Ypsomed Holding Ag Semiannual report 2009/10

Transcription

1 Ypsomed Holding Ag Semiannual report 2009/10

2 Key figures at a glance in thousand CHF April 1, 2009 Sept. 30, 2009 April 1, 2008 Sept. 30, 2008 Change in % Sales of goods and services % thereof Delivery Devices % thereof Diabetes Direct Business % thereof Others % Gross profit % Gross profit in % 28.1% 31.8% Operating profit % Operating profit in % 5.4% 11.8% Net profit % Net profit in % 5.2% 9.8% Comprehensive income % Comprehensive income in % 6.1% 9.9% Earnings per share (in CHF) % Research and development expenditures total % Investments in fixed assets % Equity ratio in % 82.2% 68.3% Employee headcount (as of September 30) % Employees fulltime equivalents (as of September 30) % Unaudited IFRS figures. In thousand CHF. Earings per share in CHF. Ypsomed is the world s leading independent developer and manufacturer of injection systems for the self-administration of medication. Patients constitute the central focus at Ypsomed. Ypsomed helps millions of patients every day with innovative self-injection systems and with its unique diabetes service. In everything that Ypsomed does, its ultimate focus is on improving the quality of patients lives. Stakeholders of Ypsomed Major shareholder Dr. h. c. Willy Michel Private individuals Institutional investors Suppliers Authorities Associations Fellow-men Diabetes Care Investors Patients Biotech customers Pharma customers Injection Systems Employees Innovation and Tradition Quality Know-how Training and Education Management Employees Experts Apprentices Ypsomed 2

3 Ypsomed invests in market development and launches new diabetes brand It is our strategy to grow even more in the diabetes market in the future. On the occasion of this year s annual meeting of the European Association for the Study of Diabetes (EASD) in Vienna, we have therefore launched the new brand mylife Diabetes Care, which covers diabetes products manufactured or marketed by Ypsomed. Further expanding the range of products and services in the growth market of diabetes with mylife Dear Shareholders For Ypsomed, the new business year 2009/10 is focused on build-up and development with the clear strategic objective of further expanding the company s foundation for sales in the growth markets of selfmedication and diabetes while raising profitability in a sustainable manner. In the Business-to-Business area with pharmaceutical companies we have once again won important client projects for our patented and innovative injection systems, and for certain clients we have installed plant and tools for production according to plan. However, we are loosing significantly more production volumes than expected from our main costumer Sanofi-Aventis, that can t be fully compensate in the short-term. In the Business-to-Consumer market we are investing in the market development for the new Pura blood glucose monitoring system in Europe as well as in the new brand mylife Diabetes Care. Successful capital increase raises equity ratio to 82.2% This expansion of the market requires high levels of up front investment and ties up financial resources. For this reason, in July Ypsomed successfully carried out a capital increase of CHF 96.3 million. Overall, more than 82% of all shareholders exercised their subscription rights, for which we would like to take this opportunity to thank you once again. Due to the successful capital increase, Ypsomed has a high consolidated equity ratio of 82.2% and its financing is therefore extremely solid. Ypsomed enjoys a leading role as an independent diabetes distribution organization in Europe. With mylife, we can make use of synergies by placing Ypsomed s own products as well as those from third parties uniformly under a new global brand. With the manufacturer-independent brand mylife, we are also an attractive partner for distributors. We thus improve our presence in the growth market of diabetes, and under mylife we will bring new, innovative products and services to the market. They include, for example, the Clickfine AutoProtect safety pen needle for doctors practices, nursing homes and hospitals in mid-2010 and in the medium term the continuous injection device. Embrace growth opportunities with commitment and patience Even though Ypsomed will face lower sales in the Delivery Devices business due to considerably decreasing production volumes for Sanofi-Aventis, numerous injection systems for new customers will bring new growth in the years 2011 to Therefore, we see very good opportunities for Ypsomed in the growth markets of self-medication and diabetes in the medium to long-term. That is why we are investing with great confidence in new products and in the market development of a blood glucose monitoring system in Europe. This not only demands a great deal of flexibility and commitment from our employees, but it also requires our investors to take a long-term view. We thank you sincerely for your continued trust in our company. Ypsomed launches new diabetes brand mylife Diabetes Care For decades, Ypsomed has been renowned for its expertise in the field of diabetes as well as for a comprehensive range of diabetes products and services. Dr. h. c. Willy Michel Chairman of the Board of Directors richard Fritschi CEO Ypsomed 3

4 Ypsomed strengthens its diabetes business mylife Pura More freedom, more confidence. With mylife With this slogan, Ypsomed launched its new Diabetes Care brand, backed on years of experience making Ypsomed well aware of the emotional and practical challenges that people with diabetes face in everyday life. Whether with particularly discreet injection systems and easy-to-use pen needles or with the new Pura blood glucose monitoring system, mylife smoothes the way for easy and reliable self-medication. mylife helps customers live normal lives and gives them more freedom, fun and self- confidence in the life they want to lead. Ypsomed will switch the entire pen needle product range and the Pura blood glucose monitoring system to the new mylife brand, and it is planning to introduce additional mylife diabetes products. Pura blood glucose monitoring system achieves high levels of acceptance among diabetologists and patients With an expanded sales force and with intensive marketing and distribution activities, Ypsomed introduced the Pura blood glucose monitoring system in Germany in May and in France in September. The Pura blood glucose monitoring system, which is manufactured by our Taiwanese partner Bionime, has achieved high levels of acceptance both in specialist circles and among patients. It has also generated positive feedback with regard to its design and ease of use as well as the clarity of the menu instructions and large display. The fact that the test strip is extremely easy to grip and that there is no direct blood contact with the fingers during measurement and subsequent removal of the test strip is particularly appreciated. The Pura blood glucose monitoring system also stands out thanks to its measurement technology based on glucose-oxidase with an extremely high level of precision and accuracy as demonstrated in an ISO study. Pura is now listed in Germany with all wholesalers and mail-order companies. A large number of Pura devices have now been placed on the market with diabetologists, diabetesadvisors and patients, so there should be a clear increase in the sale of test strips in the second half of the year. Ypsomed will introduce Pura in Greece starting in October 2009, in England starting in early 2010 and in the Netherlands and the Nordic countries at the beginning of April Cooperation with Bionime intensified The cooperation with Bionime has been intensified in recent months, both in terms of the market launch of Pura in Europe and in the marketing of Ypsomed pen needles by existing Bionime distributors. At the same time, intensive negotiations were under way concerning an increase in Ypsomed s holding in Bionime, but for the time being this did not lead to a mutually satisfying result. Ypsomed continues to hold a 10% stake in Bionime Corp. in Taiwan. Further expanding business in pen needles In the first half of the 2009 / 10 business year, Ypsomed further expanded its business in pen needles and signed contracts with new distributors in Canada, Egypt, Greece, Italy, Morocco and Tunisia. The ramp-up of the new pen needle production facility in Solothurn takes somewhat longer than planned, and is now anticipated for the end of Ypsomed 4

5 Ypsomed wins important client projects for injection systems Pharmaceutical companies opt for Ypsomed In the Business-to-Business area, Ypsomed is in close contact with all the leading pharmaceutical and biotech companies, and it is continually discussing the use of injection systems for administering biotechnically produced liquid medications. In all, thirteen platform systems with different functions are available to potential pharmaceutical customers: six systems for singlechamber cartridges and four systems for two-chamber cartridges as well as three disposable auto-injectors. Pharmaceutical companies are opting for injection devices in order to differentiate themselves from competitors with innovative and user-friendly injection systems and to be able to meet the increased expectations of patients for safe and reliable systems. Thanks to Ypsomed s comprehensive proprietary technology platform, the company can offer one or more suitable systems for practically all customer requirements, and it can rapidly provide prototypes for patient handling studies. Time and again, the high level of acceptance and positive assessment by patients in such studies are, in addition to Ypsomed s expertise and years of experience, the decisive reasons why the world s leading pharmaceutical and biotechnology companies choose to partner with Ypsomed. Ypsomed strengthens its position in China in partnership with Dongbao One achievement that is particularly pleasing is the renewal of the partnership with our long-standing client Dongbao, a leading Chinese producer of insulin, for another five years. Ypsomed will in the future continue to launch new and innovative products together with Dongbao in the strongly growing Chinese market. However, even once a client project has been won, a product may not be launched. A pen project with a pharmaceutical company needed to be stopped due to problems with the drug formulation. Nonetheless, Ypsomed will have the full development costs refunded, but the sales for this pen system, which was scheduled for a market launch in the 2010 / 11 business year, will not materialize. Production build-up for SoloStar according to plan volumes for OptiSet, OptiClik and OptiPen Pro declining The production build-up for components of the SoloStar insulin pen from Sanofi-Aventis is running according to plan so that the first batches will be produced and shipped in November While the production volumes for the SoloStar pen will rise rapidly over the next few months, the production quantities for OptiSet, OptiClik and OptiPen Pro continue to decline. Ypsomed anticipates that the production volumes for the insulin pens developed and produced by Ypsomed for Sanofi-Aventis will drop significantly in the short term because of stocking effects and in the medium to long-term due to an anticipated decreasing demand of Sanofi-Aventis on those pens. Because Ypsomed can only partially compensate for this decline over the next 12 to 18 months through the production of components of the SoloStar pen, and due to the fact that injection systems from newly won client projects are scheduled for launch in the years 2011 to 2013, Ypsomed will have to adapt its organizational and personnel structures as well as its production in the short-term. Ypsomed wins three important client projects for pen systems and auto-injectors while a pen project was stopped Ypsomed has recently been generating great interest with its broad range of injection systems for insulin and other medicines for the treatment of diabetes, including GLP-1, and especially with Ypsomed s newly developed ServoPen, a functionally high-class and attractively priced reusable insulin pen. In the field of auto-injectors, one project has already started with an international pharmaceutical group, and Ypsomed has received the go-ahead from two other pharmaceutical companies for development and industrialization projects. Ypsomed 5

6 Capital increase raises equity ratio to 82.2% Sales of CHF million in the first half of the business year In the first six months of the 2009 / 10 business year, Ypsomed generated consolidated sales of CHF million compared to CHF million in the same period in the previous year. Although Ypsomed was able to achieve an increase in sales in the diabetes direct business of 5.4% from CHF 32.4 million to CHF 34.2 million, there was an overall fall in sales primarily due to significantly lower volumes of Ypsomed pens for Sanofi-Aventis. In addition, the weak euro and US dollar had a negative effect of CHF 2.9 million on Ypsomed s pen needle and diabetes direct business sales. The start of production for components for the Sanofi-Aventis SoloStar pen will have a positive impact on sales in the delivery devices business in the second half of the year. An increase in the diabetes direct business can be expected as soon as the Pura blood glucose monitoring system has been introduced onto the market leads to increased sales of test strips. Production ramp-up for pens and pen-needles and launch of Pura have short-term impact on profitability As previously announced, the costs for setting up production of the new pen systems, pen needles and safety pen needles as well as the costs for the market launch of the new Pura blood glucose monitoring system together lead to a short-term negative impact on profitability. Manufacturing costs, which also include the costs for the new blood glucose monitoring systems, amounted to CHF 91.2 million and were only 4% below those for the same period in the previous year. As a result, gross profit fell from CHF 44.4 million to CHF 35.6 million and the gross margin from 31.8% to 28.1%. On a positive note were the increased licensing revenues of CHF 0.4 million as well as the net expenditures for research and development that were only slightly up compared to last year. Due to the launch of Pura and the new diabetes brand mylife, expenditures for marketing and sales increased. The full-time positions growth from to (+39) was mostly driven by the expansion of the European sales force. As a result, an operating profit of CHF 6.8 million was achieved in the first six months of the 2009 / 10 business year. The operating profit margin at EBIT level fell as previously announced from 11.8% in the same period of the previous year to 5.4%. Consolidated net profit amounted to CHF 6.6 million, or 5.2% in the first six months of the current business year, compared with CHF 13.6 million and 9.8% in the previous period. The increase in value of the 10% participation in Bionime Corp. in Taiwan of CHF 1.3 million due to the prelisting of Bionime was accounted for in accordance with IFRS guidelines directly in the equity position, not affecting net income. Significant investments in fixed assets and product development anew In the first six months of the 2009 / 10 business year, Ypsomed invested CHF 18.4 million in fixed assets, in particular in new production plant, automatic assembly machines and tools for pen systems and pen needles. Expenditures in new product development were maintained at a high level and resulted in capitalized intangible assets of CHF 5.4 million. The total investments of CHF 25.9 million, the building up of inventories especially for the sale of Pura of approximately CHF 2.0 million and the par value repayment of CHF 7.6 million required substantial cash resources. Ypsomed has, however, extremely solid financing and can also utilize short-term credit facilities totaling CHF 45 million if required. Successful capital increase raises equity Due to the successful capital increase and the positive half-year result, the consolidated equity rose by 21.7% from CHF million to CHF million in the first semester. The equity ratio increased from 69.1% to a very high 82.2%. By offsetting part of the shareholder loan in the capital increase, the outstanding loan amount provided by the majority shareholder has decreased by CHF 85.5 million to CHF 54.5 million. Ypsomed 6

7 CONSOLIDATED STATEMENT OF COMPREHENSIvE INCOME (Unaudited IFRS fi gures) in thousand CHF Notes April 1, 2009 Sept. 30, 2009 in % April 1, 2008 Sept. 30, 2008 in % Sales of goods and services Real Estate Income Total Sales of goods and services Cost of goods and services sold Gross profit Licensing revenues Research and development reimbursed Research and development expenses Research and development expenses net Marketing and sales expenses Administration expenses Operating profit Financial income Financial expense Profit before income taxes Income taxes Net profit Other comprehensive income Change in fair value available-for sale financial assets Translation differences Comprehensive income Earnings per share (basic and diluted) in CHF Operating profit Depreciation of fi xed assets Amortization of intangible assets EBITDA (Operating profi t before depreciation and amortization) The accompanying notes form an integral part of these interim consolidated fi nancial statements. Ypsomed 7

8 CONSOLIDATED INTERIM BALANCE SHEET (IFRS figures) in thousand CHF Assets Notes Sept. 30, 2009 unaudited in % March 31, 2009 audited in % Sept. 30, 2008 unaudited in % Cash and cash equivalents Marketable securities Trade receivables Other current assets Current income tax assets Inventories Customer machinery Total current assets Financial assets available for sale Deferred income tax assets Other non-current assets Fixed assets Intangible assets Total non-current assets Total assets Liabilities and equity Notes Sept. 30, 2009 unaudited in % March 31, 2009 audited in % Sept. 30, 2008 unaudited in % Financial liabilities Trade payables Prepayments from customers Current income taxes payable Other payables and accrued expenses Provisions Current financial liabilities to major shareholder Total current liabilities Non-current financial liabilities to major shareholder Other non-current financial liabilities Provisions Deferred income tax liabilities Total non-current liabilities Share capital Group reserves Total equity Total liabilities and equity The accompanying notes form an integral part of these interim consolidated financial statements. Ypsomed 8

9 CONSOLIDATED INTERIM CASH FLOW STATEMENT (Unaudited IFRS figures) in thousand CHF Notes April 1, 2009 Sept. 30, 2009 April 1, 2008 Sept. 30, 2008 Profit before income taxes Depreciation of fixed assets Amortization of intangible assets Change in provisions, net Financial income Financial expense Profit ( )/loss (+) disposals fixed and financial assets Cash flow from operating activities before changes in net working capital Increase ( ) / decrease (+) in trade receivables Increase ( ) / decrease (+) in other current and non-current assets Increase ( ) / decrease (+) in inventories Increase ( ) / decrease (+) in customer machinery Increase (+) / decrease ( ) in trade payables Increase (+) / decrease ( ) in prepayments from customers Increase (+) / decrease ( ) in other payables and accrued expenses Income taxes paid Cash flow from operating activities Purchases of fixed assets Disposals of fixed assets Purchases of intangible assets 1) Disposals of marketable securities Interest received Other financial income Cash flow from investing activities Repayment of financial liabilities to major shareholder Interest paid 89 8 Capital increase Par value repayment Assumption of financial liabilities Other financial expense Purchases of own shares Disposals of own shares Cash flow from financing activities Effect of foreign currency translation Total Cash Flow Cash and cash equivalents as of April Cash and cash equivalents as of September Net increase (+) / decrease ( ) in cash and cash equivalents ) Total purchases TCHF 9 160, thereof TCHF payable on long-term and TCHF 593 on a short-term basis. The accompanying notes form an integral part of these interim consolidated financial statements. Ypsomed 9

10 CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (Unaudited IFRS figures) in thousand CHF Share capital Group reserves and share premiumn Own shares Cumulative translation reserve Fluctuation in value of financial instruments Retained earnings Total Balance as of 1 April Comprehensive income Par value repayment Purchases of own shares Disposals of own shares Balance as of 30 September Balance as of 1 April Comprehensive income Capital increase Increase par value Par value repayment Purchases of own shares Disposals of own shares Balance as of 30 September The accompanying notes form an integral part of these interim consolidated financial statements. Ypsomed 10

11 NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS in thousand CHF, unless otherwise stated Accounting policies The consolidated interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. With the exception of the changes listed below, the accounting policies applied are consistent with those used in the annual financial statements for the year ended March 31, The interim report should be read in conjunction with the annual report for the year ended March 31, Changes in accounting policies: IFRS 2 Share-based payments - vesting conditions and cancellation The amended standard introduces the new term «nonvesting condition» and clarifies the definition of «vesting condition». The standard also prescribes the accounting treatment of share-based payments that are effectively cancelled because a non-vesting condition is not satisfied. The amendment has no impact on the financial position, profitability or cash flows of the Group. IFRS 8 IAS 1R Operating segments IFRS 8 replaces IAS 14 Segment reporting. Segment information no longer has to be reported by business area and geographical region, but is based on internal reporting of operational areas to management. Ypsomed has amended its segmentation and reporting of financial information accordingly. Presentation of financial statements The amended standard relates to the presentation of transactions with shareholders and other transactions recognised directly in equity. Transactions that are recognised directly in equity but not carried out with shareholders must now be shown in a separate element of the financial statements, i.e. the consolidated statement of comprehensive income. In addition, the amended standard also clarifies the classification of derivatives, which should be either short or long-term. Ypsomed has amended the presentation of financial information accordingly. IFRIC 13 Customer loyalty programmes The interpretation provides guidance on the accounting treatment for customer loyalty programmes operated by manufacturers or service providers themselves, or by third parties. The amendment of this standard has no impact on the consolidated financial statements of the Group. IFRIC 16 Hedges of a net investment in a foreign operation This interpretation applies to entities that hedge the foreign currency risk arising from their net investments in foreign operations and treat this as hedge accounting in accordance with IAS 39 Financial instruments: recognition and measurement. This interpretation has no effect as the Group does not hedge its net investments in foreign operations. IFRIC 18 Transfers of assets from customers The interpretation contains requirements for agreements in which an entity receives assets from a customer and must then provide the customer with on going access to a supply of goods or services. The amendment of this standard has no impact on the consolidated financial statements of the Group. The adoption of published new and amended standards that will come into force for subsequent consolidated financial statements is not expected to have any material effects on the results or the financial situation of the Group. Ypsomed is not exposed to significant seasonal or cyclical fluctuation in its business activities within the financial year. The preparation of the consolidated interim financial statements assumes that Management makes certain estimates and assumptions that have consequences for assets and liabilities shown in the balance sheet and income and expenses accounted for in the period under review. These estimates and assumptions are based on future expectations and are held reasonable at the time of preparation of the interim financial statements. The actual amounts can deviate from these assumptions. The consolidated interim financial statements were approved for issue by the Board of Directors on October 23, IAS 23R Borrowing costs The revised standard requires that borrowing costs which can be allocated directly to the construction or acquisition of a qualifying asset be capitalised as part of the cost of the relevant asset, meaning capitalisation is no longer optional. The amendment of this standard has no impact on the consolidated financial statements of the Group. IFRIC 9 Reassessment of embedded derivatives The reclassification amendment allows entities to reclassify particular financial instruments out of the fair value through profit and loss category in specific circumstances. These amendments to IFRIC 9 and IAS 39 clarify that on reclassification of a financial asset out of the fair value through profit or loss category, all embedded derivatives have to be assessed and, if necessary, separately accounted for in financial statements. The amendment of this standard has no impact on the consolidated financial statements of the Group. Ypsomed 11

12 NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS in thousand CHF, unless otherwise stated 1. Segment information The Management Approach is used to determine the operating segments with reporting obligations. Accordingly, external segment reporting is based on the internal organisational and management structures of the Group and the internal financial reporting to the Chief Operating Decision Maker. The Chief Operating Decision Maker of Ypsomed is the Board of Directors of Ypsomed Holding AG. It defines business activities and monitors internal reporting to assess performance and resource allocation. For the purposes of company management, the Ypsomed Group is organised into business sectors according to products and services. The segment Delivery Devices comprises the product groups pen systems, pen neeedles and other injection mouldings produced by Ypsomed. The business segment Diabetes Direct Business covers the direct trade in a range of diabetes articles. Others contain the business segment precison turned parts and currently not used real estate for operational purposes. Half-year 2009/10 Delivery Devices Diabetes Direct Business Others Eliminations Group Sales of goods and services to third party customers Intersegmental sales Total sales of goods and services Operating profit Financial income 951 Financial expense 636 Result before income taxes Segment assets Unallocated Total assets Investments Depreciation/amortization Ypsomed 12

13 Half-year 2008/09 Delivery Devices Diabetes Direct Business Others Eliminations Group Sales of goods and services to third party customers Intersegmental sales Total sales of goods and services Operating profit Financial income Financial expense Result before income taxes Segment assets Unallocated Total assets Investments Depreciation/amortization Licensing revenues The licensing revenues comprehend turnover dependent payments in the amount of TCHF 425 (Prior year: TCHF 78). 3. Marketing and sales expenses Marketing and sales expenses contain a realised loss for bad debts in the amount of CHF 1.3 million for a needledistributor in Europe. The provision in the same amount, built in the previous period, was released accordingly. 4. Financial income / expense Interest income Gains from marketable securities Foreign exchange gains Other financial income Total financial income Interest expense Losses from securities Foreign exchange losses Other financial expense Total financial expense Ypsomed 13

14 NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS 5. Earnings per share Earnings per share are calculated by dividing net profit through the weighted monthly number of shares outstanding during the period. The average number of shares held by group companies is deducted from the number of shares issued during the period Net profit in thousand CHF Number of outstanding shares weighted on a monthly basis Earnings per share in CHF (basic and diluted) Current and non-current financial liabilities to major shareholder Current financial liabilities Techpharma Management AG Loand Techpharma Management AG, Burgdorf In the course of the capital increase on June, 24 this year, the loan of the major shareholder in the amount of CHF 85.5 million has been converted with the subscription of new shares. The interest yield of the loan shall amount to 0.5% until March 31, From this date the interest rate scheme shall be based upon the 12 months CHF- LIBOR pursuant to the release of the Swiss National Bank plus 0.5% margin. The interest rate shall be adjusted subsequently semi annually. At any time, Ypsomed Holding AG is eligible to amortize the loan fully or partially, however the loan shall be callable not later than March 31, Techpharma Management AG for it s part may claim for the first time on October 1, 2010, an amortization of a maximum of CHF 20 million per annum, by applying a term of notice of 3 months. CHF 10 million of the loan are current due. Techpharma Management AG is controlled by Dr. h. c. Willy Michel. 7. Share capital At the Annual General Meeting on June, an increase of the par value in the amount of CHF 5.25 up to CHF was resolved. This transaction led to both an increase of share capital in the amount of CHF 59.0 million and a reduction of the retained earnings accordingly. The capital increase completed in June amounts to CHF 21.1 million additional share capital. As of September 23, 2009, the nominal value of the Ypsomed share was reduced by CHF 0.60 (prior year: CHF 60.0) to the amount of CHF and repaid to the shareholders. The total reduction of nominal value was CHF 7.6 million. Information on the capital increase At the request of the Board of Directors of Ypsomed Holding AG, the General Meeting of Shareholders resolved on June 24, 2009, to increase the share capital by CHF to CHF The increase was implemented in the form of a rights offering, where payment of the new registered shares were made partly in cash and partly as offset against the existing shareholder loan provided by Dr. h. c. Willy Michel and Techpharma Management AG, which he fully controls. The new registered shares were offered to existing shareholders of Ypsomed Holding AG by granting subscription rights. Eight existing shares entitle a shareholder to subscribe for one new share. Within the scope of the transaction, all subscription rights were taken on by the existing shareholders or the main shareholder. After the expiration of the subscription period on July 3, 2009, the subscription price was set at CHF per registered share, which corresponded to a discount of 2.1% compared with the last price paid at the end of the subscription period. With the innovative capital increase by means of a par value increase, our numerous Swiss private investors in particular benefit from an increased par value of the Ypsomed shares, which will allow the payment of tax-free dividends for several additional years. After the completion of the capital increase including an increase of the par value, Ypsomed Holding AG has registered shares with a par value each of CHF 15.00, or CHF after the par value repayment on September 23, As of September 30, 2009, Dr. h. c. Willy Michel holds a total of 73.1% directly and indirectly via Techpharma Management AG. Ypsomed 14

15 Informationen for investors Stock listing The registered shares of Ypsomed Holding AG are traded at the SIX Swiss Exchange and at the BX Bern exchange. Ticker symbols: YPSN (Telekurs) YPSN.S (Reuters) YPSN SW (Bloomberg) Securities numer ISIN CH Information policy Ypsomed Holding AG maintains an open and transparent communication policy towards shareholders, potential investors, financial analysts, the media, and customers, based on the principle of equality. The company uses the following instruments: annual report, semiannual report, presentation of the annual results to the media and financial analysts ahead of the shareholders meeting, as well as briefing the media on important events. Responsibility for communication with investors rests with the Chairman of the Board of Directors, who may delegate this duty to the CEO. The following banks monitor the development of the Ypsomed Group: Bank am Bellevue, Zürich ( Dr. Sandra Künzle BZ-Bank, Wilen ( Patrik Jäger CAI Cheuvreux, Zürich ( Thomas Bernhardsgrütter Credit Suisse, Zürich ( Christoph Gretler Helvea SA, Zürich ( Daniel Jelovcan Kepler Equities, Zürich ( Florian Gaiser Vontobel, Zürich ( Christoph Gubler Zürcher Kantonalbank, Zürich ( Sibylle Bischofberger Frick Other company publications are available to download or on order from our website ( Official announcements are published in the Swiss Official Gazette of Commerce (SHAB). Interested shareholders, financial analysts and media representatives can receive regular company publications, on request. Key forthcoming dates 25 May 2010 Press conference and presentation of the annual results 2009 / 10 to analysts 23 June 2010 General Meeting of Shareholders, Berne Contact Ypsomed Holding AG Daniel Kusio, Head of Investor & Public Relations Barbara Mischler, Head of Marketing Communication Phone Telefax investor@ypsomed.com Ypsomed 15

16 Editor: Ypsomed Holding AG, Burgdorf Concept & Design: cosmic Werbeagentur Bern AG BSW Printing: Stämpfli Publikationen AG, Bern The Group publishes Semiannual Reports in English and German. The German version is legally binding. Ypsomed Holding AG Brunnmattstrasse 6 P.O. Box 3401 Burgdorf Switzerland Phone Fax info@ypsomed.com