1
Special Purpose Acquiring Private Equity Fund
战略收购基金
The document does not constitute an offer of securities. Such an offer will only be made by means of a Confidential Memorandum to be furnished to investors at a later date. The manager may make changes to this document without notification.
本文件不构成证券要约。此类要约仅通过日后向投资者提供的机密备忘录产生。经理人可变更本文件，无须事先通知。
 
Confidential
机密

 
2
Fund Structure
基金架构
 
l  Fund Size: EURO 850 Million; 基金规模：8.5亿欧元
l  Fund Administration: JP Morgan; 基金管理：JP摩根
l  Fund Legal Advisor: Sidley Austin; 基金法律顾问：盛德国际律师事务所
l  Leading Limited Partners Commitments: EURO 200 million; 特殊有限合伙人承诺：2亿美元
l  Domicile: Hong Kong; 住所：香港
 Fee: 2% management fee; 20% carried interest; 费率：管理费2%;附带权益20%
l   
Hurdle Rate: 8%;最低可接受费率：8%
l   
l  Leverage Ratio: 1:3; 杠杆率：1：3
l  Leading LP: YNBY & Partners; 首席合伙人：YNBY & Partners
l  GPs: Vincent Shen & Partners. 基金合伙人：Shen & Partners
 

 
3
Acquiring Strategies and Benefits
收购战略和利益
l  Acquiring over 50% of the targeted company (Rottapharm/ Madaus) with leverage ratio 1:3; 收购目标公司(Rottapharm/ Madaus)50%的股权，杠杆率为1：3
l  To bring in YNBY management team (MBI Strategy) growing revenues for both YNBY and the New Co.;获得YNBY管理团队（MBI战略）在YNBY和新公司方面日益增长的收入
l  The New Co. issuing debts to acquiring € 30 million to € 50 net profits from China companies within one year;新公司发行的债务，在一年内从中国公司获得3000-5000万欧元净利润
l  The New Co. planning IPO in HK after M&As completed;新公司将在并购完成后在香港IPO。
l  Employee Stock Option Plan attracting talents;职工股票优先购买权计划吸引人才加入。
l  The listed New Co. keeping acquiring companies with novel technologies around the world to accelerate YNBY’s global strategy;上市新公司不断收购全球各地拥有创新技术的新公司，以加速YNBY的全球战略。
l  Targeting Money Multiple from the investment 3 folds in 3 years. 3年内现金投资回馈倍数为3倍。
 

 
4
Vision Statement
基金远景
We focus on the development of healthcare and life science in the Greater China region because we think that’s the best way to have great impact, and we focus on the issues in the particular area because we think they are the biggest barriers that prevent people from having better quality of life.
我们关注大中国区健康和生命科学的发展，这是因为我们认为这是产生重要影响的最好道路，而且我们关注一些特殊领域的问题，我们认为这些问题是阻止人们提高生活质量的最大壁垒。
 

 
5
Reasons for the Healthcare & Life Sciences Boom in China KPMG 2013
为什么健康和生命科学能在中国获得发展？
High growth and vast middle class高速发展和规模庞大的中产阶段
GDP is forecasted to grow at around 8 percent in 2013; projected to be world’s largest by 2016.
预测2013年GDP增长率在8%左右，到2016年将成为世界最大的国家。
l   
Middle class to reach 700mn by 2020, indicating high potential for upgraded healthcare demand.
 2020年中产阶级将达到7亿人，这意味着医疗保健市场将有巨大增长潜力。
l   
Government support for universal healthcare政府对公众医疗保健事业的支持
 
The primary mega force driving healthcare & life sciences is the government’s determination to provide quality healthcare for all citizens, which led to the sweeping health reforms of 2009.
驱动医疗保健和生命科学的主要动力是政府向市民提供优质医疗保健的决定，这导致了2009年大范围的医疗保健市场改革。
l   
The 12th Five Year Plan is another important booster, triggering increased opportunities and investment for all healthcare & life sciences players. This has led to a new era of consolidation and M&A as a means of coping with complex healthcare demands.
“十二五”计划是另一个重要推动力，在医疗保健和生命科学行业触发了大量投资和机遇，从而开启了一个新的并购时代，以应对错综复杂的医疗保健需求。
l   
Urbanization pressures and changing lifestyles城市化压力和变化的生活方式
 
l  China’s urban population will hit the 1bn mark by 2030. By 2025, China will have more than 220 cities with 1mn–plus inhabitants.
l  中国的城市人口在2013年将达到10亿，到2015年，中国将出现220座百万人口城市。
l  The creation of mega-cities with populations in excess of 20mn is leading to enormous healthcare challenges. The prevention of disease is crucial in such high-density environments, and there is a growing need to tackle ailments arising out of sedentary lifestyles and changing diets.
l  人口超过2千万的特大城市的出现产生了无数医疗保健方面的问题。在此类高密度环境中疾病预防至关重要，静态生活方式和不断变化的饮食习惯导致的许多疾病也急需解决。
Aging population and increasing awareness of healthcare人口老龄化趋势和日益强烈的医疗保健意识
 
China’s ageing population is a significant factor. At least 185mn people are now over the age of 60 (13.7 percent of the population). A substantial increase in spending on pensions and social security will result in a relatively wealthy segment of elderly consumers.
中国的人口老龄化趋势也是一个重要因素。目前超过60岁以上老人已经超过1.85亿（占总人口的13.7%）。养老金和社会保险方面开支急剧增加也导致老年消费者占较大比例。
l   
In urban centers, there is a growing awareness of healthcare needs. Strong economic growth will finance such awareness, by triggering a rise in per capita health expenditure. This is currently very low in China at USD 186, compared with USD 8,000 in the United States and USD 870 in Brazil.
在城市中心，人们对医疗保险的意识日益增强。而且强大的经济增长通过提高人均医疗费用也会促进这种意识。目前这个数字在中国非常低，为186美元，而美国人均8000美元，巴西870美元。

l   
6
Our Core Competency
核心竞争力
New areas for investment新投资领域
私募股权基金专注于健康䕶理及生物科技-China has a much smaller share of global private equity investment, mainly because there are still much fewer mega deals. The market is dominated by growth capital and minority stake investments. However private equity has emerged as a key provider of capital to the liquidity starved private sector of the economy in China with real policy support. New regulators are driving strong markets and activities, particularly merger and acquisition activity in the healthcare and life science industry. -私募股权基金专注于健康护理及生物科技-中国只占全球PE投资市场的很小部分，这主要是由于大规模交易的数量要少得多。市场主要由成长资本和少数股权投资主导。但是，PE已经逐渐成长为中国流动性严重不足的私有领域的关键资本来源。新任调控者们正在努力驱动市场和市场活动，尤其是医疗保健和生命科学行业的并购活动。
l   
The new generation of private equity funds
新一代PE基金
结合相关产业成功之科学家/企业家/金融家之专业团队- Our team of General Partners is energized and highly aligned. We have innovative ideas for embracing new market opportunities. Our high quality, professional General Partners, with intensive know-how and expertise, will thrive as a result of our experience and the growing markets.
-我们的基金合伙人团队齐心协力，干劲十足，拥有精深的专业知识和技术，将利用我们的经验在这个不断成长的市场大显身手。
l   
Sustainable capability of sourcing deals to identify, execute and manage popular investment themes识别、执行和管理最热投资主题的可持续获得交易能力
l   
全球菁英拥有在地智慧透过其全球价值网络以永续力/执行力/创造力经营投资项目- In China, the days when private equity could throw money at deals and expect a rising tide to float all boats have gone; careful and professional diligence is vitally important while fraud risk is still high. General Partners with profound local knowledge and strong homegrown relationship networks will succeed in China. Most targeted companies in China are state owned enterprises or family owned businesses; GPs with the same culture background as these owners will make better deals happen much easier.
-在中国，当PE能为交易投资，指望所有交易都只赚不赔的日子已经一去不复返了。由于欺诈风险仍然很高，谨慎和专业仍然相当重要。拥有渊博在地知识和强大本土关系网的基金合伙人将是中国市场的赢者。在中国，大部分目标公司是国有企业或家庭企业；与业主拥有相同文件背景的GP更容易达成有利交易。
l   

 
7
Our Core Competency-cont. 我们的核心竞争力-续
 
Business-building skills combined with successful investment experience in the emerging market建立业务的能力与在新兴市场成功投资的经验
l   
拥有培育生物科技进而促成商业化及国际化之卓越绩效将获得更多政策支持之投资机会- Biotech is the key area on which China’s government focuses. To make biotech invention become disruptive, innovation needs comprehensive leadership and the application of skills associated with drug commercialization. A member of our GP team is currently CEO more than one multinational biotech and healthcare company, possessing successful business-building experience that can enable our private equity fund to have more privileged access to great deals supported by Chinese local governments. On top of that, GPs, such as ourselves, with winning investment practices in the global healthcare industry are more likely to find effective partnerships with Chinese local governments.
-生物科技是中国政府关心的一个关键领域。为了获得突破性生物发明，全面领导和药品商业化能力应用是创新的重要保证。我们基金合伙人团队的一名成员目前担任多家跨国生物科技和医疗保健公司的CEO，具有成功的业务建立经验，使我们的PE基金能获得更多特有渠道介入一些获得中国当地政府支持的大规模交易。而且包括我们自己在内的在全球医疗保健行业拥有成功投资经验的基金合伙人更容易与中国当地政府建立有效合作。
l   
Capability to structure a perfect investment exit架构完美投资退出的能力
l   
俱有丰富之产业鍊整合经验与高超缜密之金融工程规划能力进而能创造企业之未来价值- As a result of last the five-year plan regarding healthcare reform, investments in China healthcare industry are moving into exit phase. The backlog of exits is made up of more than what the local IPO markets can absorb. China’s government has restricted approval on offshore listing so that investment exit is more difficult.  Private equity backed merger and acquisition activity will be a solution for investment exits. But, popular leverage-buyout strategies need strong support from local banks. The GPs with strong connections with local financial institutions will have the capability to participate in the M&A market in China.
根据正在执行的医疗行业改革五年计划，中国政府对离岸上市执行严格的审批政策，这样的话投资退出就变得更困难了。PE基金支持下的并购将成为投资退出的一个解决方案。但是，当前过热的杠杆收买需要当地银行有力支持。与当地金融机构关系密切的基金合伙人有能力参与中国的并购市场。
l   
Capability as a system builder utilizing global platform利用全球平台建立体系的能力
l   
l  俱有架构平台整合资源进行全球合併收购之价值创造力- Outbound M&A activities are more popular for sourcing advanced technologies. The GPs with global networks facilitating vertical integrations within the healthcare industry can create value by acquiring targeted outside companies and their technologies. Accessibility of large-scale deals in China will be increase while the GPs show the capability of value adding.
l  海外并购活动越来越成为获得先进技术的一个手段。拥有能促进医疗保健行业垂直整合的全球网络的基金合伙人可通过收购目标外部公司及其技术创造价值。基金合伙人正在展示创造附加值的能力，由此获得越来越多机会，介入中国大型交易。
l   

 
8
How Did We Get Here
我们怎样走到今天
 
国际知名经营团队
Key Strategic Corporate Partner, Yunnan Baiyao Group Co Ltd. 关键战略合作人，云南白药集团有限公司 
 
l  Yunnan Baiyao (000538:CH) is the largest Traditional Chinese Medicine (TCM) company in China. The company engaged in the R&D, manufacture and sale of traditional Chinese medicines (TCM) and other related products. Yunnan Baiyao is one of the most well-known consumer brands in China. In China, the reputation of Baiyao is akin to that of penicillin in the US.
l  云南白药（000538：CH）是中国最大的中药（TCM）公司。公司致力于中药和其它有关产品的研发、制造和销售。云南白药是中国最著名的消费品品牌之一。在中国白药的声誉正如盘尼西林在美国一样。
l   
l  Yunnan Baiyao has leveraged its strong company and product brands into various other areas through its subsidiaries for: 1) the planting and sale of TCM raw materials; 2) the production and sale of TCM decoction pieces; and 3) the production and sale of healthcare and nutritional products and herb products.
l  云南白药通过其子公司利用其强大的企业和产品品牌介入多个领域。这些子公司业务涉及：1）中药原料种植和销售；2）中药饮片的生产和销售；和3）医疗保健和营养品以及中草药产品的生产和销售。
l   
l  The company also is the largest drug distributor in Yunnan and operates over 110 drugstores in the province. Yunnan is located in Southwest China with a market size of around RMB 20 billion in 2012 for drug distribution; Yunnan Baiyao has penetrated 40% of the distribution market share in that area.
l  公司同时还是云南最大的药品销售商，在本省下属110多家药片。云南位于中国西南，2012年药品销售市场规模约200亿人民币，云南白药占有该地区销售市场份额的40%。
l   
l  As of 23 May 2013, its market cap is about RMB 60 billion with revenues RMB 16 billion.
l  截止2013年5月23日，其股票市值约600亿人民币，收入为160亿人民币。
l   

 
9
General Partners of the Private Equity Fund, Vincent Shen & Team
PE基金合伙人Vincent Shen & Team
Strategic General Partner of Yunnan Baiyao Group Co. Ltd. (000538:CH).
云南白药集团有限公司（000538:CH）战略基金合伙人
l   
Chairman & CEO of JSY Innovation Matrix Ltd.; the business partner with YNBY.
JSY创新矩阵有限公司董事会主席兼营CEO；YNBY的业务伙伴。
CEO of STL Capital Co. Ltd.; the major share holder of CHC Healthcare Group.
STL资本有限公司CEO；CHC健康集团大股东
l   
CEO of CHC Healthcare Group (4164:TT). CHC健康集团CEO（4164:TT）
l   
Managing Director of Merrill Lynch, The Greater China Head of Private Investment Banking Group; Top Five Banker in the world; honor member of Circle of Champions; raised USD 4 billion under management.
Merill Lynch 管理董事；大中国区PE投资银行业集团负责人；全球五大银行家；Circle of Champions荣誉成员；40亿美元资金管理者
l   
Executive Director of Morgan Stanley, Hong Kong, Team Head of PWM.
摩根斯坦利执行董事，香港PWM团队负责人
l   
University of Oxford- The Saïd Business School/ EMBA/ Lincoln College
牛津大学-萨伊德商学院/高级工商管理硕士/林肯学院
l   
University of Oxford- The Saïd Business School/ Private Equity
牛津大学-萨伊德商学院/PE
l   
University of Pennsylvania- The Wharton School Executive Education/ Leadership
宾夕法尼亚大学-沃顿商学院执行官教育/领导力
l   
Soochow University- B.A./ Economics
苏州大学-文学学士/经济学
l   

 
10
Key Academic Partner, University of Oxford关键学术合伙人：牛津大学
 
l  Isis Innovation Limited was established by Oxford University in 1988 as its wholly owned technology transfer company.  Isis filed 100 patent applications on behalf of the University in 2012, and manages over 470 patent application families and 700 license agreements. Isis licenses technologies to companies, which invest in developing and selling products in a timely and ethical manner Licensees and commercial partners are sought from all technology and business sectors on an international basis. Isis has assisted in the formation of more than 70 University spinout companies, generating significant value in equity holdings for the University of Oxford.  Isis works with Oxford University researchers to develop new business opportunities, identifying and sourcing investment, management and professional services.
l  Isis创新有限公司于1988年由牛津大学创建，是其合资技术转让公司。2012年Isis代表公司拥有100个专利申请，管理470多个专利族和700份特许协议。Isis向企业提供技术许可用于以一种及时和合乎伦理的方式开发和销售产品，被许可人和商业伙伴来自全球技术和商业领域。Isis协助70多家大学衍生企业的创立，为牛津大学创造了重要的股权持有价值。Isis与牛津大学研究人员合作开发新商业机会，识别和获得投资、管理和专业服务。
l   
l  The Saïd Business School is one of Europe's youngest and most entrepreneurial business schools. An integral part of the University of Oxford, the School embodies the academic rigour and forward thinking that has made Oxford a world leader in education.
l  萨伊德商学院是欧洲最年轻也是最有企业家精神的商学院。作为牛津大学的一个整体部分，学院以学术严谨和前瞻性思想著称，这使牛津成为世界教育领导者。
l   

 
11
Partners Around the World伙伴遍及全球
Bay Area旧金山湾区 
Boston波士顿
London牛津
Switzerland瑞士
Hong Kong, Shanghai & Taipei香港，上海和台北
New York纽约
Oxford牛津
Kunming昆明
L.A. 洛杉矶
Melbourne墨尔本
Beijing北京

 
12
Goal and Objective
基金目标
双币基金Ambidextrous private equity fund- Through China regulatory approved new scheme allowing foreign capital to be channeled into RMB vehicle, our private equity fund would function using dual currencies, both the RMB and the USD with total amount USD 1 billion. -通过中国监管当局批准的允许海外资本介入人民币金融工具的新计划，我们的PE基金会利用总额折合10亿美元的人民币和美元这两种货币进行操作。
l   
l  投资策略It puts forward a differentiated, counter-cyclical and risk-mediating investment strategy that describes investment opportunities in the healthcare and life science industry– focusing on China but with an eye toward the rest of the world. 它提出差异化、反周期和风险调节投资策略-医疗保健和生命科学行业投资机会-关注中国，但同时也关注世界其它地方。
l  投资战略Adopting TMO (Technology-Market-Organization) framework, we, as the General Partners of the new generation of private equity fund position ourselves as system builders developing novel inventions in right market places. 我们作为新一代PE基金的基金合伙人，采用TMO（技术-市场-组织）框架将我们自己定位为在适当的市场开发新发明的系统建造者。
l  企业增值Through value creation system, we have expertise to commercialize inventions into disruptive innovations, and then transfer the technology to the right partners, making inevitable threats to incumbents. Via a series of consolidations, eventually those joint ventures will have strong profits, become public companies or be acquired. 通过价值创造体系，我们精于将投资转换成商业上的突破性创新，然后将技术转让给适当合伙人，这无可避免地对这些育成性企业构成威胁。通过一系列合并，最终这些合资企业会获得最大利润，上市或被收购。

 
13
Strategic Value Adding
企业增值战略
THE VALUE PROPOSITION价值主张 
 
A product that helps customers do more effectively, conveniently & affordably a job they have been trying to do. 帮助客户更有效、更方便、更经济地做一份他们一直想做的工作。
l   
RESOURCES资源
 
People, technology, products, facilities, equipment, brands, and cash that are required to deliver this value proposition to the targeted customers. 用于将其价值主张传递给目标客户的必要人员、技术、产品、设施、设备、品牌和现金。
l   
PROFIT FORMULA利润公式
 
Assets & fixed cost structure, and the margins & velocity required to cover them. 资产与固定成本结构和涉及这些因素的利润率与周转率
l   
PROCESSES过程
 
Ways of working together to address recurrent tasks in a consistent way: training, development, manufacturing, budgeting, planning, etc. 以统一方式共同解决重复性任务的方式，任务包括培训、开发、制造、预算、规划等。
克莱顿·克里斯坦森博士，哈佛商学院
l   
Dr. Clayton M. Christensen, Harvard Business School克莱顿·克里斯坦森博士，哈佛商学院
 

 
14
Strategic Alliances
企业连盟战略
Strategic Efforts战略工作
 
l  Discovery
l  Development
l  Regulatory Approval
l  Manufacturing
l  Marketing
l  发现
l  开展
l  监管批准
l  制造
l  市场营销
l   
Strategic Relationship战略关系
Collaboration 协作
l  Licenses
l  Contract Manufacturing
l  Marketing & Promotion
l  Full Collaboration
l  许可
l  外包制造
l  市场营销和生产
l  充分协作 
 

 
15
Strategic M&As
合併收購战略
Extension延伸
To extend the reach of a firm in terms of geography, products or markets as in diversification.
根据多样化原则，延伸公司在地理、产品或市场方面的影响范围
Consolidation合并
To consolidate the competitors to increase market power, to increase efficiency through reducing surplus capacity or sharing resources, and to enlarge scale of the combined operations to gain economic scale and bargaining power. 与竞争对手合并，通过减少盈余能力或分享资源来增加市场影响力，提高效率；通过业务合并扩大规模，获得经济规模和谈判筹码。
 
Capabilities能力
To incorporate the technological capability within their own portfolio, especially useful while industries are converging.
使技术能力能为投资组合的一部分，尤其是产业之间具有趋同性时更有价值
 
Financial Efficiency财务效率
l  Strong balance sheet marry with weak balance sheet can save interest payments and get investment funds; strong stock price supports share transaction.
l  令人满意的资产负债表与令人不满的资产负债表的结合能节省利息支出获得投资资金；较高股票价格支持股票交易。
 
Tax Efficiency税务效率
Arbitrage between different tax schemes. 不同纳税计划之间的套利操作
 
Asset Stripping or Unbundling资产剥离或拆分
To gain economic effectiveness. 获得经济效力
 

 
16
MBI (Management Buy-In) Strategy
外部专业管理团队融资并购战略
The period 2011-2012 saw 132 deals in China’s pharmaceuticals sector, with a total disclosed transaction size of USD 5.2bn for 94 deals. The number of deals and the sheer size of transactions exceed those carried out either in Germany or Japan - an indication of how confidently China has advanced to the position of the second largest pharmaceutical market, right behind the US. 2011-2012年之间中国制药业共有132笔交易，其中94笔的公开交易规模共计52亿美元。交易数量和公开规模超过德国或日本，说明中国如何悄然成为仅次于美国的第二大制药市场。
 
De-risking the leverage
消除杠杆风险

消减成本和重组
加速和调整
资本支出影响/美元
营运资本
成本价格重新谈判
Building impetus in sales and margin
建立销售和利润率推动力
 

交易途径/文件
新产品品类
公开新市场
更好的市场营销
改善后的客户体验-VfM
Step change growth through strategic development
通过战略发展逐步改变增长模式
 

边做边学，同步测试
快速推广与其它优质产品增长股同时进行，以利退出。
方便退出的成长股
 
 

 
17
Dynamitic VC Investment Track Records
动态风险投资绩效
Exited Portfolio Companies with existing Limited Partners (Multiple Return from 3x to 3,000x) 利用当前有限合伙人从投资组合公司退出（现金投资回馈倍数从3到3000）
 
l  Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology. As of May 9, 2013, the market cap of the company was USD 6.9 billion.
l  任我游有限公司提供航海、通信和信息设备，大部分都要使用全球定位系统（GPS）。截止2013年5月9日，公司市值达到69亿美元。
l   
l  Trina Solar Limited manufactures solar-power products including photovoltaic wafers, ingots, cells and modules. As of May 9, 2013, the market cap of the company was USD 353 million.
l  天合光能有限公司制造太阳能产品，包括光伏晶片、晶柱、电池和组件。截止2013年5月9日，公司市值达到3.53亿美元。
l   
l  Hurray! Holding Ltd. a leader in artist development, music production and wireless music distribution and other wireless value-added services in China acquired by Shanda Interactive Entertainment Limited, a leading interactive entertainment media company in China.
l  酷6传媒控股有限公司是中国一家艺术品开发、音乐制作和无线音乐广播及其它无线附加值服务的大公司，该公司由中国一家领先的互动娱乐媒体公司盛大网络互动娱乐有限公司收购。
l  Hsu Fu Chi International Ltd. manufactures sweet food. On 11 July 2011, Nestlé, the largest food company in the world, paid $1.7 billion for a 60 percent stake in Hsu Fu Chi International.
l  徐福记国际有限公司制造甜味食品。2011年7月11日，世界最大食品公司雀巢公司支付17亿美元获得徐福记公司60%的股份。
l  Natural Beauty Bio-Technology Limited researches and develops, manufactures and sells aroma therapeutic, beauty and skin care products, marketed and distributes through a sales network in China. As of May 9, 2013, the market cap of the company was HKD 1.2 billion.
l  自然美生物科技有限公司研究、开发、制造和销售芳香治疗、美容和美体产品，通过中国销售网络进行营销和分销。截止2013年5月9日，公司市值达到12亿港元。
l  Suntech Power Holdings Company Ltd produces solar cells. The Company designs, develops, manufactures and markets a variety of photovoltaic (PV) cells and modules.
l   尚德电力生产太阳能电池。公司设计、开发、制造和营销各种光伏电池和组件。
l  ScinoPharm Taiwan Ltd. offers process research and development and the production of active pharmaceutical ingredients. As of May 9, 2013, the market cap of the company was TWD 45 billion.
l  台湾神隆有限公司致力于过程研究和开发，以及活性药物成份生产。截止2013年5月9日，公司市值达到450亿台币。
l  CHC Healthcare Group involves in distributing and leasing radiation oncology, neuroscience, dental and ophthalmic equipment. As of May 9, 2013, the market cap of the company was TWD 12 billion.
l  CHC医疗集团涉及放射肿瘤、神经系统、牙科和眼科设备销售和出租。截止2013年5月9日，公司市值达到120亿台币。
l   

l   
18
潛在融资併购标的

 
19
Introduction to Rottapharm 罗达制药介绍

 
20
A Healthcare Pharmaceutical Company with a Distinctive Market Position 具有独特市场定位的一家保健药品制造公司
l  Founded in 1961 by Prof. L. Rovati; still 100% family owned 1961年由L. Rovati教授创立，目前100%的股权仍由其家族持有。
Generated net revenue and other income of €539,8 €mm and adjusted EBITDA of €145,2 €mm in 2012 Full Year  2012年全年产生净收入及其它收入共5.39亿欧元，调整后息税折旧摊销前利润计1.452亿欧元。
l  Global footprint with products sold in over 85 countries 产品销往全球85个国家。
l  Geographically diversified and expanding out of Italy thanks to selective acquisitions, particularly the c.€630mm Madaus acquisition in 2007, launches of new products and entry into new geographies
l  由于选择性收购，特别是2007年价值6.3亿欧元收购Madaus，扩展到意大利以外地区，成为地理意义上的多元化企业，推出新产品，进入新市场。
l  Successful business built on the back of the original Glucosamine, still the Company’s #1 product with 17% of revenues, even after the expiration of regulatory data protection more than 10 years ago
l  在根据法规享受的信息保护到期之后10多年的今天仍作为公司拳头产品，为公司创造17%的总收入的生化葡萄糖胺产品开发之后，公司业务仍然很成功。
l  Repositioned business mix from Rx-reimbursed products to semi-ethical products
l  将报销处方药产品与半处方药产品业务进行重新配置。
l  Leading positions in selected niche markets with distinctive business model targeting healthcare professionals and pharmacists
l  在针对保健专业人士和药剂师的特定细分市场采取特殊业务模式，占据领先地位。
Net revenues evolution by geography⁽¹⁾
按地理范围划分的净收入情况
(1)   Actual 2012. The geographical breakdown of our net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on the company’s management accounts. Net revenues refer to total net revenues and other income 实际在2012年，按地理范围划分的我公司净收入明细反映了产品销往的国家，但并未反映记录有关销售额的法人实体。这些数据基于公司管理帐目。净收入指净收入和其它收入总额
% of revenue 占净收入的百分比
Column 5 第五栏
Other其它
Americas& Australia美国和澳大利亚
ACT 2012 net revenues by product category ACT 2012年按产品类别划分净收入
Euromed 4%   EuroMed产品 4%
RX reim bursed 25% 报销处方药25%
Semi-ethical 71%半处方药 71%

 
21
Focus on Semi-Ethical 关注半处方药
Ethical 处方药
l  Always doctor prescribed 必须由医生开处方
l  Reimbursed 报销
l  Scientifically proven and clinically effective科学证明和临床验证
Semi-Ethical 半处方药
l  Doctor prescribed or Pharmacy recommended 医生处方或药房建议
-Depending on product and market, available w/ or w/out prescription取决于产品或市场，无论有无处方都能销售
l  NOT reimbursed 不报销
l  Scientifically proven & clinically effective科学证明和临床验证
Self-medication自我给药
l  NOT prescribed or Pharmacy recommended无须处方或药房建议
l  NOT reimbursed不报销
l  NOT necessarily scientifically proven and clinically effective无须科学证明和临床验证
 

 
22
A Distinctive Integrated Model with a Strong, Branded Franchise 一个基于强大的品牌特许经营的特殊整合模型
Semi-ethicals 71% of Actual 2012 net revenues  半处方药净收入占2012年实际净收入的71%
Core segment:核心部分
l  Rx not reimbursed, OTC, dermocosmetics, dietary supplements (nutraceuticals) and medical devices 非报销药，非处方药，医学护肤品，饮食补充（保健药品）和医学设备
l  Not / minimally affected by pricing / reimbursement pressure不受定价/报销压力的影响，或受影响最小
l  Scientifically backed by clinical data临床数据在科学上提供支持
l  Strong brands 强大品牌
l  Positive growth during 2009-12 (+2,7% CAGR) 2009年至2012年积极增长（+2，7%，CAGR）
Key products: 关键产品
l  Dona¹
l  Saugella
l  Armolipid
Ethicals (Rx-Reimbursed) 25% of Actual 2012 net revenues 处方药（报销）占2012年实际净收入的25%
Legacy segment: 实力积累
l  Cornerstone of scientific capabilities / know-how 是科研能力/专有知识的基石。
l  Key to build relationship with medical doctors and pharmacists in order to market both Rx-reimbursed and Semi-ethical products 是为销售报销处方药和半处方药产品而建立与医生和药剂师的关系的关键。
l  Robust ethical heritage: over 300 patents and 19 new drugs to date 强大的处方药实力：迄今为止，共有300多项专利，12种新药。
Key products:关键产品
l  Urivesc
l  Legalon /Legalon SIL
Euromed 4% of Actual 2012 net revenues   Euromed产品占2012年实际净收入的4%
Natural extracts supplier: 天然提取物供应商
l  Leading European producer of natural extracts, for both captive use and sale to third parties 欧洲最大的天然提取物生产商，这些天然提取物用于垄断性使用或向第三方销售。
l  Provides Rottapharm with “pharma-standard” natural extracts used for both Rx-reimbursed and semi-ethical portfolio 向罗达制药提供作为“药品标准”的作为报销处方药和半处方药成份的天然提取物。
l  Strong top line growth in 2009-12 (14,5% CAGR) 在2009年至2012年期间成为增长最快的产品系列（复合年增长率14.5%）
Source: Company information 来源：公司信息
(1)      In some regions still a Rx-reimbursed product在一些地区仍是报销处方药产品
 
 
 
 
 

 
23
Successfully repositioned business from Rx-reimbursed to semi-ethicals
从报销处方药到半处方药，成功的二次商业定位
Price stability 价格稳定性
High 高
Low低
Full-fledge clinical evidence 全面的临床证据
Targeted clinical evidence 针对性临床证据
No clinical evidence无临床证据
Regulatory status监管状态
Supplements补充
Prescription处方
Consumers消费者
Pharmacists药剂师
Physicians医生
Decision driver决策驱动者
Rottapharm’s distinctive business model is based on…罗达制药独特的业务模式基以下方面：
l  Clinical evidence for semi-ethical products similar to that seen in Rx-products...与报销处方药临床证据类似的半处方药临床证据
l  ...allowing for marketing and targeted sales to Healthcare Professionals....允许对医疗专业人士进行市场营销和有针对性的销售
l  ....who actively prescribe / recommend our products, regardless of ethical or semi-ethical status.使其能积极规定/推荐我们的产品，无论是处方药还是半处方药
....ultimately resulting in limited exposure to pricing pressure....最终避免受过多定价压力
l  Semi-ethical business achieves premium pricing and attractive margins, with limited exposure to pricing pressures.半处方药业务实现溢价定价和重大利润，仅承受有限的定价压力
…and a significant de-risking of the business 极大地减轻了业务风险
24
Leveraging on a global sales and distribution footprint, and in-house manufacturing capabilities利用全球销售和分销网络，以及内部制造能力
Proprietary sales force⁽¹⁾ 独有销售能力
Italy 意大利
Germany德国
France法国
Spain西班牙
Portugal葡萄牙
Austria奥地利
Belgium比利时
Russia and CIS俄罗斯和独联体国家
Poland波兰
Hong Kong /China香港/中国
Thailand泰国
Malaysia /Singapore / Philippines马来西亚/菲律宾/新加坡
Egypt埃及
Saudi Arabia沙特阿拉伯
(1)    Does not include all countries. Includes sales agents (pharmacy representatives) and sales management. 不包括所有国家。包括销售代理（医药代表）和销售管理层
l  Rottapharm presence through distributors or licensees 罗达制药通过分销商和被许可人开展业务
l  Rottapharm direct sales force presence罗达制药直销人员
l  Manufacturing locations制造基地
Manufacturing capabilities 制造能力
l  All Certified/authorized facilities所有经过认证的/授权的设施
l  Cost optimization: reduction from 9 facilities to 6 facilities in the last three years成本优化：在最近三年，从9座设施减少到6座
l  Full range of in-house manufacturing capabilities 全面内部制造能力
-Pharmaceuticals 医药产品
-Ireland 爱尔兰
-Italy意大利
-Germany德国
-Consumer healthcare消费品保健品
-Italy意大利
-Bulk granules 散装颗粒剂
-India印度
-Euromed   Euromed产品
-Spain西班牙
-Leading European producer of natural extracts欧洲最大天然提取物制造商
l  Highly experienced regional / local management teams. 拥有丰富经验的地区/当地管理团队
l  State of the art, award winning manufacturing facilities.先进一流的制药设施

 
25
Key highlights关键投资亮点
Rottapharm: A Strong Credit Case罗达制药：一个有强大说服力的案例
1.       Resilient developed market with strategic emerging markets position.具有复原能力的成熟市场，并在新兴市场拥有战略地位。
2.       Competitive advantage through brand reputation, highly profitable product portfolio and leading market position. 通过品牌声誉、高利润产品组合和领先市场地位获得竞争优势。
3.       Highly diversified product, customer and geographic mix. 高度多元化的产品、客户和地理组合。
4.       Strong cash flow generation and low cost base. 强大的现金流产生能力和低成本的业务基础。
Highly experienced management team with strong track record. 经验丰富的管理团队和具有说服力的历史业绩。1。
 
26
Leading position in an industry with attractive fundamentals  在行业占据领先地位，拥有极具诱惑的基础条件
Pharma Rx 报销处方药
(1)      Resilient, less cyclical and defensive sector具有复原能力，周期性更小，受市场影响较小的领域
l  Strong supportive trends: 受到强烈支持
-Aging population 老龄化
-Increasing healthcare expenditure per-capita in both developed and emerging markets发达国家和新兴市场的人均医疗开支都在增加
-Focus on innovation and discovery of treatments for unmet medical needs 对于那些尚未攻克的疾病，人们一直关注疗法的创新和探索
OTC非处方药
(2)      Resiliency driven by Rx falling out of reimbursement schemes into OTC一些报销处方药成为非处方药，驱动市场复原能力
l   
l  Growing consumer awareness and product knowledge日益增长的消费意识和产品知识
(3)      Strong resiliency and brand equity of products with Rx heritage具有报销处方药优势的产品具有强大市场恢复能力和重要品牌价值
l   
Nutraceutical营养制剂
 
l  Well-established market in the US with meaningful growth opportunities in Europe在美国建立的市场地位为欧洲市场带来重要的增长机会
l  Increasing focus on promotion of healthy behaviours越来越多的人开始注意推广健康行为
(4)      Growing awareness of key role of nutrition in prevention of adverse medical conditions, and life-style quality improvement越来越多的人意识到营养在预防疾病和提高生活质量方面的关键角色
l   
Dermocosmetics医学护肤品
 
l  Increasing global usage of cosmetic products全球使用化妆品日益增长
l  Look good / feel better effect要求好看/使人感觉更好
l  Demand for next generation cosmetics without heavy metals, allergenic agents, impact of new regulation etc. 对下一代化妆品无重金属或过敏性成份的要求，新法规的影响等
Global Pharma market size (€bn)全球制药市场规模（单位：10亿欧元）
Global OTC market size (€bn) 全球非处方药市场规模（单位：10亿欧元）
(5)      Italian Pharmacy Nutraceutical market value share意大利药房营养食品市场份额
(6)      Novartis诺华
Rottapham罗达制药
Recordati
#3 player (Italy) 3家公司（意大利）
Italian Dermocosmetic market value share印度护肤品市场份额
Rottapham 罗达制药
Procter& Gamble 宝洁公司
#1 player (Italy)1家公司（意大利）
#7 player (Europe)7家公司（欧洲）
Source: IMS Health 来源：IMS健康
(1)   Pharmacy market 制药市场

 
27
Well positioned in Western European markets, proactively addressing austerity measures西欧市场的合理定位，前瞻性地应对财政紧缩政策
Successful strategy in Italy意大利的成功战略
l  Active portfolio mix management积极的投资组合管理
-Approx. 85% of actual 2012 Italian net revenue from semi-ethicals 2012年近85%的实际净收入来自半处方药
-Consequential positive top line growth despite the financial crisis 尽管财政危机，仍实现最高增长
l  Reduced exposure to reimbursement pressure, control of pricing避免直接面对报销压力、定价控制
Proactively addressing austerity measures in Iberia前瞻性地应对伊比利亚的财政紧缩政策
Shifting of portfolio away from Rx-reimbursed 将投资组合从报销处方药向其它产品转移
2009 % of revenues  占2009年收入的百分比
ACT 2012 % of revenues  占2012年实际收入的百分比
Semi-Ethical 31% 半处方药，31%
Euromed 2% Euromed产品 2%
Rx-reimbursed 50% 报销处方药 50%
Semi-Ethical 45% 半处方药 45%
Rx-reimbursed 68% 报销处方药 68%
Euromed 5% Euromed产品 5%
Rx-reimbursed 86% 报销处方药 86%
Semi-Ethical 14% 半处方药 14%
Rx-reimbursed 72% 报销处方药 72%
Semi-Ethical 28% 半处方药 28%
Spain 西班牙
Portugal 葡萄牙
Revenue (€mm) 收入（单位：100万欧元）
Selected initiatives 经慎重选择的计划
l  Successful launch of Armolipid 成功推出Armolipid
l  Active portfolio management of Plantaben Plantaben积极的投资组合管理
l  Cost containment measures being implemented 正在执行的成本控制措施

 
28
Focus on increasing exposure to key Emerging Markets, underpinned by strong fundamentals
关注由强大基础支撑的对关键新兴市场日益增长的影响
Evolution of geographic exposure 发展趋势（从地理角度分析）
2006 net revenues 2006年净收入
2012 net revenues  2012年净收入
Total: €281mm 总额：2.81亿欧元
Total: €540mm 总额：5.40亿欧元
Emerging markets 6% 新兴市场：6%
Rottapharm’s key Emerging Markets(1) are forecast to experience robust growth 预计罗达制药的关键新兴市场（1）将进入强劲增长时期
Pharmaceuticals to outgrow healthcare expenditure 制药业面临过快增长的医疗费用
Pharmaceutical sales(2) 药品销售额
Healthcare expenditure 医疗费用
Healthcare expenditure per capita comparison 人均医疗费用比较
Source: BMI Pharmaceuticals & Healthcare reports来源：BMB制药和医疗报告
(1)   Includes: Brazil, China, Egypt, India, Malaysia, Mexico, Russia and Thailand包括巴西、中国、埃及、印度、马来西亚、墨西哥、俄罗斯和泰国
(2)   Includes prescription, generics and OTC products 包括处方药、非专利药和非处方药
Emerging markets include Asia, BRIC, Middle East and Africa and Eastern Europe and CIS
新兴市场包括亚洲、金砖四国、中东和非洲，以及东欧和独联体国家
(US$ in billions)（单位：10亿美元）
(US$ in billions)（单位：10亿美元）
(2011 - US$ per capita)（2011年-人均美元）
c.8.9x potential growth 8.9倍潜在增长

 
29
Branded pharma portfolio with leading positions in niche market segments 在细分市场占据领先地位的品牌药业投资组合

	% of revenues占收入百分比(1)	Indication 适应症	Reimbursement 报销	Patent 专利	Leading market position领先市场地位
Dona	17%	Osteoarthritis 骨关节炎	Yes / no是/否	No否	The world’s best selling and the original glucosamine product世界上最为畅销和最先进的葡萄糖胺产品
Saugella	9%	Intimate / baby hygiene 私密/婴儿卫生	No否	Yes / no是/否	The market leading product in the Italian daily intimate hygiene market意大利市场最有名的私密卫生产品
Legalon	6%	Gastroenterology肠胃病学	Yes / no是/否	Yes / no是/否	Hepatoprotector and detoxifying agent, with unique sylimarine preparation and potential new indication upside保肝药和排毒剂,包含独特的水飞蓟制剂，其适应症可能会增加新项目
Armolipid	5%	Cardiology心脏病学	No否	Yes是	The newest approach to dyslipidaemia management with leading market position in Italy 最新的血脂异常管理方式，在意大利具有领先的市场地位
Reparil	5%	Rheumatology 风湿病学	No否	No是	A market leading treatment of traumatic injuries and venous diseases一种市场领先的创伤性损伤和静脉疾病治疗药物

Source:   Company information来源：公司信息
(1)   Based on Actual 2012 net revenues of €539,8mm基于2012年实际净收入5.398亿欧元

 
 
30
Branded pharma portfolio with leading positions in niche market segments (cont’d) 在细分市场占据领先地位的品牌药业投资组合（续）

	% of revenues占收入百分比(1)	Indication 适应症	Reimbursement 报销	Patent 专利	Leading market position领先市场地位
Agiolax	4%	Constipation便秘	No否	No否	A leading treatment for acute constipation治疗急性便秘的一种重要治疗药品
Urivesc	5%	Urinary incontinence尿失禁	Yes是	Yes / no是/否	The leading treatment of overactive bladder in France在治疗膀胱过动症方面，是法国最重要的治疗药品
Go-ON	3%	Osteoarthritis骨关节炎	Yes / no是/否	No否	A leading intra-articular hyalauronic acid product in France, Germany and Thailand是法国、德国和泰国最重要的关节内玻尿酸产品
Bellissima	2%	Contraceptive避孕	Yes / no是/否	No否	A generic brand leader in oral contraception in Germany是德国最大的非专利口服避孕药品牌
Fortilase	2%	Anti oedema 抗水肿	No否	No否	A global leading proteolytic enzyme anti-inflammatory, representing successful shift from Rx-reimbursed to semi-ethical全球领先的蛋白水解酶消炎药品,代表从报销处方药到半处方药的成功转变
Total top 10 products 10种最重要产品	58%

1.         Source:   Company information资料来源:公司资料
(1)   Based on Actual 2012 net revenues of €539,8 mm基于2012年实际净收入，5.398亿欧元

 
31
2.         Glucosamine sulfate: a story of global success, built “in-house” 葡萄糖基硫氨酸盐：一个基于“内部”的全球性成功案例
3.         The global leader in treating osteoarthritis骨关节炎治疗领域全球领导者
l  Rottapharm is the originator of glucosamine sulfate for osteoarthritis罗达制药是用于治疗骨关节炎的硫酸氨基葡萄糖的发明者
4.         The only clinically approved product in its class (first approval as an Rx reimbursed product in 1974) 同类别中唯一经临床认证的产品(1974年第一个被批准为报销处方药产品)
5.         Strong history of growth, establishing DONA® as a landmark brand在过去一直保护持续增长，DONA®就是一个具有里程碑意义的品牌
6.         The global leading product in its class even after the expiration of regulatory data protection more than 10 years ago即使在根据法规享受的信息保护到期之后10多年后，仍是同类别中全球领先产品 
7.         Ability to keep leadership against the many glucosamine competitors thanks to superior scientific profile and manufacturing know-how由于极其科学的投资组合和制造技术，在众多氨基葡萄糖产品竞争者中保持领导地位
8.         Strongly backed by clinical studies and publications in top-rated medical journals临床研究和顶级医学杂志出版物的大力支持
9.         Glucosamine sulfate is the only glucosamine-based product recommended for the treatment of knee osteoarthritis by EULAR and OARSI(¹)氨基葡萄糖硫酸盐是EULAR 和 OARSI推荐的唯一一种基于葡萄糖胺产品的膝关节炎治疗药物
10.     Globally recognized superior scientific profile全球公认的极其科学的投资组合
11.     Lancet 2001; 357:251-56: 《柳叶刀》2001年；357：251-56：
12.     “The long-term combined structure modifying and symptom modifying effects of glucosamine sulfate suggest that it could be a disease modifying agent in osteoarthritis” “硫酸氨基葡萄糖在改善组合结构和缓解症状方面的长期效果意味着它可能成为一种缓解骨关节炎疾病的药剂”
 
13.     Archives of Internal Medicine 2002; 162:2113-23: 《2002年内科医学档案》162:2113-23:
14.     “Long-term treatment with glucosamine sulfate retarded the progression of knee osteoarthritis, possibly determining disease modification”. “通过氨基葡萄糖硫酸盐长期治疗来阻碍骨关节炎发展，可能会决定疾病的改善”。
Cochrane Review 2009: Only Rottapharm’s preparation of glucosamine sulfate is effective in osteoarthritis, while clinical studies using other glucosamine preparations did not show any benefit.  2009年国际循证医学协作组织回顾：只有罗达制药的硫酸葡萄糖胺制剂在骨关节炎方面是有效的,而其它氨基葡萄糖制剂临床研究未显示任何益处。
Source:   Company information来源：公司信息
(¹) EULAR (European League Against Rheumatism) and OARSI (Osteoarthritis Research Society International) EULAR（欧洲抗风湿联盟）和OARSI（国际骨关节炎研究学会）

 
32
Legalon/Legalon Sil ® (Sylimarine/Sylibinin)
Product description 产品描述
l  Indication: treatment of toxic liver damage, supportive therapy of chronic inflammatory liver diseases and liver cirrhosis 适应症：:治疗毒性肝损伤，辅助治疗慢性炎症，治疗肝病和肝硬化。
l  Ingredient: mixture of four isomeric flavonoids extracted from the fruits of the milk thistle (Silybum marianum, syn. Carduus marianus). The main isomer is silibinin 主要成份：从水飞蓟果实提取的四种同分异构黄酮类物质混合物(Silybum marianum, syn. Carduus marianus)。主要异构体是水飞蓟素。
l  Positioning: Legalon is a natural, clinical-proven effective and unique sylimarine preparation with outstanding bioavailability compared to standard silimarin products定位：利肝素是一种天然的，经临床证明的特殊的水飞蓟素制剂，与标准水飞蓟素产品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分销渠道：报销处方药，仅药房销售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目标群体：:肝脏病学家、胃肠病学家、全科医师、药剂师和消费者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商标：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description产品描述
Silibinine-C-2’, 3-diidrosuccinate Injectable Presentation
l  Product already in use and registered in Germany, Poland, Czech Republic, Austria for intoxication from Amanita Phalloides由于水飞蓟素防止毒素入侵作用，产品已在德国、波兰、捷克和奥地利使用和注册
15.     Worldwide exclusive rights全球独家权利
16.     After the study of Prof. Ferenci (2008), Legalon SIL has been discovered as a potent antiviral agent in patients with chronic hepatitis C not responding to standard therapy / patent pending在Ferenci教授的研究(2008)之后，人们发现Legalon SIL是一种有效的抗病毒剂，能用于治疗那些标准疗法/专利申请产品无能为力的慢性丙型肝炎患者。
l   
17.     -Fast-tracked Orphan Drug status in EU and USA for prevention of recurrent hepatitis C in liver post-transplant recipients not responding to standard therapy为了预防不适用标准疗法的肝移植接受者移植后丙型肝炎复发，快速跟踪欧盟和美国罕见病药物的使用情况。
2012 Revenue split by geography (€29.4m) 2012年按地理范围划分的收入（2940万欧元）

 
33
Robust near- and long-term pipeline mix provides upside potential强劲的长短期潜在风险投资后备项目组合具有重大潜力
l  Traditional discovery R&D (Rx-reimbursed) provides long-term innovation at the highest level of scientific capability, with different innovative projects at different stage of development . The Company is one of the few major R&D players in Italy and it is concentrating especially on the highly competitive areas of Rheumatology, Pain, Gastrenterology and Hepathology.传统研发（报销处方药）以最高科研能力实现持续创新，当前有许多创新项目正处于不同开发阶段。该公司是为数不多的意大利研发机构之一，尤其专注于一些竞争激烈的领域：风湿病、止痛、胃肠病学和肝脏病学。
l  Strong ethical R&D heritage allows fast innovation in the semi-ethical and the near-term ethical pipeline强大的处方药研发实力使半处方药和近期处方药潜在风险投资后备项目能够实现快速创新。
l  Robust, near-term semi-ethical pipeline provides substantial incremental revenue growth potential强劲的近期半处方药潜在风险投资后备项目使收入增长潜力可持续增长。
-Average time to market of 12 months for OTC, nutraceuticals and dermocosmetics, (which compares to industry average of 2 years for OTC and 4-5 years for a generic drug) 非处方药，保健营养品和医学护肤品，上市后平均12个月（相比之下，对于非处方药，行业平均2年，对于非专利药，平均4-5年）
-Semi-ethical pipeline consists of 半处方药潜在风险投资后备项目包括
A.       Innovative nutraceuticals 创新性的保健品
B.        Existing nutraceutical extension line 现有营养食品的扩展系列
C.        New OTCs 新非处方药
D.       New dermocosmetic products extending existing lines 作为原有产品系列扩展的新医学护肤品
E.        Dermocosmetics extension lines 医学护肤品扩展系列
l  Near-term Rx pipeline provides consolidation of existing product lines and consists of: 短期报销处方药潜在风险投资后备项目是对原有生产线的整合，包括，
1.       New indications of existing products 原有产品的新适应症
2.       New branded generics 新品牌非专利药
3.       Line extensions 产品系列延展
 
New chemical or biological entities in clinical and pre-clinical development stages
临床和临床前开发阶段的新化学和生物实体

COMPOUNDS IN ACTIVE DEVELOPMENT 目前正在开发的复方药
INN and/or CODE INN和代码	PHARMACOLOGICAL CLASS 药理类分类	CHEMICAL NATURE 化学性质	THERAPEUTIC INDICATIONS 治疗适应症	DEVELOPMENT PHASE 开发阶段
CR4056	Imidazoline I2 binding site ligand咪唑啉I2结合位点配体	Small molecule 小分子	l Neuropathic pain l Acute Pain 神经性疼痛 急性疼痛	Phase II 二期
CRB0017 (monoclonal antibody) (单克隆抗体)	Aggrecanase (ADAMTS5) inhibitor Aggrecanase(ADAMTS5)抑制剂	Monoclonal Antibody 单克隆抗体	l Osteoarthritis: Disease Modifying Drug l 骨关节痛：疾病缓解药品	Pre-clinical Development 临床前开发
CRB0089 (monoclonal antibody) (单克隆抗体)	Nerve Growth Factor (NGF) receptor (trkA) inhibitor 神经生长因子(NGF)受体(trkA)抑制剂	Monoclonal Antibody 单克隆抗体	l Osteoarthritis pain l Chronic pain l Neuropathic pain 骨关节炎疼痛 慢性疼痛 神经性疼痛	Pre-clinical Development 临床前开发
CR6086	EP4 receptor antagonist EP4受体拮抗剂	Small molecule 小分子	l Rheumatoid Arthritis: early NSAID and/or DMARD ·         风湿性关节炎:早期非甾体类抗炎药和/或缓解疾病的抗风湿性药物	Pre-Clinical development 临床前开发
CR8357 (series) （系列）	Selective kinase inhibition (undisclosed) 选择性激酶抑制(未公开)	Small molecule 小分子	l Osteoarthritis: Disease Modifying Drug with potent symptom activity 骨关节炎: 缓解疾病的药物，具有有效症状活动	Exploratory Development 应用研究
CR5542 CR5742	Orexin receptor antagonist(s) 增食欲素受体拮抗剂	Small molecule 小分子	l Drug addiction l Insomnia and sleep disorders 药物成瘾 失眠和睡眠障碍	Exploratory Development 应用研究

 

 
34
Robust near-term pipeline provides upside potential 充满前途的近期潜在风险投资后备项目展示极大潜力
Semi-ethical Pipeline半处方药潜在风险投资后备项目

Ritmonutra	Ialumar Baby
Glicosan	New Saugella Attiva 新Saugella Attiva
ArmoLIPID WM	Saugella Pads Line (9 Products) Saugella护垫系列 （9种产品）
ArmoLIPID OMEGA	New Dermafresh (New patented formula) 新Dermafresh 新专利配方
ArmoLIPID PLUS OMEGA	Biomineral / Biothymus (new patented formula)
Fortilase ORTO	New Dermasol (New patented formula) 新Dermasol 新专利配方
Fortilase DERMA

 
Rx pipeline – Near Term (Present Portfolio) 报销处方药潜在风险投资后备项目-近期（当前投资组合）

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

 

 
35
Highly diversified product / therapeutic and geographic mix
高度多元化的产品/治疗领域和地理范围
Product / therapeutic area (1)产品/治疗领域

Immunology 免疫学
Other其它
Rheumatology  风湿病学
Gynaecology 妇科学
Gastroenterology 肠胃病学
Cardiology 心脏病学
Urology  泌尿学
Dermatology 皮肤病学
Natural extracts 天然提取物
Respiratory 呼吸病学
Hematology 血液学
Paediatrics 儿科
 
Geographic coverage (1)地理范围

美国和澳大利亚 其它 意大利 德国 西班牙 葡萄牙 法国 西欧其它地区 新兴市场
Mitigated single product / therapeutic area risk 减轻后的单独产品/治疗领域风险
l  Diversified therapeutic portfolio 多元化治疗领域投资组合
l  Broad portfolio with more than 10 different therapeutic areas covered广泛的投资组合，覆盖10多种不同治疗领域
l  No therapeutic area accounts for more than 30% of sales 非治疗领域销售额占全部30%以上。
l  Portfolio mix with limited patent expiry risk 具有有限专利失效风险的投资组合
Broad geographic exposure 广阔的地理范围
l  Broad geographic exposure 广阔的地理范围
l  No country apart from Italy and Germany accounting for more than 10% of sales  除意大利和德国外，任何国家销售额都不超过10%
l  Fast-growing emerging markets account for 19% of sales 快速增长的新兴市场占销售额的19%。
(1) Actual 2012. The geographical breakdown of net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on company’s management accounts. 2012年实际情形，按地理范围划分的净收入明细反映了产品销往的国家，但并未反映记录有关销售额的法人实体。这些数据基于公司管理帐目。

 
36
Efficient cost base coupled with high cash flow generation allow strong deleveraging
与高现金流结合产生的有效的成本基础为坚决的去杠杆化提供条件
Stable profitability through European crisis thanks to a flexible cost base…
由于灵活的成本基础，即使在欧洲危机时期也具有稳定的盈利能力
…leading to a strong operating cash flow conversion …
导致强大营运现金流转换…
Operating Cash Flow conversion (%)(1) 运营现金流转换（%）（1）
…and strong deleverage 和坚决的去杠杆化
Net debt / Adjusted EBITDA (x) 净负债/调整后息税折旧和摊销前利润
Source:   Company information 来源：公司信息
(1) Calculated as (Adjusted EBITDA - Capex) / Adjusted EBITDA 计算公式（调整后息税折旧和摊销前利润-资本费用）/调整后息税折旧和摊销前利润

 
37
Solid foundation built upon years of industry experience坚实基础，具有多年行业经验
Prof. Luigi Rovati Luigi Rovati教授
Founder and President公司创始人和总裁
 
Lucio Rovati
Vice Chairman 董事会副主席
Chief Scientific Officer and Executive Medical Director 首席科学官和常务医学总监
 
Luca Rovati
Vice Chairman董事会副主席
Chief Executive Officer 首席执行官
 
Sigieri Diaz della Vittoria Pallavicini
Chief Investment Officer 首席投资官
 
Vincenzo Maglione
Chief Operating Officer 首席运营官
 
Stefano Bertoletti
Head of HR 人力资源负责人
 
Anne Boulanger
Head of Finance & Administration 财务和行政部负责人
 
Lorenzo Michetti
Head of Legal and Intellectual Property Department法律和知识产权部负责人
 
Antonino Santoro
Business Development and Regulatory Affairs Director 业务开发和监管事务部总监
 
Enzo Lacchini
Group Technical Director 集团技术总监
 
Roberto Bonfanti
Head of Group Plans, Controls & IT Manager 集团规划负责人、控制和IT经理
 
Highly experienced management team with an average of >20 years presence in the industry 具有丰富经验的管理团队，成员平均行业经验超过20年。

 
38
Historical financials金融业绩回顾

 
39
Key financial strategy highlights关键财务战略亮点
Continue to grow revenues organically  收入继续有机增长
l  Semi-ethical penetration  半处方药方面取得突破
l  New product launches新药推出
l  Emerging markets expansion新兴市场的扩展
Preserve a highly flexible operational business model 保留一个高度灵活的业务模型
l  Control of strategic raw materials (Euromed, Glucosamine)战略性原材料控制（Euromed，葡萄糖胺）
l  Adjustable operational leverage including sales force, discovery R&D, discretionary marketing and manufacturing expenses 可调整的运营杠杆，包括销售力、新产品研发、随意性很大的市场营销和制造费用
l  Asset-light/low-capex model  资产轻/低资本支出模型
Disciplined approach to acquisition strategy 收购战略
l  Selective and restricted to access strategic therapeutic areas or markets 对战略性治疗领域或市场的进入的选择和限制
l  Consistent with conservative leverage metrics 与保守的杠杆标准保持一致
Dividend policy 股息分配方针
l  Prudent dividend policy 谨慎的股息分配方针
Ensure high level of transparency with investors going forward 确保在未来对投资者保持高透明性
Continue to be publicly rated by Moody’s and S&P 继续通过穆迪和标准普尔指数公开定价
l   
l  Focus on quality of reporting 关注报告质量

 
40
Stable, highly diversified revenue base, demonstrating resilience through recession…稳定、高度多元化的收入基数显示了经济衰退之后的恢复复原能力
Net revenues by product categories (€mm) 按产品类别列示的净收入（单位：100万欧元）
Rx-reimbursed 报销处方药
Semi-ethical 半处方药
Discontinued products 废止产品
Euromed
Net revenues by country(1)(€mm) 按国家列示净收入（单位：100万欧元）
Americas& Australia 美国和澳大利亚
Column2 第二栏
Other其它
Emerging markets 新兴市场
Rest of WE/NE 西欧/北欧其余地区
France法国
Portugal葡萄牙
Spain西班牙
Italy意大利
l  Sustained and visible growth in core business segments在核心业务细分领域出现可持续的显著增长
-Semi-ethical business expansion through the launch of ArmoLIPID, Pafinur, Erdotin, Saugella extension lines, Bellissima / Evaluna/Mayra, as well as higher sales of Silymarine and Glucosomine
通过推出ArmoLIPID、Pafinur、Erdotin、Saugella扩展系列、Bellissima / Evaluna/Mayra和销售额较高的Silymarine和Glucosomin，半处方药业务扩大。
-Euromed showing strong growth  Euromed市场显示强劲增长。
-Italy, Northern Europe and Emerging Markets showing strong resilience and growth dynamics意大利、北欧和新兴市场显示了强劲的恢复能力和增长势头。
l  Revenue decline in Rx-segment and non core geographies due to unfavourable market dynamics 由于不利的市场趋势，在报销处方药和非核心非专利药方面收益下降。
-Decrease in Rx-reimbursed revenues in 2011 and 2012  2011年和2012年报销处方药收入减少。
-Concentrated on countries with highest macro pressures such as Spain, Portugal and Greece, where recent austerity packages led to lower prices and sales volumes在宏观形式压力较大的国家，例如西班牙、葡萄牙和希腊，最近的全面经济紧缩政策使价格和销售额一起降低。这些国家是目前关注的重点。
World Ex Pigs (PT, IE, GR, ES) 世界
Source: Company information 来源：公司信息
(1) The geographical breakdown of our net revenues reflects the country in which the products were sold and not the legal entity recording the relevant sale. These data are based on the company’s management accounts按地理范围划分的我公司净收入明细反映了产品销往的国家，但并未反映记录有关销售额的法人实体。这些数据基于公司管理帐目。
 

 
41（以下报表就翻译英文，不用输入数字。）
Revenue by Product category按产品类别列示的收入


截止于2009年12月31日年度
截止于2010年12月31日年度
单位：1000欧元
占总净收入和其它收入的百分比（%）
单位：1000欧元
占总净收入和其它收入的百分比（%）
产品品类
半处方药
报销处方药
天然提取物
废止产品
总净收入和其它收入
 
42
Revenue by Geography按地理列示的收入


单位：1000欧元
占总净收入和其它收入的百分比（%）
单位：1000欧元
占总净收入和其它收入的百分比（%）
地理
意大利
德国
西班牙
葡萄牙
法国
爱尔兰
奥地利
其它
净收入
其它收入
总净收入和其它收入
 
43
EBDITA Analysis息税折旧摊销前利润分析
 

截止于12月31日年度
截止于6月30日6个月
截止于2012年12月31日12个月
（单元：1000欧元）
Unaudited -未审计
持续经营净利润
收入税开支
财务收入
财务费用
所占联营公司赢利/亏损
其它金融资产再评估（减记）
贬值、摊销和冲销
 
息税折旧摊销前利润
非经常性项目
储备金发放
退税
养老金计划-实际调整
研发费用
产品线处置收益
废止产品
调整后息税折旧摊销前利润
 
 
44
Income Statement 利润表

 
（单位为1000欧元，除非另有说明）
截止于12月31日年度
截止于6月30日6个月
截止于2012年12月31日12个月
合并利润表
净收入
其它收入
总净收入和其它收入
原材料、供应品、消费品和商品成本
人力成本
服务成本
其它成本
贬值、摊销和冲销
运营利润
财务收入
财务费用
所占联营公司赢利/亏损
其它金融资产再评估（减记）
息税折旧摊销前利润
收入税费用
持续经营净利润
中断经营净利润
净利润
 
45
Major Products主要产品

 
46
In Licensing Products 许可产品
Owned 自有
In licensing 许可

 
47
Captive supply of high-quality raw materials from affiliated Euromed supports internal development and clinical validation and helps protect profitability 从关联Euromed取得垄断性原材料能支持内部开发和临床验证，有助于保持高利润率。
以下单词如果不明白请参考原图
Seeds selection 种子选择
Soil analysis 土壤分析
Raw materials analysis 原材料分析 
Extraction (Pharmaco-poaeias standards) 提取（药典标准）
Stability analysis 稳定性分析
Verification of potential pollutants潜在污染物验证
Rottapharm’s Pipeline 罗达制药的潜在风险投资后备项目
from cultivation to finished product 从种植到成品
Rottapharm’s products  罗达制药的产品
Horse chestnut (Aesculus hippocastanum)  马栗树（七叶树属七叶树）
 
Milk thistle (Silybum Marianum L.) 水飞蓟(Silybum Marianum L.)
Aescin
Sylimarin
Clients客户
Intra group captive revenues  集团内垄断收入
High quality materials extraction and raw materials manufacturing高质量原料提取和制造
Euromed provides privileged access to high quality raw materials, benefitting both pipeline and existing products  Euromed提供对优质原材料的专有获取渠道，使潜在风险投资备项目和当前产品都能受益
Source:   Company information来源：公司信息

 
48
Dona (glucosamine sulfate) overview Dona (氨基葡萄糖硫酸盐)概述
17% of 2012 Actual net revenues 2012年实际净收入的17%
Product description 产品描述
l  Indication: arthrosis – promotes cartilage metabolism, protects joint structure and supports joint mobility 适应症：促进关节软骨代谢,保护关节结构和支持关节灵活性
l  Ingredient: crystalline glucosamine sulphate主要成份:结晶葡萄糖胺硫酸盐
l  Positioning: world's best selling glucosamine product. Dona is a registered drug worldwide and is the only clinically proven brand to be effective in double-blind, placebo-controlled, randomised clinical studies shown to assist in promoting healthy cartilage, lubricating joints, supporting joint mobility and flexibility and protecting cartilage. Dona is also proven to reach the joints in humans, which is not proven with any other formulations of glucosamine定位：世界最畅销的葡萄糖胺产品。Dona是一种在全世界都受到保护的注册药品，是唯一经临床证明品牌，在双盲、安慰剂对照、随机临床研究中证明有助于促进软骨健康，润滑关节，支持关节灵活性和适应性,并为软骨提供保护。Dona也被证明药效能抵达人类关节,而其它任何氨基葡萄糖配方都无法证明这一点。
l  Distribution: Rx, pharmacy, OTC分销渠道：报销处方药、药房和非处方药
l  Target groups: rheumatologists, orthopaedics, general practitioners 目标群体：专家、整形外科和全科医生
l  Brands / trademarks: Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan 品牌/商标：Viartril, Arthril, DONArot, Artrofrot, Xicil, Osaflexan
2012 Actual net revenue split by geography (€93m) ) 2012年按地理划分实际净收入（9300万欧元）
 

其它 俄罗斯，独联体国家 中国 泰国 德国 意大利 台湾地区 香港地区 马来西亚 巴西 西班牙 波兰 
Revenue evolution收入趋势
(€ in millions)（单位：100万欧元）
l  2011 affected by one-off negative events in Thailand  受2011年泰国单次不利事件影响
-Significant flooding 产后大出血
-Temporary suspension for 6 months of reimbursement status 报销暂停6个月
Source:   Company information 来源：公司信息
(1)   Heavily affected by price decreases in Spain, Portugal and Greece 因西班牙、葡萄牙和希腊市场价格下降受严重影响

49
Saugella overview菁萃概述
9% of 2012 Actual net revenues 2012年实际净收入的9%
Product description产品描述
l  Indication: daily intimate hygiene, gynaecology适应症：日常私密卫生，妇科疾病
l  Ingredient: dermocosmetic – thymus, salvia, calendula主要成份：皮肤化妆品-胸腺、鼠尾草、金盏花
l  Positioning: range of product lines (Blue, Green, Pink, Girl and Man) across all ages and different hygiene requirements with c.50% market share in Italy. Clinically documented and recommended by gynaecologists. Approx 8.1% revenues CAGR since acquisition from BMS in 2000定位：为具有不同卫生要求，任何年龄群体提供的产品系列（蓝色、绿色、粉红色、女士和男士），在意大利占50%的市场份额。妇科医生临床证明和推荐。从2000年收购 BMS以来，复合年增长率接近8.1%。
l  Distribution: Rx, pharmacy, OTC分销渠道：报销处方药、药房和非处方药
l  Target groups: gynaecologists, general practitioners, pharmacists, consumers 目标群体：妇科医生、全科医师、药剂师和消费者
l  Brands / trademarks: Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo 品牌/商标：Dermoliquido, Attiva, Poligyn, Idraserum, cleansing wipes, gel, lavenders, pads, Uomo
2012 Actual net revenue split by geography (€48m) ) 2012年按地理划分实际净收入（4800万欧元）
Revenue evolution收入趋势
(€ in millions) （单位：100万欧元）
Y-o-Y growth 同比增长
Source: Company information 来源：公司信息
(1)   Impacted from de-stocking股票减持影响

 
50
Legalon overview利肝素概述
6% of 2012 Actual net revenues 2012年实际净收入的6%
Product description 产品描述
l  Indication: treatment of toxic liver damage, supportive therapy of chronic inflammatory liver diseases and liver cirrhosis 适应症：:治疗毒性肝损伤，辅助治疗慢性炎症，治疗肝病和肝硬化。
l  Ingredient: mixture of four isomeric flavonoids extracted from the fruits of the milk thistle (Silybum marianum, syn. Carduus marianus). The main isomer is silibinin 主要成份：从水飞蓟果实提取的四种同分异构黄酮类物质混合物(Silybum marianum, syn. Carduus marianus)。主要异构体是水飞蓟素。
l  Positioning: Legalon is a natural, clinical-proven effective and unique sylimarine preparation with outstanding bioavailability compared to standard silimarin products定位：利肝素是一种天然的，经临床证明的特殊的水飞蓟素制剂，与标准水飞蓟素产品相比，具有突出的生物利用度。
l  Distribution: Rx, pharmacy only 分销渠道：报销处方药，仅药房销售
l  Target groups: hepatologists, gastroenterologists, general practitioners, pharmacists, consumers 目标群体：:肝脏病学家、胃肠病学家、全科医师、药剂师和消费者
l  Brands / trademarks: Legalon Protect, Legalon Forte, Legalon 70, Legalon 140 品牌/商标：Legalon Protect, Legalon Forte, Legalon 70, Legalon 140
Product description产品描述
2012 Actual net revenue split by geography (€29m) 2012年按地理划分实际净收入（2900万欧元）
 
Revenue evolution收入趋势
Source: Company information 来源：公司信息

 
51
ArmoLIPID overview ArmoLIPID概述
5% of 2012 Actual net revenues 2012年净收入的5%
Product description 产品描述
l  Indication: Dyslipidemia 适应症：血脂异常
l  Ingredient: Policosanols, red yeast, berberin 主要成份：甘蔗脂肪醇、红酵母和小檗硷
Positioning: nutraceutical product with patented hypolipidemic efficacy. Clinically documented and recommended by GPs and specialists定位:营养食品产品，具有受专利保护的降血脂功效。由全科和专科医师临床证明和推荐
l  Distribution: Rx, pharmacy, OTC分销渠道：报销处方药、药房和非处方药
l  Target Groups: GPs, specialists, cardiologists, consumer 目标群体：全科和专科医师、心脏病专家和消费者
l  Brands / Trademarks: Armolipid, Armolipid Prev, Armolipid Plus 品牌/商标：Armolipid, Armolipid Prev, Armolipid Plus
l  Worldwide rights世界范围内权利
l  Indication / composition / dosage patented 适应症/成份/专利剂量
2012 Actual net revenue split by geography (€29m) 2012年按地理划分实际净收入（2900万欧元）
 
Revenue evolution收入趋势
 

 
52
Reparil overview七叶皂苷钠概述
5% of 2012 Actual net revenues 2012年净收入的5%
Product description 产品描述
l  Indication: treatment of traumatic injuries and venous diseases适应症：治疗创伤性损伤和静脉疾病
l  Ingredient: escin and diethylamino-salicylate (gel); escin (coated tablets)主要成份：七叶树皂苷和diethylamino-salicylate(凝胶);七叶树皂苷（糖衣药片）
l  Positioning: catches the pain rapidly from the beginning due to its capillary sealing effect定位：由于毛细血管密封效果，初期迅速止痛
l  Distribution: OTC, pharmacy only定位：非处方药，仅药房销售
l  Target groups: consumers, pharmacists, general practitioners, orthopaedics, physiotherapists 目标群体：消费者、药剂师、全科医生、、外科医生和理疗师
l  Brands / trademarks: Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin 品牌/商标：Reparil, Reparil Gel N, Feparil, Venoparil, Reparescin
l  Key Markets: Belgium, Germany, Italy, Portugal, Saudi Arabia, Spain 关键市场：比利时、德国、意大利、葡萄牙、沙特阿拉伯、西班牙
l  Worldwide rights世界范围内权利
2012 Actual net revenue split by geography (€24m) 2012年按地理划分实际净收入（2400万欧元）
 
Revenue evolution 收入趋势
(1)   Impacted from de-stocking股票减持影响

 
 
53
Agiolax overview 艾者思简介
4% of 2012 Actual net revenues 2012年实际净收入的4%
Product description产品描述
l  Indication: treatment of acute constipation适应症：急性便秘治疗
l  Ingredient: seeds and husk from plantago ovata (fiber component) and fruits from senna 主要成份：plantago ovata种子和外壳（纤维成份）和Senna果实
l  Positioning: the first drug with combined herbals that stimulates and regulates the intestine at the same time with a predictable overnight relief. Product has excellent safety profile even during pregnancy. The safety and efficacy is clinically proven through several in-vitro and human studies定位：与草本植物结合的首选药，刺激和调节肠道，而且确保隔夜排泄。产品具有良好的安全性，即使怀孕期间也可服用。通过若干体外和人体临床研究证明具有安全性和有效性。
l  Distribution: OTC, pharmacy only分销渠道：非处方药，仅限药房销售
l  Target Groups: general practitioners, pharmacists, consumers目标群体：全科医师、药剂师和消费者
l  Brands / Trademarks: Agiolax, Alaxyl, Manevac, Satolax 品牌/商标：Agiolax, Alaxyl, Manevac, Satolax
l  Key Markets: Germany, Italy, Portugal, Spain 关键市场：德国、意大利、葡萄牙、西班牙
l  Worldwide rights世界范围内权利
2012 Actual net revenue split by geography (€22m) 2012年按地理划分实际净收入（2200万欧元）
Revenue evolution收入趋势
Source: Company information 来源：公司信息  
(7)      Impacted from de-stocking 股票减持影响   

Unitrans世联翻译公司在您身边,离您近的翻译公司,心贴心的专业服务,专业的全球语言翻译与信息解决方案供应商,专业翻译机构品牌。无论在本地,国内还是海外,我们的专业、星级体贴服务，为您的事业加速！世联翻译公司在北京、上海、深圳等国际交往城市设有翻译基地，业务覆盖全国城市。每天有近百万字节的信息和贸易通过世联走向全球！积累了大量政商用户数据，翻译人才库数据，多语种语料库大数据。世联品牌和服务品质已得到政务防务和国际组织、跨国公司和大中型企业等近万用户的认可。 专业翻译公司,北京翻译公司,上海翻译公司,英文翻译,日文翻译,韩语翻译,翻译公司排行榜,翻译公司收费价格表,翻译公司收费标准,翻译公司北京,翻译公司上海。