilities of the Managing

Directors.

The Chairman chairs the shareholders’ meetings. The

Chairman will serve as interface between the Board

and major shareholders of the Company on matters of

corporate governance

The Company Secretary

The Company Secretary and an external Legal Counsel

shall be appointed by the Board. The two different

functions (Company Secretary and Legal Counsel) may be

exercised by the same external Legal Counsel.

With the assistance of the external Legal Counsel,

the Company Secretary shall advise the Board on all

corporate governance matters (including all questions

with respect to the application of articles 523 and 524

of the Belgian Company Code) and shall report to the

Board of Directors on how procedures are complied

with and whether the Board acts in accordance with its

statutory obligations and its obligations under the Articles

of Association. The Company Secretary shall assist the

Chairman in the logistics associated with the affairs of the

Board (information, agenda, etc.).

Individual Directors have direct access to the Company

Secretary - and/or the Legal Counsel. The Company

Secretary and/or the Legal Counsel shall be expressly

required to inform all Directors about the protection

of the right of the minority shareholders and the other

stakeholders of the Company

Board meeting attendance

The Board meets at least four times a year. In 2009, the

Board met 8 times with an average overall attendance rate

of 94%.

Conflicts of interest

During the year 2009, the articles 523 and 524, governing

the application of «conflict of interest» rules under Belgian

law, have been applied in different instances. Details are

described in the Management Report, section Statutory

items-IBt s.a.

6 8

II. Daily Management

The Managing Directors

Following the resignation of François Blondel, former

Managing Director, on March 24, 2010 from all of his

duties and responsibilities within the Group, whether

as a Director of IBt s.a. or of its subsidiaries, Dr. Edgar

Löffler and Dr. Gunnar Mann, Directors of IBt, have been

appointed as the new persons in charge of the daily

management of the company. They have taken over the

responsibilities of Mr. Blondel and manage jointly, each in

his capacity as Managing Director.

The Managing Directors or the “Administrateurs

Délégués” of the company are in charge to implement

the mission, strategy and targets set by the Board and to

assume responsibility for the day-to-day management of

the Company. The Managing Directors report directly to

the Board.

Remuneration

Remuneration of the former Managing Director and the two new Managing Directors

During 2009, the Remuneration Committee reviewed

the remuneration of the former and new Managing

Directors. It is composed of fixed and variable

components.

Fixed remuneration is in the form of a fixed salary and

non-monetary items. Non-monetary compensation

consists of providing a company car. Variable remuneration

is non-recurring and linked to short-term business

successes. No options were granted during the year 2009.

All allowances for health and retirement insurances are

included and reported under the fixed remuneration.

During the year 2009, the total compensation of the

former Managing Director, François Blondel, amounted

to EUR 407,400 broken down into a fixed remuneration

of EUR 244,800 and of a variable remuneration of EUR

162,600.

During the year 2009, the compensation of the two new

Managing Directors amounted to a total of EUR 589,807,

detailed as below:

• Dr. Edgar Löffler had a total of EUR 347,697, composed

of a fixed remuneration of EUR 168,000 and a variable

remuneration of EUR 179,697.

• Dr. Gunnar Mann had a total of EUR 242,110, composed

of a fixed remuneration of EUR 120,000 and a variable

remuneration of EUR 122,110.

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III. Nomination and Remuneration Committee

Composition

The Nomination and Remuneration Committee

comprises at least three (3) Directors. All members of the

Nomination and Remuneration Committee must be non-

executive Directors, and a majority of the members of

the Committee must be independent. The Remuneration

Committee is chaired by an independent Director.

Role and responsibilities

The Nomination and Remuneration Committee makes

recommendations to the Board on the appointment

and remuneration of the members of the Board, of the

Managing Director and of the Executive Directors.

The Nomination and Remuneration Committee checks

its own operation and efficiency once a year. It reports

on its evaluation to the Board and submits to the Board

proposals for changes where necessary.

The Nomination and Remuneration Committee meets at

least twice a year. During the year 2009 the Committee

met 2 times.

IV. Other Committees

The Company has no obligation to set up an audit committee

because it does not meet the legal criteria, as IBt Bebig has a

revenue below EUR 50 million and fewer than 250 employees,

as per Article 526 bis §1 of the Belgian Company Code.

V. Auditor

The current group and statutory auditor has been the

same Audit Company since its creation in 1996: Clybouw

Réviseurs d’entreprises s.c.p.r.l., Oosterveldlaan 246, 2610

– Wilrijk (Antwerp), represented by Mr. André Clybouw.

The auditor is appointed for a three-year renewable term

(the current mandate expires in June 2011).

For his task of certifying the accounts, the auditor received

in 2009 a fixed remuneration that was approved by the Gen-

eral Assembly of Shareholders in June 2008. His fees for the

audit of the statutory accounts of IBt s.a. and of the consoli-

dated financial statements of the IBt Bebig group amounted

to EUR 17,294.52. The audit of the subsidiary Bebig GmbH

was delegated to KMPG Deutschland. Their fees were

included in the services provided by Eckert & Ziegler AG.

Additional work falling outside the main mission of the

group auditor was invoiced separately. It amounted to a

total of EUR 2,500 during the year 2009 and related to

the services he provided in the context of helping and

attending a board meeting.

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Notes

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€ 000 2009 2008 2007 CAGR (%)









5%Eye


51%Prostate

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2009 2008 2007

210

180

150

120

90

60

30

0


Sales/EBIT/Net

EUR

000 30

,682

5,35

0

4,40

5

65

123

148

116

155

198

17,2

40

2,39

8

-2,6

81

8,00

3

-241

-8,6

20

2009 2008 2007

31,000

26,000

21,000

16,000

11,000

6,000

1,000

-4,000

-9,000


Financial Data 2009



annual repor t 2009

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Fax: +32 64 520 801





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