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Let’s consolidate
T he benefits of growth. After three years spent rebuilding its organisation and
revitalising its commercial strength, Guerbet is now reaping the benefits of
the in-depth changes made. The year 2000 was a key step along the path laid
down in 1998 when the multi-year plan designed to lead the company into a
new era was first launched. For the first time in three years, Guerbet has been
able to take full advantage of the excellent level of demand in most medical
imaging markets. A solid increase in overall turnover; an expanding market
share in Europe, Asia and South America; a marked rise in operating profits;
reduced debt: the beginnings of a recovery, already seen in 1999, were more
than just confirmed during the year 2000. Thanks to its internal reconstruction
work, Guerbet now has a platform of attack that should enable it to achieve its
ultimate goal of growth and profitability. The company still has some skirmishes
to win before it can complete its victory. The figures for the financial year 2000
prove that it has both the resources and the determination to do so.
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LEADERSHIP
A solid team
BOARD OF DIRECTORS MANAGEMENT BOARD
Michel Guerbet, MD Michel Guerbet, MD Brigitte Dubreucq
Jacky Boudeville Chairman Vice President,
Jean Guerbet Human Resources
Christian Louvet Philippe Decazes
Bernard Massiot Chief Executive Officer Dominique Meyer
Vice President, Plan
Bertrand de Castelnau & Management Control
Vice President, Worldwide
Operations Philippe Charbon
Vice President, Information
Philippe Decazes Alain Chaptal Technology
Chief Executive Officer Vice President, Industrial
Operations Florence Pivert
Vice President, Communication
Bruno Bonnemain
Vice President, Development &
Regulatory Affairs STATUTORY AUDITORS
Claire Corot François Robert
Vice President, Research Deloitte Touche Tohmatsu,
represented by Philippe Mouraret
Olivier Guerbet
Managing Director, Simafex
Marie-Christine Garnier
Chief Pharmacist,
Vice President, Quality
Philippe Barthelet
Vice President, Finance
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CHAIRMAN’S MESSAGE
Improved profitability
H aving been engaged in a far-
reaching restructuring project
since mid-98, in 2000, the Guerbet
cast, growth related to improved
industrial and logistical efficiency. The
operating result is up 51.7% and rep-
products for medical imaging.
Maintaining our dynamic commer-
cial growth and accelerating our
group began to reap the tangible ben- resents 6.3% of total turnover as com- increased efficiency will help us to
efits of the initiatives implemented: pared to 4.5% the year before. At the continue constantly improving our
increased sales drive, significant same time, our debt fell constantly profitability.
improvement in profitability and a and regularly once the Italian invest- Given the commitment of Guerbet's
reduction in debt. ment had been completed. teams to build this new company and
the prospects for future development,
With a 7.5% increase in sales, the Development programmes for at the AGM our Board of Directors
Group is continuing its policy of Sinerem * and P792, blood pool
®
will propose voting for a net dividend
worldwide commercial development. agent for Magnetic Resonance of 0.46 euro per share.
Almost 70% of its sales are made Imaging (MRI) are being actively con-
internationally. This dynamism is the tinued. In 2000, a sum of 18 million Doctor Michel Guerbet
result of products with a high potential euros, i.e. 9.1% of total turnover, was Chairman
and a strategic value: Xenetix® for the devoted to these programmes. New
X-ray range and Dotarem® for the MRI avenues of research have been
range. These two products have regis- defined and validated in response to
tered sales increases of 22 and 15%, the requirements of practitioners in
respectively, compared to 1999. the diagnosis of key diseases: imaging
Guerbet has strengthened its position of colon cancer, detection of athero-
in Europe, Asia and South America. In matous plaque or a universal cancer
Europe, whilst continuing to consoli- marker. These strategic directions will
date its leading position in France, drive our Group’s research policy for
Belgium, Switzerland and Portugal, the next ten years.
the Group has also increased its mar-
ket shares in its more recent sub- Despite high levels of taxation and a
sidiaries. The creation of a subsidiary negative exchange result, the group’s
in Italy in April 2000 has successfully net profits are up 66.7%, to 2.3 mil-
enabled the company to have a direct lion euros.
presence on the second largest con-
trast products market in Europe. In sum, in the course of the year 2000
the Guerbet Group demonstrated its
Continuing its policy of commercial, ability to change and adapt, along
industrial and research investments, with its determination to be an essen-
in 2000 the Group registered, as fore- tial player in the sector of contrast
2 3
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KEY FIGURES
First benefits of growth
€ Millions 2000 1999 ∆ 00/99* 1998
Sales 198.0 184.1 + 7.5% 175.7
% sales outside France 69.5% 65.9% 65.2%
Operating income 12.6 8.3 + 51.7% 6.6
Ordinary income before tax 6.7 6.2 + 7.5% 2.1
Net income 2.3 1.4 + 66.7% (10.2)
Diluted earnings
per share (euros) 0.92 0.74 (2.69)
Cash flow 17.6 17.7 – 0.7% 8.8
Shareholders’ equity 88.3 87.3 + 1.1% 87.0
Return on equity (1) 2.7% 1.6% NS
Equity/total liability (2) 40.0% 38.0% 40.0%
Gearing ratio (3) 77.0% 82.0% 71.0%
Investment 12.9 18.3 – 29.5% 17.2
R&D expenditure 18.0 18.8 – 4.3% 16.6
as % of sales 9.1% 10.2% 9.5%
Employees as at December 31 1,040 1,037 + 0.3% 1,103
(1) Consolidated income divided by shareholders’ equity prior to financial year income.
(2) Shareholder capital following net annual income divided by total balance sheet.
(3) Net financial debt divided by shareholders’ equity.
* Percentages based on thousands of euro calculations.
Brought to you by Global Reports
5.3% 0.4%
Employees Guerbet
21.5%
Public
1996 162.2
shareholders
1997 170.9
1998 175.7
1999 184.1
23.1% 49.7% 2000 198.0
Guerbet Chandey
family
Breakdown in Guerbet share capital Sales
Euro millions
1996 4.7 1996 17.9
2.9% 11%
1997 10.0 1997 22.2
5.9% 13%
(10.2) 1998 1998 8.8
(5.8%) 5%
1999 1.4 1999 17.7
0.7% 9.6%
2000 2.3 2000 17.6
1.2% 8.9%
Net income Cash flow
Euro millions Euro millions
as % of sales as % of sales
4 5
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STRATEGY
Growth back on track
Increased sales efficiency resulting in improved gross
profits and industrial rationalisation that is now well
under way led the group towards ever more dynamic
growth in Europe in 2000 and improvement in its funda-
mentals. Buoyed up by technological innovation, Guerbet
was able to reinforce its position by improving its level of
customer service.
T he far-reaching programme of
change begun by Guerbet from
mid-1998 onwards was an essential
around the world and also by tech-
nological innovations – in the fields
of X-ray and magnetic resonance
pre-requisite for getting the group imaging. The advent of the multi-
back on track for dynamic growth, slice CT has given a new boost to X-
for guaranteeing greater efficiency ray technology, making it possible to
and restoring profitability. Guerbet's acquire better-quality images, faster.
results in 2000 demonstrate that this The contribution of contrast agents
programme was well founded. is increasingly necessary in numer-
Indeed, the dynamic growth ous different clinical indications. In
regained in 1999 was further con- MRI, the development of the
solidated in 2000. Both operating “machine fleet” and the emergence
profits and net profits improved. At of new indications, such as mag-
the same time, the group continued netic resonance angiography, are
to pursue its primary goal of devel- fostering the growth of contrast
oping and providing the medical agents in this field.
profession with contrast agents In these markets, the group offers its
allowing them to give their patients customers an extensive range of
an accurate and reliable diagnosis. products tailored to the various indi-
cations and developing in tandem
A MARKET BUOYED UP BY with technological advances. In the
TECHNOLOGICALINNOVATION X-ray field, Guerbet's principal driv-
ing force for growth is Xenetix®.
Guerbet is working in a constantly Today, this product accounts for
changing market – that of medical 30% of Guerbet’s total sales. First
imaging. These changes are driven launched in 1995, sales of Xenetix®
both by increasing health needs – a new generation non-ionic
Brought to you by Global Reports
1996 13.7
1997 11.1
product – went up by 22% in the
last financial year and the product ALMOST 70% OF SALES MADE
INTERNATIONALLY 1998 17.2
still has strong potential for increas-
ing its market share in many differ-
ent countries. In the field of MRI, it In the rest of the world, Guerbet has
1999 18.3
is Dotarem® that is driving growth in had more mixed results. In Latin
the range, with a 15% increase in its America, the group has been able to
sales. First launched in 1989, this consolidate its position through its 2000 12.9
non-specific product has seen its Brazilian subsidiary and also
sales gain momentum since 1998. through growth in other countries,
in particular Argentina. In the
United States, however, sales of Investment
A STRONG SALES DRIVE
Hexabrix® have fallen sharply. In
IN EUROPE Euro millions
Asia, the two new Taiwanese and
Korean subsidiaries are growing
Achieved by means of products with despite local economic and social
a high strategic potential, the difficulties in Korea. Finally, thanks
group's growth is also due to the to active collaboration with some
active development of new markets, particularly dynamic agents,
principally in Europe. While the Guerbet has been able to extend its
overall turnover for the Group has market shares in Africa and the
gone up by 7.5%, its commercial Middle East. In a worldwide market,
vitality is even more strongly the group now makes almost 70% of
reflected in Europe, with sales hav- its sales internationally.
ing gone up by 10.7%. The direct
presence of Guerbet in Italy – A GOOD YEAR FOR FINE
Europe’s second largest contrast CHEMISTRY
agent market – has actively con-
tributed to this dynamism. Today, the
group makes 77% of its sales in After a difficult year in 1999,
Europe, further confirming its lead- Simafex – the subsidiary specialising
ing position in the countries where it in fine chemistry – saw its sales to
has been present for many years – pharmaceutical companies other
France, Belgium, Switzerland, than Guerbet increase by 46% in
Portugal – and registering significant 2000. Simafex produces one of the
growth in new markets, such as essential intermediate products for
Italy, Spain, the United Kingdom, the active ingredient in Xenetix® and
Austria or Turkey. Guerbet now the active ingredient in Dotarem® for
holds 20% of the European market. the group. In the year 2000, the
Simafex teams worked actively
to develop a new manufacturing
process for Dotarem®. Simafex also
6 7
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STRATEGY
began a major project to improve has started to bear fruit. Thus, the
its environment sector in 2000, reduction in stocks – representing a
investing sums in the sorting and reduction of 6.8 million euros – has
concentration of effluents. actively contributed to greater
industrial efficiency. These major
IMPROVED GROSS PROFITS programmes concerning the supply
AND INDUSTRIAL chain and the information systems
RATIONALISATION are due to be completed in 2001
and will permit the group to
Backed up by its dynamic growth, increase its efficiency and at the
the group has concentrated its same time to further improve its
efforts on improving its efficiency in customer service level.
all areas. The first effects of this pol- Overall, commercial, industrial and
icy are now being seen in the results computer investments in 2000 went
for the financial year 2000. Gross up to 12.9 million euros.
profits have improved – a sign of
greater sales efficiency. At the same RE-EVALUATION OF
time, the rationalisation of indus- THE FUNDAMENTALS
trial activities has been amplified. In
2000, new working organisations The operating result of 12.6 million
were set up, in both the pharmacy euros, up by 51.7%, is a concrete
and chemistry sectors, making it reflection of the beneficial conse-
possible to increase production quences of the changes made. This
capacities and improve productivity total represents 6.3% of turnover, as
while maintaining almost exactly compared to 4.5% in 1999.
the same level of resources. In three The group’s net profits have been
years, with modest industrial invest- affected by high taxation levels. In
ments, the Lanester plant (Mor- fact, the reduction in tax rates in
bihan) has multiplied its production France and Germany reduces the
capacity for the active ingredient in future tax savings that the group
Xenetix®, the group’s leading prod- may be able to make in 2001 and
uct, by two and half. As for cost 2002 by charging the tax deficits
prices, these have continued to fall, accumulated in 1992 (acquisition
although the high dollar has had a in Germany) and in 1998 (restruc-
not insignificant impact on pur- turing in France) to the profits made
chases of iodine, the main raw in the financial year 2000. High
material in X-ray products. financial costs along with a nega-
The overhaul of logistics flows and tive exchange result due to the sig-
information systems begun in 2000 nificant fall in the Korean currency
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1996 6.0%
1997 7.2%
1998 3.8%
at year-end have also had an effect ciency increased and profitability
on the group's net profits, which improved, particularly with respect
1999 4.5%
were nevertheless up by 66.7%. As to net profits.
it promised its shareholders, the An essential player in the field of
group has begun to reduce its debt, medical imaging, Guerbet has set 2000 6.3%
with a decrease in net debt of a itself the target of winning 25% of
little more than 5%. the market share by the year 2005.
Growth in such markets as Italy,
FAVOURABLE PROSPECTS Spain or Germany should, in the Operating income
FOR 2001 medium term, give the group the
as % of sales
position of joint leader in Europe. At
The financial year 2001 has got off the same time, the group will con-
to an encouraging start and is set to tinue to give consideration to having
confirm the trends of 2000. The a more direct presence in the North
sales drive will be maintained, effi- American and Japanese markets.
23,2%
Rest of
the world
30.5% 46.3%
France Rest of
Europe
Sales breakdown
by area
as % of sales
8 9
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RESEARCH & DEVELOPMENT
Undisputed innovation
In 2000, Guerbet devoted 18 million euros to its research
and development programmes, i.e. 9.1% of its turnover.
Meeting the diagnostic requirements of the health sector
through research and through the development of new
contrast agents is the ambition that Guerbet has set itself
for the coming years.
T he year 2000 saw teams
actively mobilised to work on
development programmes on
rate distinction between normal
lymph nodes and cancerous lymph
nodes. This characterisation may
Sinerem®* and P792 and to validate have major repercussions with
four main avenues of research: colon respect to directing treatment
cancer imaging, macrophage** options, restricting surgery and
imaging, the detection of atheroma- improving the lives of surgery
tous plaque and imaging of metas- patients in some cases. Other
tases, which will require the full European clinical trials programmes
attention of research scientists in the were launched for this product in
next ten years. 2000 intended to confirm the value
of the product in new indications.
DEVELOPMENT FOCUSED These studies are aimed at assessing
ON MRI
the binding of Sinerem®* to athero-
matous plaque or detecting active
In 2000, Guerbet research concen- plaques in multiple sclerosis.
trated its efforts on the development Phase I of the clinical study on
of two products for magnetic reso- P792, the first intravascular product
nance imaging: Sinerem®* and to be developed by the Guerbet
P792. research team, was completed dur-
Taking into account the better spa- ing the first half of 2000. This
tial resolution of MRI machines, the demonstrated the good safety of the
group launched new clinical trials product and the value of its pharma-
for Sinerem®*, to back up the clini- cokinetic profile. The high molecu-
cal value of the product in lymph lar weight of this type of product
node imaging. In fact, this product means that it is not diffused outside
makes it possible to make an accu- the vessels, giving it numerous
Brought to you by Global Reports5.0% 6.4%
Fine chemicals Other contrast media
6.0%
Barium
different potential applications. requirements not as yet fully
Phase II of the clinical trials on addressed.
P792, begun during the second half In the course of the year 2000, fun-
of 2000, will make it possible to damental theoretical work was con-
validate the performance of this ducted to validate the main avenues
product in the fields of angiography, of research that programmes will
myocardial perfusion and tumour concentrate on for the next ten
characterisation. years: imaging of colon cancer,
12.7%
In order to speed up the research macrophage** imaging, atheroma- 69.9% MRI
and development process, an elec- tous plaque and imaging of metas- X-ray uro-
angiography
tronic document management sys- tases are the four avenues selected.
tem was developed and set up in This work led scientists to define
Breakdown of sales
2000. certain target pathophysiological by product line
mechanisms for which a contrast
as % of sales
NEW AVENUES agent could be designed. In 2001,
OF RESEARCH the concrete application of techni-
cal solutions, contrast agent proto-
types, will be begun. This is an
In 1999, Guerbet’s research teams approach that is both opportunistic
had defined – with the help of med- – making use of existing products
ical oncology, cardiology, neurol- and concepts – and voluntarist –
ogy and gastrology experts – exist- creating new products. It directs
ing and future diagnostic Guerbet research towards the
development of specific contrast
agents and confirms the determina-
1996 16.2 tion of scientists to make diagnostic
tests – and hence patient needs – a
priority in their work.
1997 16.5
Opening up new diagnostic possi-
bilities, Guerbet has set itself the
1998 16.6
ambition of pursuing its research
and development policy to provide
1999 18.8 its customers with contrast agents in
future years fulfilling a need as yet
not fully met for major diseases.
2000 18.0
* Under licence to Advanced Magnetics Inc.
** Macrophage: large cell derived from blood
monocytes with the capacity to surround and
destroy foreign particles, cell waste and
Research & Development microorganisms by phagocytosis.
expenditure
Euro millions
10 11
Brought to you by Global ReportsORGANISATION
A new company culture
T he year 2000 saw the emergence
of a rejuvenated company,
which had set up a work culture
development of performance, mar-
rying individual success with collec-
tive success.
allowing it to capitalise on and con-
solidate the changes made in the long FLEXIBILITY AND SPEED
term. This work culture is focused on
customer satisfaction and efficiency The setting up of flexible organisa-
of organisation. tions in all sectors of the company
has aided and accelerated its ability
PERFORMANCE to adapt to external changes. In
2000, the production sectors – in
All Guerbet’s teams are driven by chemistry at Lanester (Morbihan –
the constant quest for performance. France) and pharmacy at Aulnay-
This makes it possible to win new sous-Bois (Seine-Saint-Denis –
markets, as was the case during the France) – made changes to the way
year 2000 in Italy, Taiwan, the they were organised. Thus, the
Middle East and North Africa. This chemical production teams now
performance culture has mobilised work seven days a week, 24 hours a
all the French, Belgian, Swiss and day. This new organisation, along
Portuguese teams and helps them to with a more rational approach to
maintain – or even reinforce – their industrial investments, has made it
leading position, despite intensify- possible to significantly increase the
ing competition. production capacity for the active
The development of management ingredient in Xenetix® at the
by targets and performance-related Lanester site in Brittany. In the phar-
pay among a large proportion of the macy sector, shifts have been
group's management promotes the extended and two teams take it in
Brought to you by Global Reports1996 1,161
turns to dissolve and package con- CUSTOMER SATISFACTION 1997 1,133
trast agents, thus improving the
level of customer service. Changes All the group’s teams have long
were also made to the group’s dis- seen customer satisfaction as their 1998 1,103
tribution in 2000, with the creation top priority. In the year 2000, the
of a distribution platform in Hong group strengthened and structured
1999 1,037
Kong intended to supply Guerbet’s its service policy. This policy is
products throughout the Asia and based firstly on the local proximity
Oceania region and consequently of medical representative teams, the 2000 1,040
shortening delivery times to cus- assessment of customers’ needs and
tomers in this part of the world. the development of the most appro-
priate response. But it also relies on
TEAMWORK the development of tailored ser- Employees
vices, such as bibliographic as at December 31
The development of teamwork is searches, partnership with new
intended to lead to the active European teams to develop new
progress of the group’s strategic pro- products, information on the latest
jects and also to promote change by trends in terms of contrast agents by
departitioning activities. The project holding conferences, or training
structures implemented for ISO assistance in the field of quality and
9001 certification on the one hand the setting up of clinical trials. Very
and the overhaul of the supply aware of the impact of new infor-
chain and information systems on mation technologies on organisa-
the other are the best example of tions and behaviour, the Guerbet
this. All of the group’s French teams group began a debate in 2000 to
are committed to the certification inform the general public about
project, set for completion by the medical imaging and to provide the
end of 2001. The same is true for medical profession with high-qual-
the construction of the new supply ity scientific information and inno-
chain: the commercial, industrial, vative services over the Internet.
logistics and computer teams are all The changes made at Guerbet were
working together to improve the a prior condition for the successful
reliability and revise all the links in building of a new company. A hun-
the chain, from supply of raw mate- dred years after Marcel Guerbet dis-
rials right through to distribution, covered the first organic iodine
via forecasting and stock manage- contrast agent, Lipiodol®, everyone
ment. This project, which will be working at the Group has now
completed by the end of 2001, will entered a new millennium with the
both improve the level of customer determination to give their com-
service and help to reduce the pany the assets it needs to excel in
group’s debt, particularly through the world of medical imaging.
stock reduction.
12 13
Brought to you by Global ReportsANNUAL ACCOUNTS
Consolidated balance sheet As at December 31, 2000
€ Millions 31.12.2000 31.12.1999
ASSETS Net Amounts Net Amounts
Intangible assets 29.8 27.6
Tangible assets 68.2 73.4
Financial assets 2.2 2.2
TOTAL FIXED ASSETS 100.2 103.2
Inventories 49.0 55.8
Accounts receivable 56.9 56.0
Cash and cash equivalents 4.4 3.3
TOTAL CURRENT ASSETS 110.3 115.1
Deferred income taxes 9.9 12.0
Prepaid expenses and deferred charges 2.3 1.9
TOTAL ASSETS 222.7 232.2
LIABILITIES
Share capital and reserves 86.0 85.9
Net income for period 2.3 1.4
SHAREHOLDERS’ EQUITY 88.3 87.3
Deferred income taxes 8.6 8.9
Provisions for contingencies and charges 9.1 12.4
PROVISION AND DEFERRED TAXES 17.7 21.3
Convertible bonds 10.8 21.6
Borrowings and long-term debt 37.2 32.8
Special profit-sharing reserve 0.6 0.7
Short-term borrowings 23.8 20.1
FINANCIAL DEBTS 72.4 75.2
CURRENT LIABILITIES 44.3 48.4
TOTAL LIABILITIES 222.7 232.2
Brought to you by Global ReportsConsolidated income
statement year ended December 31, 2000
2000 1999 ∆ 00/99*
€ Millions M€ % sales M€ % sales %
Operating revenues
Sales 198.0 100.0 184.1 100.0 + 7.5
Royalties 1.5 0.8 1.7 0.9 – 8.9
Other income 3.3 1.7 6.3 3.4 – 46.6
Operating expenses
Purchases (49.7) (25.1) (47.3) (25.7) + 5.2
General expenses (54.3) (27.4) (50.1) (27.2) + 8.4
Taxes other than on income (8.9) (4.5) (7.8) (4.2) + 14.2
Personnel costs
(including employee profit-sharing) (59.7) (30.2) (58.8) (31.9) + 1.6
Depreciation, amortization
& provisions (17.6) (8.9) (19.8) (10.8) – 11.1
OPERATING INCOME 12.6 6.3 8.3 4.5 + 51.7
Interest & related expenses (5.1) (2.6) (4.2) (2.3) + 21.6
Exchange rate gain (loss) (0.8) (0.4) 2.1 1.2 NS
ORDINARY INCOME BEFORE TAX 6.7 3.4 6.2 3.4 + 7.5
Exceptional items (1.4) (0.7) (1.0) (0.5) + 39.0
Income tax (3.1) (1.6) (3.6) (1.9) – 11.5
Translation adjustments 0.1 0.1 (0.3) (0.2) NS
NET INCOME (LOSS) 2.3 1.2 1.4 0.7 + 66.7
* Percentages based on thousands of € calculations.
14 15
Brought to you by Global ReportsAT THE STOCK EXCHANGE
Consolidate,
for the long term
60
■ Public: 21.5% ownership interest
I n the year 2000, Guerbet shares
developed in the same range as the
previous financial year. They
and et 12.3% voting interest (AGM);
■ Employees: 5.3% ownership inter- 50
nonetheless fell in the fourth quarter est and 6% voting interest (AGM);
40
in comparison with levels at the start ■ Guerbet: 0.4% ownership interest.
of the year. Chandey is 99%-owned by family
shareholders who are descendants of 30
ASTABLEOWNERSHIPSTRUCTURE André Guerbet, the company’s
founder. It’s chairman is Michel 20
The Group’s share capital and associ- Guerbet, MD. Shareholders regis-
ated voting rights are distributed as tered with the company for more 10
96 97 98 99 00 01
follows: than two years are entitled to a dou-
■ Chandey: 49.7% ownership inter- ble voting right. Taking into account Adjusted share price
est and 58% voting interest (AGM); this double voting right, there were in € from January 1st, 1996 to March 26th, 2001
■ Guerbet family: 23.1% ownership 4,976,106 voting rights as of
interest and 23.7% voting interest (AGM); December 31,2000. ■ Reporting calendar
– Interim results: September 11th,
1996 2.5 SHAREHOLDER SCHEDULE 2001
– Full-year turnover: February 15th,
■ Annual Meeting of Shareholders 2002
1997 2.6
The Annual General Meeting (AGM) – Annual results: March 19th, 2002
of Guerbet shareholders will be held
1998 2.6 on Saturday May 19th, 2001, at 15.00
pm, at the company’s head office at All of the above information is also
15 rue des Vanesses in Villepinte available on the company website:
www.guerbet.com
1999 1.3 (Seine-Saint-Denis - France).
For investor enquiries, please contact
■ Payment of dividends Philippe Barthelet, Vice President,
The dividend will be payable as of Finance
2000 1.3 tel: +33-1 4591 5011, e-mail:
May 30th, 2001, pending the deci-
sion of the shareholders meeting of philippe.barthelet@guerbet-group.com
For all other enquiries, please contact
May 19th, 2001. For further informa-
Florence Pivert, Vice President,
tion about this operation, please con- Communication
Dividend tact Guerbet legal affairs at +33-1 tel: +33-1 4591 5003, e-mail:
distribution
4591 5017. florence.pivert@guerbet-group.com
€ millions
Brought to you by Global ReportsReserves
of growth
W hat now? Guerbet's accounts for the financial year 2000
provide a good snapshot of the company as a whole,
midway through its recovery programme started three years
ago. The improvement in indicators for growth and profitability
is marked. But this is still only a step along the way. Whilst – and
this is a fundamental point – the company knows that it can
count on increasing health requirements throughout the world
and whilst it can congratulate itself for the development of its
innovative product portfolio, it still has to improve its internal
efficiency. Its rationalisation programme is not yet complete.
There are still savings to be made throughout the industrial
chain. Guerbet is now in better health – the figures prove it. But
it still has to take the final decisive step to achieve the level of
profitability likely to win over the full support of the market. This
is the ultimate aim that the management team – determined to
profit from a favourable economic climate to accelerate the
drive towards recovery – is striving for.
16 17
Brought to you by Global ReportsWORLDWIDE NETWORK
An extended sales presence
GUERBET GROUP SIMAFEX CODALI SA
Postal Address: BP 50400 16, avenue des Fours-à-Chaux 31, avenue Henri-Dunant
95943 Roissy CDG Cedex, France 17230 Marans 1140 Brussels, Belgium
florence.pivert@guerbet-group.com tel: (335) 46 01 10 32 tel: (32 2) 726 21 10
http://www.guerbet.com fax: (335) 46 01 01 98 fax: (32 2) 726 24 01
tel.: (331) 45 91 50 00 olivier.guerbet@guerbet-group.com pol.mathieu@guerbet-group.com
fax: (331) 45 91 51 99 http://www.simafex.com http://www.codali.be
Managing Director: Olivier Guerbet General Manager: Pol Mathieu
Head Office
Guerbet Division Guerbet France LABORATORIOS FARMACÉUTICOS
Paris Nord 2 BP 50400 GUERBET SA
15, rue des Vanesses 95943 Roissy CDG Cedex Torre Colon II, plant 13
93420 Villepinte, France tel: (331) 45 91 50 84 Plaza de Colon no. 2
Vice President, North America Business fax: (331) 45 91 76 69 28080 Madrid, Spain
Development: Gullan S. Agerbak Director: Patrick Oscar tel: (34 91) 700 36 90
Director, Southern Europe, Middle East, patrick.oscar@guerbet-group.com fax: (34 91) 319 00 68
Africa: Antoine Mazraani eduardo.lopez@guerbet-group.com
Director, Northern Europe: Jean-Pol GUERBET GmbH General Manager: Eduardo Lopez
Warbecq Otto Volger-Strasse 11
65843 Sulzbach/Taunus GUERBET LABORATORIES LTD
Aulnay Plant Germany Shenley Pavilions, Chalk Dell Drive
16/24, rue Jean-Chaptal tel: (49 61) 96 76 20 Shenley Wood, Milton Keynes
93600 Aulnay-sous-Bois, France fax: (49 61) 96 72 656 Buckinghamshire MK5 6LB
tel: (331) 45 91 50 00 reinhard.grotke@guerbet-group.com United Kingdom
fax: (331) 45 91 51 11/51 23 http://www.guerbet.de tel: (44 190) 85 22 888
Managing Director: Reinhard fax: (44 190) 85 22 999
Lanester Plant Grotke rob.grouse@guerbet-group.com
ZI de Kerpont General Manager: Rob Grouse
705, rue Denis-Papin GUERBET AUSTRIA Ges. m.b.H
BP712 - 56607 Lanester Neulinggasse 29/I/24 GUERBET SpA
tel: (332) 97 76 40 44 A-1030 Vienna, Austria Viale Brigata Bisagno, 2/18
fax: (332) 97 76 56 38 tel: (43 1) 710 62 06 16129 Genova - Italy
francois-louis.debleds@guerbet- fax: (43 1) 710 62 06 22 tel: (39 010) 572 34 20
group.com bert.quint@guerbet-group.com fax: (39 010) 595 78 72
Lanester Plant Manager: François- General Manager: Bert Quint pietro.vigni@guerbet-group.com
Louis Debleds General Manager: Dott. Pietro Vigni
Brought to you by Global ReportsGUERBET NEDERLAND BV GUERBET PRODUTOS RADIO- GUERBET KOREA Co Ltd
Avelingen-West 28c LOGICOS LTDA Johoon Building 5 Fl.
Po. Box 334 Rua André Rocha, 3000 - 834-46 Yeoksam-Dong,
4200 AH Gorinchem, Netherlands Jacarepaguá Kangnam-Ku
tel: (31 18) 36 33 688 CEP 22710 - 561 Rio de Janeiro, RJ, Seoul, Korea 135-080
fax: (31 18) 36 37 750 Brazil tel: (82 2) 3453 1212
karel.quellhorst@guerbet-group.com tel: (55 21) 44 59 707 fax: (82 2) 3453 2633
General Manager: Karel Quellhorst fax: (55 21) 44 57 689 gyounghee.gu@guerbet-group.com
http://www.guerbet.com.br General Manager: François Combes
MARTINS & FERNANDES daurio.speranzini-junior@guerbet-
Rua Raul Mesnier Du Ponsard 4B group.com GUERBET TAIWAN Co Ltd
1750 Lisbonne, Portugal Managing Director: Daurio 4F, 142 Chang An E. Road
tel: (351 1) 757 32 15 Speranzini Jr Sec 2
fax: (351 1) 757 50 87 Taipei 104 - Taiwan ROC
antonio.martins@guerbet-group.com GUERBET JAPAN Co Ltd tel: (886 2) 8773 0899
General Manager: Antonio Martins Japan Representative Office fax: (886 2) 8773 0604
Graceful Nishiazabu Building # 201 guerbet@ms33.hinet.net
GUERBET AG 4-13-15 Nishiazabu General Manager: François Combes
Winterthurerstrasse, 92 Minato Ku, Tokyo 106, Japan
8006 Zurich, Switzerland tel: (81 35) 48 54 582
tel: (41 1) 361 30 80 fax: (81 35) 48 54 577
fax: (41 1) 361 20 41 guerbetj@pnsnet.co.jp
stefano.omari@guerbet-group.com Managing Director: François
General Manager: Stefano Omari Combes
GUERBET AS GUERBET ASIA PACIFIC Ltd
Emirhan cad. Barbaros Plazza 311, Fu Hang Industrial Building
N° 145 C Blok K.4 N°1 Hok. Yuen Street East
80700 Dikilitas, Turkey Hunghom, Kowloon
tel: (90 212) 258 94 64 Hong Kong Sar
fax: (90 212) 259 61 01 tel: (852) 2215 4011
cem.akinciturk@guerbet-group.com fax: (852) 2900 1925
General Manager: Cem Akinciturk guerbet@netvigator.com
General manager: François Combes
18 19
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Guerbet’s international agents
Chile Malaysia Iran
EUROPE LABORATORIOS RIDER SA KEN-MED SDN BHD KOOMEH DAR Ltd
Eire Casilla 283-3 Unit 1304A, 13th floor Apt.54, 1777 Vali Asr Avenue
REID HEALTHCARE Placer 1348 Campbell Complex Bagh Ferdows
22 Burdett Avenue Santiago Jalan Dang Wangi Tehran 19617
Sandycove Co. Dublin 50100 Kuala Lumpur
Colombia Iraq
Finland INVERSIONESAJOVECO People’s Republic of China AL-WAFI GROUP
ALPHARMAOY Calle 93B n° 5-31 FUND TRIP PHARMACEUTICAL Ltd PO Box 925030
Sinimaentie 10 B Apartado Aereo 90191 311 Fu Hang Industrial Building 1119 Amman – Jordan
FIN-02630 Espoo Bogota DC N°1 Hok. Yuen Street East
Hunghom, Kowloon Israel
Greece Ecuador Hong Kong PROMEDICO Ltd
REMEKPHARMACEUTICALSSA FARMAYALASA 4 Baltimore Street
3 Koletti Street KM.2 Autopista Duran-Boliche Philippines Kiryat Arieh
PO Box 52010 BP 09.01.5933 BLUE SKY TRADING Co. Inc. Petch Tikva
144 52 Metamorfosis, Attiki Guyaquil 416 Dasmarinas Street
Binondo Manila Kuwait
Hungary Mexico ADVANCED TECHNOLOGY
X-PHARMA Kft JUAMA SA de C.V Singapore COMPANY
Szentendre – Czoka str 20 Corregidora n° 380 KENDA (S) PTE Ltd PO Box 44558
200 Hungary Col. Miguel Hidalgo 67 Loyang Way 32060 Haawally
Mexico DF 14410 Singapore 508757
Norway Lebanon
GOTHIA MEDICAL AS Paraguay Thailand INTERMEDIC
Ostre Akervei 205 REPRESENTACIONES EL CIERVOSRL PACIFICHEALTHCARE Co. Ltd Rue Émile-Lahoud
0902 Oslo Oliva n° 479 c/14 de mayo 229/1 South Sathorn Road Immeuble Karam
Asuncion Bangkok 10120 Sioufi – Beirut
Czech and slovakian republics
DIAGNOSTICPHARMACEUTICALAS Peru Vietnam & Cambodia Saudi Arabia
Na dolinach 36/128 CARDIO PERFUSION EIRL HYPHENS ABDULREHMANALGOSAIBI
14700 Praha 4 Av Armendariz 533 41 Middle Road, n° 01-00 & 02-00 Algosaibi Building
Miraflores Singapore 188950 King Aldulaziz Avenue
Russia Lima 18 Riyadh 11411
ZAO “New Port Trading”
Ul. Rozanova 10/1, 5th floor Uruguay AFRICA United Arab Emirates
123007 Moscow QUIMICA CENIT SA Benin, Burkina Faso, Cameroon, Congo, DUPHARM
Justicia 2069 Gabon, Ivory Coast, Mali, Mauritania, PO Box 16635
Slovenia Montevideo Niger, Senegal, Togo Dubai
NEWPORTMEDICAL INTERPHARM
Presernova 5 Venezuela 41, rue Barrault
1000 Ljubljana KING MED TRADING Corp. 75013 Paris – France INDIAN OCEAN/OCEANIA
Av. Andrés Bello, Torre Fundación del Australia
Sweden Niño South Africa MALLINCKRODT MEDICAL Pty Ltd
GOTHIALAKEMEDELAB Piso 3, Ofc. 38 DANENEPHARMACEUTICALSPtyLtd 11 Corporate Avenue
Bolshedens Industrivag 20 Caracas Shop 17B Garsfonteinpark Rowville Vic 3178
42750 Billdal 645 Jacqueline Drive, Garsfontein
PO Box 39482 New Zealand
ASIA Pretoria 0042 AVENTISPHARMA
NORTH AMERICA Hong Kong High point Shopping Center
Canada HIND WING Co. Ltd Algeria Level 2, 35 Mokoia Road
MALLINCKRODT MEDICAL Inc. Unit 1103B, 11/F, Block B MEDICAREINTERNATIONAL Birkenhead – Auckland
7500 Route Trans Canadienne 2-8 Watson Road, North Point 5 rue Dauzia – Hydra
Pointe Claire 16035 Alger
Québec H9R 5H8 India CARIBBEAN - PACIFIC OCEAN
CHOKSI BROTHERS PRIVATE Ltd Libya French Guiana, Guadeloupe,
EZEM Canada Inc. 18, Wellington Plaza MEDECIS Martinique
11100 Colbert, Anjou 90 Mount Road 7, rue Caumartin REYES RODRIGUES SUAREZ
Québec H1J 2M9 Chennai 600 002 75009 Paris – France 80, route de l’entraide
97200 Fort de France - Martinique
United States Indonesia Morocco
MALLINCKRODT MEDICAL Inc. PT MENDJANGAN LABORATOIRESMAPHAR French Polynesia, New Caledonia
675 McDonnell Blvd 22 Jalan, Tanah Abang IV 8, rue Ibn Al-Moâtaz GARNIER DIFFUSION
PO Box 5840 Jakarta 10160 20300 Casablanca 71260 La Salle
ST Louis, MO 63134
Japan Tunisia
ALTANA Inc. EIKEN CHEMICAL Co. Ltd PHARMAPLUS
60 Baylis Road 33-8 Hongo 1–Chome 3, rue de Jéricho El Menzah VII
PO Box 2006 Bunkyo-Ku 2037 Tunis
Melville NY 11747 Tokyo
CENTRAL AND SOUTH AMERICA MITSUI PHARMACEUTICALS Inc. MIDDLE EAST
Argentina 12-2 Nihonbashi 3-Chome Egypt
LABORATORIOS TEMIS LOSTALO SA Chuo-Ku AMOUNPHARMACEUTICALCo.
Zepita 3178 Tokyo 103 El Obour Industrial Zone
Código Postal 1285 El Obour City
Buenos Aires Cairo
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