Attachment 1

 

NAME

 

ALLERGON AB

 

 

 

 

 

 

 
Attachment 1

 

 

 

 

Report Update On

20th July 2005

 

 

Correct Name

ALLERGON AB

 

 

Registered Office

Vallingevagen 309 262 92 Angelholm , Sweden.

 

 

Tel. No.

+46-42-33 44 00

 

 


Attachment 2

 

SUMMARY

 

 

Incorporated

1963-11

Status

Satisfactory

 

 

 

 

Registration No.

556089-9899

Chief Executive

Nils Stellan Dybner

 

 

 

 

Capital        

 

Payments

No Complaints

 

 

 

 

Sales     (TSEK)

42775

Litigation

Clear

 

 

 

 

Net Worth  (TSEK)

165664

Banking Reputation

 

 

 

 

 

No. of Employees

53

Auditors

 

 

 

 

 

SCORE

Ba

 

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Normal

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)              Ownership background (20%)                   Payment record (10%)

Credit history (10%)                    Market trend (10%)                                  Operational size (10%)

 

Line of Business

Other growing of crops.

 


Summary

Allergon AB

Company no

556089-9899

Välingevägen 309

Telephone

+46-42-33 44 00

262 92 Ängelholm

 

 

 

Risk forecast

0,7 %

 

Credit limit

2.000 TSEK

 

Payment complaints

Not reg

 

Claims

Not reg

 

Registered

1963-11

 

 

 

 

 

Annual accounts 0312-0404

 

 

Net sales

42.775 TSEK

 

Profit/loss after financial items

12.238 TSEK

 

Total equity

165.664 TSEK

 

Employees

53 

 

Group of companies

Part of  Sweden Diagnostics Holding AB-group

Note: Board is not complete.

Note: Change of auditor occurred 041124.

 

Most recent events

 

New auditor

2004-11

Art. of assoc. adopted

2004-10

 

Credit opinion

 

Risk forecast:  0,7 %

The forecast states the probability that the company will become insolvent within 24 months.

Industry Risk Forecast:  0,3 %

Median value for limited company in industry 01119, such as Other growing of crops.

Other information may of course affect your assessment of the risk

Credit limit:  2.000 TSEK

Applies to short-term credit facilities. The limit has been set using a formula that takes into consideration the annual accounts included in this credit report and the current credit rating. Other information may of course influence the size of the credit you may grant.

 

 

General information and history

 

Legal form

Limited company, private

Vat-number

SE 556089989901

Registered office

Helsingborg municipality in Skåne county

Number of

locations

1

 

Description of business activities

Other growing of crops.

(Main business according to Statistics Sweden, SNI2002: 01119)

 

History

1963-11

Comp reg under the current reg no and name: AB Allergon

1972-03

Changed name to: Kabi Pharmacia Allergon AB

1993-04

Company registered to pay business tax

---

Company registered to pay VAT

---

Company registered to pay employer contributions

1994-05

Changed name to: Pharmacia Allergon AB

1996-09

Changed name to: Pharmacia & Upjohn Allergon AB

1997-10

Company reg under the current name

2000-09

Nils Stellan Dybner new Managing Director

2002-07

Taken over Holomed International AB through merger

2004-10

Articles of Association adopted

Matters pending with Registration Office

No notes of imminent changes

Non categorized information

The company/part of the company is ISO-9001 certified 99-05-31

Customs have granted the company to bring home goods/credit permit

 

Link to homepage

www.allergon.se

 

Note: Note that the company took over Holomed International AB through merger in 02-07.

 

 

Board of directors etc

 

Board members according to Reg Office

Board members etc reg prior to 1991-04 unless otherwise stated.

Nils Stellan Dybner,

Birth:1945

MD and

Regular member

Reg. in company 2000-09-11

Magnus Lundberg,

Birth:1956

Regular member

Reg. in company 1999-06-23

Lennart Persson, Birth:1946

Reg. memb. and

empl. repr.

Reg. in company 1999-01-19

Kitty Monica Olofsson,

Birth:1948

Reg. memb. and empl. repr.

Reg. in company 1999-01-19

Pricewaterhousecoopers AB

Revisionsföretag

Reg. in company 2004-11-24

 

Board members etc that have left the company during the last two years

 

Joachim Ganzer, Birth:1942

Regular member

 

 

 

Deregistered 2004-02-27

 

 

Living abroad

Anders Nordström, Birth:1953

Regular member

Reg. in company 1994-12-12

 

 

Deregistered 2005-05-04

 

Authorized signatory (available in Swedish only)

Firman tecknas av styrelsen

firman tecknas i förening av

-Dybner, Nils Stellan

-Lundberg, Magnus Åke

Dessutom har verkställande direktören rätt att teckna firman

beträffande löpande förvaltningsåtgärder

då styrelsen, utöver arbetstagarrepresentanter, skall bestå av

3 ledamöter och 0 suppleanter är styrelsen inte fulltalig.

 

 

Note: Change of auditor occurred 041124.

Note: Board is not complete.

 

Group relationship etc

 

Ultimate parent company

As of

Comments

Sweden Dia (Sweden) AB, 556613-7682

 2004-04

Cr. rating 5

 

Parent company etc

Proprietary int

As of

Comments

Sweden Diagnostics Holding

AB, 556653-9796

100 %

 2004-04

Cr. rating 4

 

Former parent companies etc

Ownership

Comments

Pfizer Health AB, 556131-

9608

92 %

Parent company until 03/04

Pharmacia Holding AB,

556201-1238

 

Ultimate parent company at that time

Pharmacia AB, 556131-9608

92 %

Parent company until 00-12

 

Former subsidiaries etc

Ownership

Comments

Holomed International AB,

556141-8525

100 %

Deregistered 02-11 due to merger

 

Former subsidiary

Holomed International AB,

556141-8525

100 %

Sold 00-12

 

Former subsidiary

 

 

 

 

 

 

Annual accounts and ratios

 

Annual accounts

 

Inc. statement

in TSEK

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Net sales

+42.775

+150.904

+172.462

+153.899

+149.559

Profit/loss after

financial items

+12.238

+59.785

+94.893

+91.778

+90.075

 

Balance sheet

in TSEK

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Total fixed assets

64.461

53.892

47.579

42.604

36.257

Total current assets

130.908

180.347

144.994

129.113

117.038

Total equity

165.664

20.199

19.683

19.259

19.133

Total long-term

liabilities

0

0

0

120

120

Total current

liabilities

12.006

199.841

159.975

140.236

121.970

Total equity and

liabilities

195.369

234.239

192.573

171.717

153.295

 

Notes etc

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Employees

53

57

53

51

46

Audit report

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

Ratios

Ratios 1)

 

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Equity/assets %

28,9 1)

91,1

12,9

14,9

16,1

18,0

Consolidation Ratio %

34,3 1)

93,8

14,7

16,9

18,3

20,4

Quick ratio %

106,6 1)

280,2

42,7

39,6

41,3

47,0

Return on total assets %

6,1 1)

16,2

29,5

51,2

55,0

60,1

Cash Flow/Total liabilities %

16,4 1)

231,4

25,7

45,4

49,5

55,6

Risk margin %

5,0 1)

3,0

27,6

48,9

53,2

58,5

 

1) Values for the industry in 2003  = Median for companies with at least 20 employees in industry 01000 i.e. Agriculture, hunting and related service activities

Analysis of the annual accounts (three years)

Turnover/Capital employed

Turnover falling steeply.

 

Warning signals

Company has changed financial period during the period analyzed. (This has been taken into consideration in the analysis.)

 

Special comments relating the future

If the decline continues at the current rate, result after financial net will be negative in the next annual report.

Yields will not be able to cover financial costs, if the difference between yield and average interest on debt continues to develop in the current manner.

 

Note: the forecast for the company's insolvency is very low.

For the complete annual accounts and all ratios, see enclosure

 

Other financial information

 

Share capital

 

 

Total

100 TSEK

 

The most recently registered change in share capital

1997-05

50 TSEK

 

Bonus issue

 

Chattel mortgages

We have not been notified about any chattel mortgages.

 

Unprivileged claims in clients' bankruptcies

We have not been notified about any unprivileged claims in bankruptcies in the

last 2 years.

 

Properties

Owns 100 % of 2 property, ass. at 16.056 TSEK

 

Designation

Välinge 26:1

Owns

100 %

Municipality

Helsingborg

Acquisition date

1971-09-01

Property type

421, Industrial unit, chemical industry

Assessed value in 2004

14.914 TSEK

Area

11 ha

Jointly assessed

No

Type of

acquisition

Purchase

Purchase price

Unknown

Designation

Välingetorp 4:1

Owns

100 %

Municipality

Helsingborg

Acquisition date

1999-12-02

Property type

110, Undeveloped agricultural unit

Assessed value in 2004

1.142 TSEK

Area

35 ha

Jointly assessed

No

Type of

acquisition

Purchase

Purchase price

25 TSEK

For complete list of properties, see enclosure

 

Payment complaints, etc

 

No complaints have been registered.

No data on balance of debt with the Enforcement Service as at 2005-05-06

 
Annual accounts and ratios

 

Annual accounts

Inc. statement

in TSEK

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

 

Net sales

+42.775

+150.904

+172.462

+153.899

+149.559

 

Cost of goods sold

-19.483

-40.870

-47.789

-39.519

-42.672

 

Gross profit/loss

+23.292

+110.034

+124.673

+114.380

+106.887

 

Selling expenses

-6.453

-19.657

-16.672

-12.341

-12.558

 

Administrative expenses

-2.576

-6.818

-5.512

-5.454

-4.836

 

Research/Dev costs

+780

+1.309

+1.999

+3.193

+3.384

 

Items affecting

comparability

0

-18.079

0

0

+4.839

 

Other operating

income

+584

+513

+577

+2.423

+2.253

 

Other operating

expenses

-1.004

-1.402

-2.735

-1.460

-1.106

 

Operating profit/loss

+13.063

+63.282

+98.332

+94.355

+92.095

 

Interest income

group companies

+82

+118

+19

+31

+16

 

External interest

income

+44

+1

+47

+1

0

 

Other financial

income

0

0

+137

0

0

 

Total financial

income

+126

+119

+203

+32

+16

 

Interest expense to

group companies

-950

-3.611

-3.639

-2.608

-2.035

 

External interest

expenses

-1

-5

-3

-1

-1

 

Total financial

expenses

-951

-3.616

-3.642

-2.609

-2.036

 

Profit/loss after

financial items

+12.238

+59.785

+94.893

+91.778

+90.075

 

Profit/loss before

appropriations

+12.238

+59.785

+94.893

+91.778

+90.075

 

Appropriations

-3.500

-1.284

-813

-30

+14

 

Profit/loss before

tax

+8.738

+58.501

+94.080

+91.748

+90.089

 

Tax

-2.470

-16.585

-26.336

-25.742

-25.331

 

Net profit/loss for

the year

+6.268

+41.916

+67.744

+66.006

+64.758

 

 

Balance sheet

in TSEK

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Total intangible

assets

0

0

0

0

0

Land and buildings

26.132

32.726

23.430

19.658

20.318

Machinery

16.669

16.477

0

8.670

0

Equipment

1.542

1.285

1.396

1.631

0

Total machinery and equipment

18.211

17.762

1.396

10.301

10.288

Other tangible assets

17.094

380

19.380

8.438

1.880

Total tangible assets

61.437

50.868

44.206

38.397

32.486

Participations in

group and associated companies

0

0

0

120

120

Other financial assets

3.024

3.024

3.373

4.087

3.651

Total financial assets

3.024

3.024

3.373

4.207

3.771

Total fixed assets

64.461

53.892

47.579

42.604

36.257

Other inventories

97.271

94.944

81.639

71.203

59.679

 

Total inventories

97.271

94.944

81.639

71.203

59.679

 

Accounts receivable

13.063

23.132

20.754

17.525

10.497

 

Receivables from

group and associated companies

19.885

57.267

39.271

38.147

41.132

 

Other current

receivables

628

3.644

2.363

2.133

5.116

 

Total current

receivables

33.576

84.043

62.388

57.805

56.745

 

Total cash and bank balances

61

1.360

967

105

614

 

Total current assets

130.908

180.347

144.994

129.113

117.038

 

Total assets

195.369

234.239

192.573

171.717

153.295

 

 

Balance sheet

in TSEK

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Share capital

100

100

100

100

100

Other restricted

equity

20

20

20

20

20

Group contribution

0

-41.400

-67.320

-65.880

-59.040

Shareholders’ contribution

139.197

0

0

0

0

Profit/loss brought

forward

20.079

19.563

19.139

19.013

13.295

Net profit/loss for the year

6.268

41.916

67.744

66.006

64.758

Total equity

165.664

20.199

19.683

19.259

19.133

Total untaxed

reserves

17.699

14.199

12.915

12.102

12.072

 

Liabilities to group

and associated

companies

0

0

0

120

120

 

Total long-term

liabilities

0

0

0

120

120

 

Accounts payable

1.467

1.084

8.539

8.284

5.974

 

Liabilities to group

and associated

companies

1.737

155.883

13.992

126.633

105.338

 

Other current

liabilities

8.802

42.874

137.444

5.319

10.658

 

Total current

liabilities

12.006

199.841

159.975

140.236

121.970

 

Total equity and

liabilities

195.369

234.239

192.573

171.717

153.295

 

 

Notes etc in TSEK

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Employees

53

57

53

51

46

Salaries board/MD

430

624

873

632

1.180

Salaries others

7.468

15.395

402

13.801

12.646

Total salaries

7.898

16.019

1.275

14.433

13.826

Bonus to board/MD

0

230

0

194

441

Merit salaries

employees

0

1.469

0

893

983

Total salaries and

remuneration

7.898

17.718

1.275

15.520

15.250

Social security

expenses

3.980

11.134

8.821

7.675

6.541

Dividend

0

0

0

0

0

Contractual severance pay

No

No

No

Yes

Yes

Total depreciation

1.809

3.918

4.103

3.444

3.163

-of which

depreciation selling

expenses

91

 

 

 

 

-of which depr admin

costs

167

 

 

 

 

-of which depr cost other

1.551

 

 

 

 

Total pledged assets

0

0

0

0

0

Other contingent

liabilities

165.544

0

0

0

0

Total contingent

liabilities

165.544

0

0

0

0

 

Audit report

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Audit report

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

Original annual account

Order by additional choice

Yes

Yes

Yes

Yes

Yes

 

Ratios  1)

Profitability

 

0312-0404

0301-0311

0201-0212

0101-0112

0001-0012

Return on equity %

14,2 1)

16,5

216,4

330,4

331,0

326,6

Return on total assets %

6,1 1)

16,2

29,5

51,2

55,0

60,1

Average interest rate %

-2,3 1)

-13,2

-1,9

-2,2

-1,8

-1,6

Risk margin %

5,0 1)

3,0

27,6

48,9

53,2

58,5

Gross margin %

7,7 1)

34,3

44,4

59,2

62,6

62,7

Operating margin %

3,5 1)

30,1

41,8

56,8

60,4

60,7

Net margin %

3,1 1)

28,2

39,5

54,8

58,7

59,3

Interest cover

4,2 1)

13,9

17,5

27,1

36,2

45,2

Capital circulation

Capital turnover rate

1,8 1)

0,5

0,7

0,9

0,9

1,0

Cash Flow/Total

liabilities %

16,4 1)

231,4

25,7

45,4

49,5

55,6

Cash fl/finexp %

607,0 1)

>999,9

>999,9

>999,9

>999,9

>999,9

Self-financing ratio %

248,5 1)

262,9

814,2

>999,9

>999,9

-

Stock turnover/year

14,9 1)

1,1

1,7

2,1

2,2

2,5

Turnover/employee TSEK

1.043,0  1)

1.963,0

2.897,0

3.264,0

3.065,0

3.300,0

Lab costs/turnover %

-20,2 1)

-18,2

-11,7

-0,7

-9,9

-10,0

Working capital/turn %

7,2 1)

114,3

-11,8

-8,6

-7,1

-3,2

Acc rec/turnover %

8,0 1)

12,6

14,0

12,0

11,2

6,9

Stock/turnover %

6,6 1)

93,5

57,5

47,2

45,5

39,3

Short liabilities/turnover %

20,4 1)

11,5

121,0

92,4

89,7

80,3

Customer credit time

28,6 1)

43,5

33,2

27,6

22,4

-

Credit period granted

21,5 1)

3,0

7,3

12,2

11,4

-

 

 

Liquidity

Current ratio %

143,9 1)

>999,9

90,2

90,6

92,1

96,0

Quick ratio %

106,6 1)

280,2

42,7

39,6

41,3

47,0

Consolidation

Equity/assets %

28,9 1)

91,1

12,9

14,9

16,1

18,0

Consolidation Ratio %

34,3 1)

93,8

14,7

16,9

18,3

20,4

Debt/equity ratio

2,3 1)

0,1

6,8

5,7

5,2

4,6

Risk ratio

10,6 1)

99,9

-

-

-

-

Fixed assets structure

Financial assets structure %

3,5 1)

4,7

5,6

7,1

9,9

10,4

Tangible assets structure %

96,6 1)

95,3

94,4

92,9

90,1

89,6

 

1) Values for the industry in 2003  = Median for companies with at least 20 employees in industry 01000 i.e. Agriculture, hunting and related service activities

 

Analysis of the annual accounts (three years)

Turnover/Capital employed

Turnover falling steeply.

 

Financing

Turnover is falling while the stocks are by and large unchanged there may be a risk that the company has stocks which, apart from tying up capital, may also be difficult to sell.

 

Warning signals

Company has changed financial period during the period analyzed. (This has been taken into consideration in the analysis.)

 

Special comments relating the future

If the decline continues at the current rate, result after financial net will be negative in the next annual report.

Yields will not be able to cover financial costs, if the difference between yield and average interest on debt continues to develop in the current manner.

Note: the forecast for the company's insolvency is very low.

 
Real property list

 

Designation

Municipality

Ownership

Ass. value year 2004

Välinge 26:1

Helsingborg

100 %

14.914 TSEK

Välingetorp 4:1

Helsingborg

100 %

1.142 TSEK

 


Background
These are the significant dates in Allergon’s development into a world-leader in allergen source material production.

2004
Allergon sets new standards for mould allergen production, which now takes place in a unique new laboratory facility.

Triton and PPM Ventures acquire Allergon as part of their investment portfolio of companies with strong future potential.

2003
Modern new laboratory unit established for epithelia allergens.

Pfizer takes over Pharmacia.

2002
Mite allergen production and development unit expanded and improved.

2000
A new modern food allergen unit established.

1995
ISO 9001:1994 certification.

Our own production, development and sales organisation in China, Nanjing Mei Rui Pharma Co., Ltd., established in a joint venture.

1983
Separate facility for epithelia allergen production and development created in line with our strategy of always having separate laboratories for different allergens. Allergens from insects and venoms also added to the portfolio and range.

1981
Allergon Division in Missouri, USA, set up to give access to the American flora in line with our strategy of offering a continuously expanding high-quality range of pollen allergens.

1980
Separate mite allergen production laboratory created. Demand is high and the unit is extended in 1982 and 1988.

1977
Separate mould allergen production facility started, to ensure quality.

1971
Pharmacia acquires Allergon, generating additional resources and accelerating our rapid expansion.

1963
Allergon founded.


 

 

Management
Allergon’s management is built of a mix between Allergon, allergy market and pharmaceutical industry experience.

Stellan Dybner, President, joined Allergon in 2000 having worked in the pharmaceutical industry for 30 years.

 

Jeremy Harvey, VP Business Operations, joined Allergon in 2003 but has worked in the Pharmaceutical Industry for over 6 years and in customer service for over 15 years.


Magdalena Rahl, VP QA / QC / R&D, has worked in Allergon for over 25 years and provides the insight and support necessary to help customers with product quality / registration issues.

 

Björn Arnsvik, VP Technical Operations, joined Allergon in 2001 and has

worked in the Pharmaceutical Industry for over 10 years and uses this

experience to not only improve the processes within Allergon but also to work

with customers to improve their stock management.


Solveig Gustavsson
, VP Finance and Personnel, has worked in Allergon for over 20 years.


The diversity in the management group is also reflected in the rest of the more than 50 employees who work for Allergon around the world.


 

 

Contacts

 

Departments
Contact details for the various departments at Allergon are given below.

Customer support

Contact: Anette Kittel, Key Account Manager

Phone: +46 42 33 44 45

E-mail: anette.kittel@diagnostics.com

 

Sales & marketing

Contact: Jeremy Harvey, Vice President Business Operations

Phone: +46 42 33 44 60

E-mail: jeremy.m.harvey@diagnostics.com


Research & development

Contact: Måns Österberg, Manager R&D

Phone: +46 42 33 44 52

E-mail: mans.osterberg@diagnostics.com

 

Quality & registration

Contact: Magdalena Rahl, Vice President Quality Assurance

Phone: +46 42 33 44 55

E-mail: magdalena.rahl@diagnostics.com



Attachment 3

 

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