Contents Financial highlights and key ratios for the ALK Group To our shareholders Highlights Management’s review Global presenc
Financial highlights and key ratios for the ALK Group Amounts in DKK/EURm* DKK 2009 DKK 2008 EUR 2009 EUR 2008 Income statement
Financial highlights and key ratios for the ALK Group Amounts in DKKm 2009 2008 2007 2006 (12M) Unaudited 2006 (4M) 2005/06 Inco
Management’s review 1 To our shareholders A good year with significant progress for our business 2009 was a challenging year for
2 Management’s review Highlights In 2009, ALK achieved satisfactory growth in sales and earnings exceeding the forecasts in a nu
Management’s review 3 Management’s review* Income statement Q4 2008 Q4 2009 % % Amounts in DKKm 2009 % 2008 % 476 141 335 81 213
4 Management’s review Revenue by product line 2008 DKKm 1,000 900 800 700 600 500 400 300 200 100 0 Revenue by market 2008 DKKm
Management’s review 5 exchange rate fluctuations and increasing procurement prices of some of ALK’s trade goods, including adren
6 Management’s review ings forecast for 2010 includes agreed milestone payments from the US partner, Merck. Investments are expe
Management’s review 7 ALK’s pipeline Product Tablet Tablet Tablet Tablet Tablet Indication Grass (GRAZAX®)* House dust mites* Ra
8 Management’s review verse trend in the Dutch market. In this market, GRAZAX® is the only registered SLIT product and the modif
Management’s review 9 the market before the decree came into force. ALK plans to conduct a number of clinical activities in orde
10 Management’s review Global presence Production Distributors Subsidiaries in Austria, Canada, Denmark (Nordic), France, German
Management’s review 11 Risk management Doing business in the pharmaceutical industry is subject to risk. ALK’s Board of Manageme
12 Management’s review A competitive market may also lead to market-driven price reductions or price reductions dictated by the
Management’s review 13 results analysis, segregation of incompatible functions as well as controls relating to IT applications a
14 Management’s review hedged as this is not considered financially viable. Cash is invested in credit-worthy, liquid, interest-
Management’s review 15 ALK’s Corporate Social Responsibility (CSR) ALK’s mission is to improve quality of life by developing pha
16 Management’s review As in previous years, ALK complied with all legislative requirements in 2009, including environmental req
Management’s review 17 ments of the company. Based on these reviews, various initiatives such as supplementary training, talent
18 Management’s review Shareholder information It is ALK’s goal to provide timely, accurate and relevant information on its stra
Management’s review 19 The volume of B shares traded during the year was 4 million (2008: 4.8 million). In 2009, the average tur
20 Management’s review Analysts Stockbrokers ABG Sundal Collier Alm. Brand Bank Carnegie Danmark Danske Equities Goldman Sachs H
Management’s review 21 Corporate governance The Board of Directors is elected by the shareholders in general meeting and by the
22 Management’s review between each member of the Board of Management and the Board of Directors, and the remuneration will norm
Management’s review 23 Board of Directors and Board of Management Board of Directors Jørgen Worning, 69 Chairman First elected i
24 Statement by Management Statement by Management The Board of Directors and the Board of Management today considered and adopt
Independent auditor’s report 25 Independent auditor’s report To the shareholders of ALK-Abelló A/S Report on the consolidated fi
26 Fighting the cause of allergy
Fighting the cause of allergy 27
28 Income statement / Statement of comprehensive income Income statement ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
Cash flow statement 29 Cash flow statement ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 134 87 Net profit A
30 Balance sheet Balance sheet ALK-Abelló A/S Dec. 31, 2008 Dec. 31, 2009 Note Assets ALK Group Dec. 31, Dec. 31, 2008 Amounts i
Balance sheet 31 ALK-Abelló A/S Dec. 31, 2008 Dec. 31, 2009 Note Equity and liabilities ALK Group Dec. 31, Dec. 31, 2008 Amounts
32 Equity Equity ALK Group Amounts in DKKm Hedges of Share capital future transactions Other reserves Currency translation adjus
Equity 33 ALK-Abelló A/S Amounts in DKKm Hedges of Share capital future transactions Retained earnings Total other reserves Tota
34 List of notes to the financial statements List of notes to the financial statements 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
Notes to the financial statements 35 Notes to the financial statements 1 Accounting policies General The annual report of the AL
36 Notes to the financial statements Notes to the financial statements Acquisitions are accounted for using the purchase method,
Notes to the financial statements 37 investments in foreign subsidiaries are recognized directly in equity to the extent that th
38 Notes to the financial statements Notes to the financial statements of obsolete and slow-moving goods are recognized. Researc
Notes to the financial statements 39 where this is lower than the carrying amount, as described below. Individual minor developm
40 Notes to the financial statements Notes to the financial statements cial assets are measured at fair value. Adjustments are r
Notes to the financial statements 41 Provisions are measured as the best estimate of the costs required to settle the obligation
42 Notes to the financial statements Notes to the financial statements 2 Significant accounting estimates and judgements In the
Notes to the financial statements 43 3 Segment information for the ALK Group Based on the internal reporting which Management us
44 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
Notes to the financial statements 45 5 Acquisitions of companies and operations (continued) Statement of acquired net assets and
46 Notes to the financial statements Notes to the financial statements 6 Share-based payments Share option plans The ALK Group h
Notes to the financial statements 47 6 Share-based payments (continued) Specification of outstanding options: Board of Managemen
48 Notes to the financial statements Notes to the financial statements 6 Share-based payments (continued) The assumptions for th
Notes to the financial statements 49 7 Pensions and similar liabilities The ALK Group has entered into defined contribution plan
50 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
Notes to the financial statements 51 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 10 9 28 12 194 243 3 9 19
52 Notes to the financial statements Notes to the financial statements ALK Group 2009 2008 13 Earnings per share Amounts in DKKm
Notes to the financial statements 53 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 15 Other intangible asset
54 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
Notes to the financial statements 55 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 18 30 1 (12) 19 25 1 (12)
56 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
Notes to the financial statements 57 23 Deferred tax ALK Group Amounts in DKKm Non-current assets Current assets Liabilities Tax
58 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
Notes to the financial statements 59 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 26 347 347 230 230 Cash a
60 Notes to the financial statements Notes to the financial statements 28 Mortgage debt, bank loans and financial loans (continu
Notes to the financial statements 61 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 29 150 (6) (4) 140 140 14
62 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
Notes to the financial statements 63 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 33 16 17 Operating lease
64 Notes to the financial statements Notes to the financial statements 35 Exchange rate, interest rate and credit exposure and t
Notes to the financial statements 65 35 Exchange rate, interest rate and credit exposure and the use of derivative financial ins
66 Notes to the financial statements Notes to the financial statements 35 Exchange rate, interest rate and credit exposure and t
Notes to the financial statements 67 35 Exchange rate, interest rate and credit exposure and the use of derivative financial ins
68 Notes to the financial statements Notes to the financial statements 35 Exchange rate, interest rate and credit exposure and t
Notes to the financial statements 69 35 Exchange rate, interest rate and credit exposure and the use of derivative financial ins
70 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2
List of companies in the ALK Group 71 List of companies in the ALK Group December 31, 2009 (wholly owned unless otherwise stated
72 Definitions Definitions Invested capital Intangible assets, tangible assets, inventories and current receivables reduced by l
Financial highlights and key ratios by the quarter for the ALK Group Amounts in DKKm 2009 Q4 unaudited Q3 unaudited Q3 unaudited
Graphic production: meyer & bukdahl as ALK · Bøge Allé 6-8 · DK–2970 Hørsholm, Denmark · CVR no. 63 71 79 16 · Tel. +45 45 74 75
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Annual report 2009
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Contents Financial highlights and key ratios for the ALK Group T
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Financial highlights and key ratios for the ALK Group Amounts in
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Financial highlights and key ratios for the ALK Group Amounts in
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Management’s review 1 To our shareholders A good year with signi
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2 Management’s review Highlights In 2009, ALK achieved satisfact
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Management’s review 3 Management’s review* Income statement Q4 2
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4 Management’s review Revenue by product line 2008 DKKm 1,000 90
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Management’s review 5 exchange rate fluctuations and increasing
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6 Management’s review ings forecast for 2010 includes agreed mil
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Management’s review 7 ALK’s pipeline Product Tablet Tablet Table
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8 Management’s review verse trend in the Dutch market. In this m
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Management’s review 9 the market before the decree came into for
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10 Management’s review Global presence Production Distributors S
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Management’s review 11 Risk management Doing business in the pha
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12 Management’s review A competitive market may also lead to mar
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Management’s review 13 results analysis, segregation of incompat
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14 Management’s review hedged as this is not considered financia
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Management’s review 15 ALK’s Corporate Social Responsibility (CS
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16 Management’s review As in previous years, ALK complied with a
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Management’s review 17 ments of the company. Based on these revi
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18 Management’s review Shareholder information It is ALK’s goal
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Management’s review 19 The volume of B shares traded during the
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20 Management’s review Analysts Stockbrokers ABG Sundal Collier
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Management’s review 21 Corporate governance The Board of Directo
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22 Management’s review between each member of the Board of Manag
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Management’s review 23 Board of Directors and Board of Managemen
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24 Statement by Management Statement by Management The Board of
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Independent auditor’s report 25 Independent auditor’s report To
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26 Fighting the
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Fighting the cau
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28 Income statement / Statement of comprehensive income Income s
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Cash flow statement 29 Cash flow statement ALK-Abelló A/S 2008 2
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30 Balance sheet Balance sheet ALK-Abelló A/S Dec. 31, 2008 Dec.
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Balance sheet 31 ALK-Abelló A/S Dec. 31, 2008 Dec. 31, 2009 Note
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32 Equity Equity ALK Group Amounts in DKKm Hedges of Share capit
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Equity 33 ALK-Abelló A/S Amounts in DKKm Hedges of Share capital
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34 List of notes to the financial statements List of notes to th
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Notes to the financial statements 35 Notes to the financial stat
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36 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 37 investments in foreign subs
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38 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 39 where this is lower than th
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40 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 41 Provisions are measured as
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42 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 43 3 Segment information for t
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44 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 45 5 Acquisitions of companies
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46 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 47 6 Share-based payments (con
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48 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 49 7 Pensions and similar liab
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50 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 51 ALK-Abelló A/S 2008 2009 No
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52 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 53 ALK-Abelló A/S 2008 2009 No
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54 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 55 ALK-Abelló A/S 2008 2009 No
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56 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 57 23 Deferred tax ALK Group A
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58 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 59 ALK-Abelló A/S 2008 2009 No
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60 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 61 ALK-Abelló A/S 2008 2009 No
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62 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 63 ALK-Abelló A/S 2008 2009 No
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64 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 65 35 Exchange rate, interest
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66 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 67 35 Exchange rate, interest
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68 Notes to the financial statements Notes to the financial stat
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Notes to the financial statements 69 35 Exchange rate, interest
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70 Notes to the financial statements Notes to the financial stat
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List of companies in the ALK Group 71 List of companies in the A
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72 Definitions Definitions Invested capital Intangible assets, t
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Financial highlights and key ratios by the quarter for the ALK G
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Graphic production: meyer & bukdahl as ALK · Bøge Allé 6-8 · DK–
Alk Abello Årsrapport UK
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