Contents Financial highlights and key ratios for the ALK Group To our shareholders Highlights Management’s review Global presen
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 Inc
Management’s review 1 To our shareholders A good year with significant progress for our business 2009 was a challenging year fo
2 Management’s review Highlights In 2009, ALK achieved satisfactory growth in sales and earnings exceeding the forecasts in a n
Management’s review 3 Management’s review* Income statement Q4 2008 Q4 2009 % % Amounts in DKKm 2009 % 2008 % 476 141 335 81 21
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 adre
6 Management’s review ings forecast for 2010 includes agreed milestone payments from the US partner, Merck. Investments are exp
Management’s review 7 ALK’s pipeline Product Tablet Tablet Tablet Tablet Tablet Indication Grass (GRAZAX®)* House dust mites* R
8 Management’s review verse trend in the Dutch market. In this market, GRAZAX® is the only registered SLIT product and the modi
Management’s review 9 the market before the decree came into force. ALK plans to conduct a number of clinical activities in ord
10 Management’s review Global presence Production Distributors Subsidiaries in Austria, Canada, Denmark (Nordic), France, Germa
Management’s review 11 Risk management Doing business in the pharmaceutical industry is subject to risk. ALK’s Board of Managem
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
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 ph
16 Management’s review As in previous years, ALK complied with all legislative requirements in 2009, including environmental re
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 str
Management’s review 19 The volume of B shares traded during the year was 4 million (2008: 4.8 million). In 2009, the average tu
20 Management’s review Analysts Stockbrokers ABG Sundal Collier Alm. Brand Bank Carnegie Danmark Danske Equities Goldman Sachs
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 nor
Management’s review 23 Board of Directors and Board of Management Board of Directors Jørgen Worning, 69 Chairman First elected
24 Statement by Management Statement by Management The Board of Directors and the Board of Management today considered and adop
Independent auditor’s report 25 Independent auditor’s report To the shareholders of ALK-Abelló A/S Report on the consolidated f
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 Grou
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
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
Balance sheet 31 ALK-Abelló A/S Dec. 31, 2008 Dec. 31, 2009 Note Equity and liabilities ALK Group Dec. 31, Dec. 31, 2008 Amount
32 Equity Equity ALK Group Amounts in DKKm Hedges of Share capital future transactions Other reserves Currency translation adju
Equity 33 ALK-Abelló A/S Amounts in DKKm Hedges of Share capital future transactions Retained earnings Total other reserves Tot
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 1
Notes to the financial statements 35 Notes to the financial statements 1 Accounting policies General The annual report of the A
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 t
38 Notes to the financial statements Notes to the financial statements of obsolete and slow-moving goods are recognized. Resear
Notes to the financial statements 39 where this is lower than the carrying amount, as described below. Individual minor develop
40 Notes to the financial statements Notes to the financial statements cial assets are measured at fair value. Adjustments are
Notes to the financial statements 41 Provisions are measured as the best estimate of the costs required to settle the obligatio
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 u
44 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
Notes to the financial statements 45 5 Acquisitions of companies and operations (continued) Statement of acquired net assets an
46 Notes to the financial statements Notes to the financial statements 6 Share-based payments Share option plans The ALK Group
Notes to the financial statements 47 6 Share-based payments (continued) Specification of outstanding options: Board of Manageme
48 Notes to the financial statements Notes to the financial statements 6 Share-based payments (continued) The assumptions for t
Notes to the financial statements 49 7 Pensions and similar liabilities The ALK Group has entered into defined contribution pla
50 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
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 1
52 Notes to the financial statements Notes to the financial statements ALK Group 2009 2008 13 Earnings per share Amounts in DKK
Notes to the financial statements 53 ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group 2009 2008 15 Other intangible asse
54 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
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
Notes to the financial statements 57 23 Deferred tax ALK Group Amounts in DKKm Non-current assets Current assets Liabilities Ta
58 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
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
60 Notes to the financial statements Notes to the financial statements 28 Mortgage debt, bank loans and financial loans (contin
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 1
62 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
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
Notes to the financial statements 65 35 Exchange rate, interest rate and credit exposure and the use of derivative financial in
66 Notes to the financial statements Notes to the financial statements 35 Exchange rate, interest rate and credit exposure and
Notes to the financial statements 67 35 Exchange rate, interest rate and credit exposure and the use of derivative financial in
68 Notes to the financial statements Notes to the financial statements 35 Exchange rate, interest rate and credit exposure and
Notes to the financial statements 69 35 Exchange rate, interest rate and credit exposure and the use of derivative financial in
70 Notes to the financial statements Notes to the financial statements ALK-Abelló A/S 2008 2009 Note Amounts in DKKm ALK Group
List of companies in the ALK Group 71 List of companies in the ALK Group December 31, 2009 (wholly owned unless otherwise state
72 Definitions Definitions Invested capital Intangible assets, tangible assets, inventories and current receivables reduced by
Financial highlights and key ratios by the quarter for the ALK Group Amounts in DKKm 2009 Q4 unaudited Q3 unaudited Q3 unaudite
Graphic production: meyer & bukdahl as ALK · Bøge Allé 6-8 · DK–2970 Hørsholm, Denmark · CVR no. 63 71 79 16 · Tel. +45 45 74 7
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Annual report 2009
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Contents Financial highlights and key ratios for the ALK Group
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Financial highlights and key ratios for the ALK Group Amounts i
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Financial highlights and key ratios for the ALK Group Amounts i
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Management’s review 1 To our shareholders A good year with sign
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2 Management’s review Highlights In 2009, ALK achieved satisfac
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Management’s review 3 Management’s review* Income statement Q4
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4 Management’s review Revenue by product line 2008 DKKm 1,000 9
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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 mi
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Management’s review 7 ALK’s pipeline Product Tablet Tablet Tabl
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8 Management’s review verse trend in the Dutch market. In this
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Management’s review 9 the market before the decree came into fo
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10 Management’s review Global presence Production Distributors
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Management’s review 11 Risk management Doing business in the ph
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12 Management’s review A competitive market may also lead to ma
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Management’s review 13 results analysis, segregation of incompa
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14 Management’s review hedged as this is not considered financi
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Management’s review 15 ALK’s Corporate Social Responsibility (C
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16 Management’s review As in previous years, ALK complied with
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Management’s review 17 ments of the company. Based on these rev
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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 Direct
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22 Management’s review between each member of the Board of Mana
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Management’s review 23 Board of Directors and Board of Manageme
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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
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Cash flow statement 29 Cash flow statement ALK-Abelló A/S 2008
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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 Not
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32 Equity Equity ALK Group Amounts in DKKm Hedges of Share capi
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Equity 33 ALK-Abelló A/S Amounts in DKKm Hedges of Share capita
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34 List of notes to the financial statements List of notes to t
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Notes to the financial statements 35 Notes to the financial sta
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36 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 37 investments in foreign sub
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38 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 39 where this is lower than t
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40 Notes to the financial statements Notes to the financial sta
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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 sta
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Notes to the financial statements 43 3 Segment information for
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44 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 45 5 Acquisitions of companie
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46 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 47 6 Share-based payments (co
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48 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 49 7 Pensions and similar lia
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50 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 51 ALK-Abelló A/S 2008 2009 N
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52 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 53 ALK-Abelló A/S 2008 2009 N
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54 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 55 ALK-Abelló A/S 2008 2009 N
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56 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 57 23 Deferred tax ALK Group
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58 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 59 ALK-Abelló A/S 2008 2009 N
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60 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 61 ALK-Abelló A/S 2008 2009 N
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62 Notes to the financial statements Notes to the financial sta
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Notes to the financial statements 63 ALK-Abelló A/S 2008 2009 N
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64 Notes to the financial statements Notes to the financial sta
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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 sta
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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 sta
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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 sta
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List of companies in the ALK Group 71 List of companies in the
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72 Definitions Definitions Invested capital Intangible assets,
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Financial highlights and key ratios by the quarter for the ALK
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Graphic production: meyer & bukdahl as ALK · Bøge Allé 6-8 · DK
Alk Abello Årsrapport UK
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