MIRA INFORM REPORT

Report Date :

29.05.2012.

IDENTIFICATION DETAILS

Name :	RECORDATI SPA
Registered Office :	Via M. Civitali, 1, Milano, 20148
Country :	Italy
Financials (as on) :	31.12.2011
Year of Establishment :	1926
Com. Reg. No.:	00748210150
Legal Form :	Public Parent Company
Line of Business :	research, development, manufacture and marketing of pharmaceuticals
No. of Employees :	3,207

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Italy	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

Recordati SpA

Via M. Civitali, 1

Milano, 20148

Italy

Tel: 39-02-487871

Fax: 39-02-40073747

Web: www.recordati.com

Synthesis

Employees: 3,207

Company Type: Public Parent

Corporate Family: 24 Companies

Traded: Italian SE (Mercato Continuo Italia): REC

Incorporation Date: 1926

Auditor: Deloitte & Touche LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: Euro

Annual Sales: 1,059.6 1

Net Income: 161.9

Total Assets: 1,268.9 2

Market Value: 1,361.5

(18-May-2012)

Business Description

Recordati Industria Chimica e Farmaceutica Spa is an Italy-based group engaged in the research, development, manufacture and marketing of pharmaceuticals. The Company promotes a wide range of pharmaceuticals, both proprietary and under license, in a number of therapeutic areas, such as Antibiotics and Antiviral, Cardiovascular, Central nervous system, Dermatological, Gastroenterology, Genital-urinary system, Muscular-skeletal disorders and pain therapy, Obstetrics and Gynecology and over the counter (OTC) pharmaceuticals. The Company is also engaged in the research and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases. The Company’s flagship product is ZANIDIP, a latest generation calcium-channel blocker for the treatment hypertension. Its product portfolio encompasses also Zanipress, Urotec, Lomexin, Procto-Glynenol, transact LAT, Rupatadine, Kentera and Lopresor, among others. For the three months ended 31 January 2012, Recordati SpA's total revenue increased 11% to EUR219.6M. Net income for the period increased 7% to EUR33.8M. Total revenue reflects an increase in demand for the Company's products and services in both Pharmaceuticals and Orphan Drugs business segment, mostly in Italy, Turkey and C.E.E. geographic segments. Net income was partially offset by higher selling expenses.

Industry

Industry Biotechnology and Drugs

ANZSIC 2006: 1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002: 2442 - Manufacture of pharmaceutical preparations

NAICS 2002: 325412 - Pharmaceutical Preparation Manufacturing

UK SIC 2003: 24421 - Manufacture of medicaments

US SIC 1987: 2834 - Pharmaceutical Preparations

Key Executives

Name	Title
Giovanni Recordati	Chairman of the Board, Chief Executive Officer, General Manager
Fritz Squindo	Chief Financial Officer, General Manager for the Coordination of Group Operations
Walter Bevilacqua	Vice President and Director Corporate Development
Amedeo Leonardi	Director Drug Discovery
Luciano Bonacorsi	Vice President and Director Group Human Resources

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	2	Recordati SpA Finalizes Acquisition of Dr. F. Frik Ilac A.S. in Turkey	14-Sep-2011
Strategic Combinations	2	Recordati Industria Chimica E Farmaceutica SpA And Nymox Pharmaceutical Corp Announces Start Of European Phase III Clinical Trial For NX-1207	21-Feb-2012
Other Earnings Pre-Announcement	2	Recordati Industria Chimica E Farmaceutica SpA Reiterates Revenues, Operating Profit and Net Income Guidance for FY 2012	7-Mar-2012
Positive Earnings Pre-Announcement	1	Recordati Industria Chimica E Farmaceutica SpA Raises FY 2012 Revenues, Operating Profit and Net Income Guidance	9-Feb-2012
Share Repurchases	1	Recordati Industria Chimica E Farmaceutica SpA Approves Full FY 2011 Dividend Distribution; Approves Share Repurchase Program	19-Apr-2012

* number of significant developments within the last 12 months

News

Title	Date
Recordati Q1 net income increases Datamonitor Pharmaceutical & HealthWire (124 Words)	22-May-2012
Recordati announces acquisition of six OTC products from Cilag Datamonitor Pharmaceutical & HealthWire (185 Words)	14-May-2012
Recordati posts EUR 33.8m net profit for Q1 2012 ADP Italy News (154 Words)	8-May-2012
Recordati: Good First Quarter 2012 Results (Revenue +11.0%, Net Income +7.5%) Market Wire (1314 Words)	8-May-2012
RECORDATI : GOOD FIRST QUARTER 2012 RESULTS (REVENUE +11.0%, NET INCOME +7.5%) Hugin (English) (1380 Words)	8-May-2012

Financial Summary

As of 31-Mar-2012

Key Ratios Company Industry

Current Ratio (MRQ) 1.81 2.09

Quick Ratio (MRQ) 1.35 1.48

Debt to Equity (MRQ) 0.27 0.43

Sales 5 Year Growth 5.75 4.13

Net Profit Margin (TTM) % 15.16 17.06

Return on Assets (TTM) % 11.78 9.59

Return on Equity (TTM) % 19.33 18.98

Stock Snapshot

Traded: Italian SE (Mercato Continuo Italia): REC

As of 18-May-2012

   Financials in: EUR

Recent Price	5.12	EPS	0.58
52 Week High	7.82	Price/Sales	1.41
52 Week Low	4.96	Dividend Rate	0.30
Avg. Volume (mil)	0.46	Price/Earnings	9.56
Market Value (mil)	1,070.72	Price/Book	1.72
		Beta	0.34

	Price % Change	Rel S&P 500%
4 Week	-4.74%	4.65%
13 Week	-13.29%	8.25%
52 Week	-32.01%	8.01%
Year to Date	-8.33%	3.45%

Registered No.(ITA): 00748210150

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327

Corporate Overview

Location

Via M. Civitali, 1

Milano, 20148

Italy

Tel: 39-02-487871

Fax: 39-02-40073747

Web: www.recordati.com

Quote Symbol - Exchange

REC - Italian SE (Mercato Continuo Italia)

Sales EUR(mil): 762.0

Assets EUR(mil): 977.5

Employees: 3,207

Fiscal Year End: 31-Dec-2011

Industry: Biotechnology and Drugs

Incorporation Date: 1926

Company Type: Public Parent

Quoted Status: Quoted

Registered No.(ITA): 00748210150

Chairman of the Board,

Chief Executive Officer,

General Manager: Giovanni Recordati

Company Web Links

Company Contact/E-mail

Corporate History/Profile

Employment Opportunities

Executives

Financial Information

Home Page

Investor Relations

News Releases

Products/Services

Contents

Industry Codes

Business Description

Brand/Trade Names

Financial Data

Market Data

Shareholders

Subsidiaries

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

6910 - Scientific Research Services

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002 Codes:

7310 - Research and experimental development on natural sciences and engineering

2442 - Manufacture of pharmaceutical preparations

2441 - Manufacture of basic pharmaceutical products

NAICS 2002 Codes:

325411 - Medicinal and Botanical Manufacturing

541710 - Research and Development in the Physical, Engineering, and Life Sciences

325412 - Pharmaceutical Preparation Manufacturing

US SIC 1987:

2834 - Pharmaceutical Preparations

2833 - Medicinal Chemicals and Botanical Products

8733 - Noncommercial Research organizations

UK SIC 2003:

7310 - Research and experimental development on natural sciences and engineering

2441 - Manufacture of basic pharmaceutical products

24421 - Manufacture of medicaments

Business Description

Recordati Industria Chimica e Farmaceutica Spa is an Italy-based group engaged in the research, development, manufacture and marketing of pharmaceuticals. The Company promotes a wide range of pharmaceuticals, both proprietary and under license, in a number of therapeutic areas, such as Antibiotics and Antiviral, Cardiovascular, Central nervous system, Dermatological, Gastroenterology, Genital-urinary system, Muscular-skeletal disorders and pain therapy, Obstetrics and Gynecology and over the counter (OTC) pharmaceuticals. The Company is also engaged in the research and development of new drug entities within the cardiovascular and urogenital therapeutic areas and of treatments for rare diseases. The Company’s flagship product is ZANIDIP, a latest generation calcium-channel blocker for the treatment hypertension. Its product portfolio encompasses also Zanipress, Urotec, Lomexin, Procto-Glynenol, transact LAT, Rupatadine, Kentera and Lopresor, among others. For the three months ended 31 January 2012, Recordati SpA's total revenue increased 11% to EUR219.6M. Net income for the period increased 7% to EUR33.8M. Total revenue reflects an increase in demand for the Company's products and services in both Pharmaceuticals and Orphan Drugs business segment, mostly in Italy, Turkey and C.E.E. geographic segments. Net income was partially offset by higher selling expenses.

More Business Descriptions

Production and sale of pharmaceuticals and pharmaceutical chemicals; research

OTC Pharmaceuticals & Pharmaceutical Chemicals Researcher, Marketer & Mfr

RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA SPA is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

Recordati S.p.A (Recordati) is involved in the research, manufacturing, development and marketing activities of pharmaceuticals and pharmaceutical chemicals. It offers a wide range of pharmaceuticals in several therapeutic areas such as antibiotics, antivirals, cardiovascular, central nervous system, dermatological, gastroenterology, genito-urinary system, muscolo-skeletal disorders, pain therapy, obstetrics and gynaecology. The company’s research focuses on new drug entities in the urogenital therapeutic and cardiovascular areas. Recordati through its subsidiary, Orphan Europe is engaged in the research and development for the treatments of rare diseases. The company’s principal drug is lercanidipine. The company classifies its business into two reportable segments namely, the Pharmaceutical segment and the Orphan Drugs segment. The Pharmaceutical segment of the company encompasses the pharmaceutical chemicals operations which is engaged in the production of active ingredients for its own proprietary pharmaceuticals, as well as intermediates for the generic drugs market. The company sells prescription drugs in the specific therapeutic areas that include anti-infective, cardiovascular, central nervous system, dermatological, gastroenterology, genito-urinary system, muscolo-skeletal disorders, analgesia, obstetrics and gynaecology. The company offers its products in Portugal, the U.K., France, Italy, Russia, Spain, Germany, other European countries and other international sales. For the fiscal year ended December 2011, the Pharmaceutical segment reported revenue of €692.72m, which accounted for 90.9% of total revenue of the company.The Orphan Drugs segment's operations are carried out through Orphan Europe, which develops and provides orphan drugs for the treatment of rare diseases since 1990. Orphan Europe has a product portfolio of nine medicinal products treating different rare diseases. Most of these products have a European orphan drug designation. The segment, through its various products offers drugs for Acute porphyria, congenital sucrase-isomaltase deficiency, homocystinuria, hyperammonaemia due to severe combined immunodeficiency - adenosine deaminase deficiency, Vitamin E deficiency in chronic cholestasis and cystic fibrosis and Wilson's disease. Orphan Europe and InfaCare collaborates to develop new therapy for the treatment of severe hyperbilirubinaemia in neonates. For the fiscal year ended December 2011, the Orphan Drugs segment reported revenue of €69.32m, which accounted for 9.1% of the total revenue of the company. The research and development activities of the company focuses on product pipeline which include drugs in several development phases. Recordati carries out development activities in the field of cardiovascular disease and in particular, related to hypertension. Recordati developed lercanidipine, a latest generation drug for calcium channel blocker class. Zanipress/Zanitek is a combination of lercanidipine and enalapril, developed by Recodati for the treatment of hypertension. The company primarily focuses on the treatment of micturition disorders. For the fiscal year ended December 2011, the company spent €55.96m on its research and development activities, which is about 7.34% of the total revenue of the company.The company has four production facilities, two in Italy, one each in France and Ireland. The production facility in Milan, Italy is the principal facility of the company covering an area of 25,000 square meters with a production capacity of 50 million units per year. The facility in Latina, Italy covers an area of over 360,000 square meters with an installed capacity of 800 cubic meters. The facility in France is licensed to produce and package oral liquid, solid formulations and sprays, covering an area of of approximately 3,500 square meters with a manufacturing capacity of 20 million units per year. The facility in Ireland covers an area of 4.21 hectares. Geographically, the company operates through four regions, namely, Europe, Australasia, America and Africa. For the fiscal year ended December 2011, the Europe region accounted for 88.37% of the total revenue of the company followed by Australasia with 4.96%, America with 3.52% and Africa with 3.16%.

Recordati S.p.A (Recordati) is an Italy-based pharmaceutical company. The focuses on research, manufacturing, development and marketing of pharmaceuticals and pharmaceutical chemicals. The company offers products in several therapeutic areas that include antibiotics and antivirals, cardiovascular, central nervous system, dermatological, gastroenterology, genito-urinary system, muscolo-skeletal disorders and pain therapy, obstetics and gynaecology, and over the country (OTC) pharmaceuticals. It produces both proprietary and under license pharmaceuticals. The company’s research activity focuses to develop innovative medicines in the areas of Cardiovascular and urogenital. It is also involved in the research and development for the treatments of rare diseases through its subsidiary Orphan Europe. The company principally operates through its network of subsidiaries and affiliates in Ireland, Slovakia, Portugal, the UK, France, Greece, Italy, Russia, Spain, Germany, Turkey and Czech Republic. Recordati is headquartered in Milan, Italy.The company reported revenues of (Euro) EUR 762.04 million during the fiscal year ended December 2011, an increase of 4.66% over 2010. The operating profit of the company was EUR 163.48 million during the fiscal year 2011, an increase of 5.62% over 2010. The net profit of the company was EUR 116.43 million during the fiscal year 2011, an increase of 7.24% over 2010.

Recordati is a European pharmaceutical group, listed on the Italian Stock Exchange (Reuters RECI.MI, Bloomberg REC IM, ISIN IT 0003828271), involved in research, development, manufacturing and marketing of pharmaceuticals, with headquarters in Milan, Italy, operations in the main European countries.

Pharmaceutical and Medicine Manufacturing

Brand/Trade Names
Diezime Isocef Acequin Acequide	Elopram Tora-dol Zanedip

Financial Data

Financials in:	EUR(mil)
Revenue:	762.0
Net Income:	116.4
Assets:	977.5
Long Term Debt:	137.5
Total Liabilities:	383.0
Working Capital:	0.1
Date of Financial Data:	31-Dec-2011

1 Year Growth

4.7%

7.2%

8.5%

Market Data

Quote Symbol:	REC
Exchange:	Italian SE (Mercato Continuo Italia)
Currency:	EUR
Stock Price:	5.1
Stock Price Date:	05-18-2012
52 Week Price Change %:	-32.0
Market Value (mil):	1,070,721.0
SEDOL:	B07DRZ5
ISIN:	IT0003828271

Subsidiaries

Company	Percentage Owned	Country
Innova Pharma SpA
Recofarma SRL
Bouchara-Recordati SAS	100%	FRANCE
Orphan Europe Holding SA	100%	FRANCE
FIC SAS	100%	FRANCE
FIC Medical Sarl	100%	FRANCE
Recordati Pharmaceuticals Limited	100%	UK
Recordati Hellas Pharmaceuticals SA	100%	GREECE
Recordati Pharma GmbH	100%	GERMANY
Herbacos Recordati sro	100%	CZECH REPUBLIC
Innova Pharma SpA	100%	ITALY
Recordati España SL	90%	SPAIN
Recordati SA	100%	LUXEMBOURG
Jaba Recordati, S.A.	100%	PORTUGAL
Recordati Corporation	100%	USA
Recordati Irelands Ltd	100%	REPUBLIC OF IRELAND
Yeni Recordati Ilaç	100%	TURKEY
Recordati SK Sro	100%	SLOVAKIA
Rusfic LLC	100%	RUSSIA
Artmed Internatioanl Srl	100%	ROMANIA

Shareholders

Major Shareholders

FIMEI SpA (51.30%); Recordati SpA (5.50%)

Key Corporate Relationships

Auditor:	Deloitte & Touche LLP
Bank:	Intesa Sanpaolo Ag, Intesa Sanpaolo Ag
Auditor:	Deloitte & Touche LLP, KPMG SpA

Strategic Initiatives

Key Organizational Changes

They are a group of inherited rare metabolic disorders which disrupt physiologic amino acid degradation causing a build-up of organic acids, which in turn may inhibit the urea cycle function, leading to hyperammonaemia. Acute hyperammonaemia due to OA represents a true medical emergency and Carbaglu, by restoring the urea cycle and thus reducing blood ammonia levels, prevents brain damage. • In September 2011, the acquisition of 100% of the share capital of Dr F. Frik Ilaç A.S., a Turkish pharmaceutical company with headquarters in Istanbul, was successfully concluded, following, among others, clearance from the relevant competition authority in Turkey. The value of the transaction (enterprise value) is of around $130m of which $74,5m were paid at the closing. Of the remaining balance a portion will be paid in tranches on future due dates and a portion comprises the company’s debt.

Sales and Distribution

Net income was €116.4m in 2011. Operating income, at 21.5% of sales, is €163.5m, an increase of 5.6% over the preceding year.Giovanni Recordati, chairman and CEO of Recordati, said, “During the year just ended important results were obtained to support the growth and further internationalization of the group. The acquisition of Dr. F. Frik Ilaç A.S., a Turkish pharmaceutical company with headquarters in Istanbul, was successfully concluded. This is the second acquisition Recordati has made in Turkey, where it acquired Yeni Ilaç in December 2008. The full rights to the product Procto-Glyvenol®, indicated for the localized treatment of hemorrhoids, were acquired from Novartis Consumer Health for a number of countries, mainly in Central and Eastern Europe.

Corporate Family	Corporate Structure News:
	Recordati SpA
Recordati SpA Total Corporate Family Members: 24

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Recordati SpA	Parent	Milano	Italy	Biotechnology and Drugs	1,059.6	3,207
Recordati Pharmaceutical Chemicals Division	Division	Milan	Italy	Biotechnology and Drugs		600
Recordati Pharmaceutical Chemicals Productions	Facility	Campoverde di Aprilia, Latina	Italy	Biotechnology and Drugs		402
Bouchara-Recordati SAS	Subsidiary	Levallois Perret	France	Biotechnology and Drugs	22.6	380
Laboratoires Bouchara-Recordati SAS	Subsidiary	Levallois Perret	France	Biotechnology and Drugs	235.2	374
Yeni Recordatilac ve Hammaddeleri Sanayi ve Ticaret A.S.	Subsidiary	Esenyurt, Istanbul	Turkey	Biotechnology and Drugs		350
Recordati Pharma GmbH	Subsidiary	Ulm, Baden-Württemberg	Germany	Biotechnology and Drugs	72.7	165
Innova Pharma SpA	Subsidiary	Milan	Italy	Biotechnology and Drugs	114.7	153
Jaba Recordati, S.A.	Subsidiary	Porto Salvo	Portugal	Biotechnology and Drugs	47.5	90
Recordati Ireland Ltd.	Subsidiary	Ringaskiddy, Cork	Ireland	Biotechnology and Drugs		40
Recordati Hellas Pharmaceuticals S.A.	Subsidiary	Athens	Greece	Personal and Household Products		37
Orphan Europe S.A.R.L.	Subsidiary	Paris, Hauts-de-Seine	France	Biotechnology and Drugs	55.3	34
Orphan Europe Germany GmbH	Subsidiary	Ulm, Baden-Württemberg	Germany	Personal and Household Products		11
Orphan Europe Italy S.r.l.	Subsidiary	Segrate, Milan	Italy	Personal and Household Products	5.4	10
Orphan Europe Middle East FZ LLC	Subsidiary	Dubai	United Arab Emirates	Personal and Household Products		10
Orphan Europe Benelux BVBA	Subsidiary	Wemmel, Flemish Brabant	Belgium	Personal and Household Products		10
Orphan Europe Spain S.L.	Subsidiary	Barcelona	Spain	Personal and Household Products		9
Orphan Europe Nordic AB	Subsidiary	Stockholm	Sweden	Personal and Household Products		3
Orphan Europe UK Ltd.	Subsidiary	Henley-On-Thames	United Kingdom	Personal and Household Products		3
Orphan Europe Portugal Lda.	Subsidiary	Cascais	Portugal	Personal and Household Products		1
Recordati Pharmaceuticals Ltd.	Subsidiary	Henley On Thames	United Kingdom	Personal and Household Products	7.0	4
Recordati Corporation	Subsidiary	Cranford, NJ	United States	Personal and Household Products	1.4	1
Recordati Espana S.L.	Subsidiary	Madrid	Spain	Biotechnology and Drugs
FIC Medical S.A.R.L.	Subsidiary	Levallois-Perret, Hauts-de-Seine	France	Personal and Household Products

Competitors Report

Company Name	Location	Employees	Ownership
Aventis Pharma Ltd. India	Mumbai, India	2,282	Public
Bristol Myers Squibb Co.	New York, New York, United States	27,000	Public
Cosmo Pharmaceuticals S.p.A	Lainate, Italy	159	Public
Dongwha Pharm Co Ltd	Seoul, Korea, Republic of	810	Public
Pfizer Inc.	New York, New York, United States	103,700	Public
Pierrel S.p.A.	Milano, Italy	521	Public
Sanofi SA	Paris, France	113,719	Public

Executive report

Board of Directors

Name	Title	Function
Giovanni Recordati	Chairman of the Board, Chief Executive Officer, General Manager	Chairman
Biography Eng. Giovanni Recordati serves as Chairman of the Board, Chief Executive Officer and General Manager of Recordati Industria Chimica e Farmaceutica SpA. He joined the Company in 1974 as a Researcher. In 1980, he was appointed as Central Production Manager and, in 1984, as Deputy General Manager for Operations and Research. In 1990, he was appointed Chief Executive Officer with responsibility for managing the operational activities of the Group's Italian and foreign companies. He has been a Member of the Board of Directors since 1977. He holds a degree in Chemical Engineering from the Politecnico di Milano and a Masters degree in Management Science from the Imperial College, University of London. Education: University of London, M (Management Science) Politecnico di Milano (Chemical Engineering) Compensation/Salary:130,000 Compensation Currency: EUR
Alberto Recordati	Vice Chairman of the Board	Vice-Chairman
Biography Dr. Alberto Recordati serves as Vice Chairman of Recordati Industria Chimica e Farmaceutica SpA. He joined Recordati in 1984 as a researcher in the biochemistry laboratories. In 1987, he was appointed Head of the Planning and Product Development Office. From 1990 to 1992, he worked for the United States subsidiary Pharmetrix Corp as Research Project Coordinator. In 1992 he was appointed Industrial Manager for Biochemicals with responsibility for biochemical/microbiological research and for the Cascina de Pecchi biochemical/fermentation production site. In 1995, he became Head of the Chemical Research and Technologies Division. In 1999, he was appointed Head of the Fine Chemicals Division and in 2004 Vice Chairman of Recordati SpA. He was held responsibility for co-ordinating the Drug Discovery and Drug Development activietis of the Company since 2008 and also for licensing-in activities since 2011. He obtained Biochemistry degree from King's College of the University of London in 1977. In 1984 he obtained Doctorate in Philosophy degree in Biochemistry at the Charing Cross Hospital Medical School of the University of London. Education: University of London, PHD (Biochemistry) University of London (Biochemistry) Compensation/Salary:60,000 Compensation Currency: EUR
Heinz Wolf Bull	Director	Director/Board Member
Education: University of Mannheim , Germany, Economics
Silvano Corbella	Non-Executive Independent Director	Director/Board Member
Biography Prof. Silvano Corbella has served as Non-Executive Independent Director of Recordati Industria Chimica e Farmaceutica SpA since April 13, 2011. He also serves as Chairman of the Remuneration Committee of the Company. After he received the degree in Business Administration at Universita Commerciale Luigi Bocconi in Milan, he began the academic career, teaching at Bocconi University, SDA Bocconi, Libero Istituto Universitario Carlo Cattaneo in Castellanza and Cattolica University in Cremona. In 1994 he joined the University of Verona as Assistant Professor. At the same time, and until 2008, he taught at SDA Bocconi, where for nearly a decade he was also tenured of the Financial Accounting course at the Master in Business Administration. At the beginning of 2011, he became Full Professor at the University of Verona, where he has been teaching Accounting and carrying out his research activity for 15 years. He is Chartered Accountant and Auditor and holds a number of assignments: he is Chairman and/or Supervisory Body member of both listed and unlisted companies and of an American Merchant Bank branch. Moreover, he is member of several Boards of Statutory Auditors. In relation to his professional activity, he provided capital evaluations for different purposes, also with regard to listed companies, and financial-economic opinions; he has been an accounting expert of Arbitral Board and of civil and penal proceedings. He is author of several articles and four monographs on topics related to internal audit system, financial statement and stock options. With regard to these topics, he is a regular speaker at conferences and workshops. He is also Board Member at Leonardo & Co SpA, Euraleo Srl, Growermetal Srl, Procos SpA, IUAV Studi & Progetti - ISP Srl, Ivri Direzione SpA and I.V.R.I. Istituti di Vigilanza Riuniti SpA. He is aslo Board Member at EVS Embedded Vision Systems Srl. Age: 46 Education: Universita Commerciale Luigi Bocconi (Business Administration)
Mario Garraffo	Non-Executive Independent Director	Director/Board Member
Biography Dr. Mario Garraffo serves as Non-Executive Independent Director of Recordati Industria Chimica e Farmaceutica SpA and Member of the Audit Committee of the Company. Between 1960 and 1970, he was Controller and Development Director of La Centrale Finanziaria Generale, a holding company principally involved in the area of public services (communications and energy). From 1970 to 1980, he was Investment Director at the IFI 48 group; from 1980 to 1985 he was Chief Executive Officer of IFIL - Finanziaria di Partecipazioni and from 1985 to 1993 Chairman of IFINT (now EXOR). In 1993, he was appointed Chief Executive Officer of Lazard Italia until the acquisition of Vitale, Borghesi & Co. in 1998. Again in 1998, he was appointed Chief Executive Officer of UNIM, a post which he held until 2000 and as Chairman of General Electric Italia from 2000 to 2004. He was a Senior Advisor for General Electric Europe from 2004 until 2007. He has been a Trustee of the Johns Hopkins University of Baltimore and a Trustee of the Johns Hopkins School for Advanced International Studies (SAIS) in Bologna. From 1995 to 2006 he was President of the Universita Bocconi Alumni Association and Member of the Board of Directors of the Donna Javotte Bocconi Foundation (founding entity of the Universita Bocconi). In 1960, he graduated in Business Economics from Universita Commerciale Luigi Bocconi in Milan. He currently holds the position of Chairman of IVG SGR SpA, Chairman of METIS SpA and Director of GE Interbanca SpA. Education: Universita Commerciale Luigi Bocconi (Business Economics) Compensation/Salary:30,000 Compensation Currency: EUR
Mario Germano Giuliani	Non-Executive Independent Director	Director/Board Member
Biography Dr. Mario Germano (Germano) Giuliani has served as Non-Executive Independent Director of Recordati Industria Chimica e Farmaceutica SpA since April 13, 2011. He also serves as Member of the Remuneration Committee of the Company. He holds a degree in Business Economics from the Universita Cattolica del Sacro Cuore in Milan. He started his career in the pharmaceutical industry in 1996 in Giuliani SpA where he worked in marketing, sales, finance and control. In 1998 and 1999, he was an investment professional with Vector Fund Management, a private equity firm focused on healthcare and life sciences. After his experience in the United States, he re-joined Giuliani SpA as Chief Financial Officer until 2001. In 2001 he became Chief Executive Officer and in 2003 President. Age: 40 Education: Universita Cattolica del Sacro Cuore (Business Economics)
Umberto Mortari	Non-Executive Independent Director	Director/Board Member
Biography Dr. Umberto Mortari has served as Non-Executive Independent Director of Recordati Industria Chimica e Farmaceutica SpA since April 13, 2011. He also serves as Member of the Remuneration Committees of the Company. He got a degree in Law at the Universita degli Studi di Roma La Sapienza. He attended different Business and Management Programs at INSEAD and at the Business Schools of Harvard University and Michigan University. In June 2001 he was awarded by the University of Chieti G.D’Annunzio an HC degree in Medicine and in September 2005, by the University of Pavia, an HC degree in Pharmacy. He joined Merck Sharp & Dohme (Italia) SpA in 1972, where he held various positions in the areas of Marketing, Sales and Business Planning Research. In 1981 he was appointed Marketing Director, in 1986 Director of Pharmaceutical Division, in 1987 Board Member and Managing Director in 1991. Since January 1992 to December 2007 he became President, Manging Director and Vice President of Merck Europe. He has held the following positions in other companies of Merck Italia Group: President and Managing Director of Neopharmed in Milan; President and Managing Director of the Istituto Gentili in Pisa; member of the Board of Directors of the Istituto di Ricerche Biomolecolari-Pietro Angeletti in Pomezia and President of the MSD Foundation. He is Member of FARMINDUSTRIA Board, where he was Vice President for eight years. He was also President of the Center of Clinical Phisiology and Hypertension of the University of Milan; Vice President of the Forum for Biomedical Research of CENSIS and member of the Board of the Italian Society of Pharmaceuticals Sciences. Currently he is President of the Accademia degli Incolti, President of the Executive Committee of Gaffi Editore in Rome and member of Visufarma SpA Board of Directors. Age: 65 Education: Universita degli Studi di Roma La Sapienza (Law)
Federico Nazzari	Director	Director/Board Member
Carlo Pedersoli	Non-Executive Independent Director	Director/Board Member
Biography Mr. Carlo Pedersoli serves as Non-Executive Independent Director of Recordati Industria Chimica e Farmaceutica SpA. He also serves as Member of the Audit Committee of the Company. He was admitted to the Milan bar in 1980. A partner in the Pedersoli e Associati law firm, he is a civil lawyer who deals predominantly in company and commercial law for national and international clients operating both in the financial/banking sector and in the industrial sector. He has spoken at conferences on company and commercial law, analysing the topic of financial statements, validity of shareholders' resolutions and responsibility of auditors. He is also a Member of the Board of Directors of Welfare Italia Servizi Srl. He has also been a Director of the companies Riello SpA, Sigla Engineering SpA, Nextam Partners SGR SpA and Chairman of the company Sistemi Tecnologici Holding SpA, the holding company of Sistemi Tecnologici SpA which is in turn the holding company of Sirti SpA. Compensation/Salary:30,000 Compensation Currency: EUR
Andrea Recordati	Executive Director, General Manager Pharmaceutical International	Director/Board Member
Biography Dr. Andrea Recordati has serves as Executive Director and General Manager of the International Pharmaceutical Division of Recordati Industria Chimica e Farmaceutica SpA since February 2011. Between September 1995 and March 1998, he took part in the United Kingdom SmithKline Beecham Management Access Program, starting off as Assistant Product Manager in Consumer Healthcare and then, for one year, occupying the role of medical representative in Essex before becoming Project Manager responsible for the development and implementation of an innovative SmithKline Beecham marketing initiative. He joined Recordati in 1998 as Project Leader for a project aimed at improving Sales Force productivity and better use of marketing investments. In April 1998, he joined the Board of Directors of the Company. In 1999, he was given responsibility for Pharmaceutical Business Development. In March 2002, the Lercanidipine Business Unit was set up and he was appointed Head of that unit. Since November 2002, he has been responsible for setting up the subsidiary Recordati Ireland and its industrial plant and, subsequently, for setting up the United Kingdom subsidiary. In September 2006, he was appointed Sole Director of the German subsidiary Merckle Recordati GmbH. In August 2007, the Northern and Central Europe Branches Division was set up and he was appointed Head of that division. That division was enlarged in 2010 to include western European subsdiaries. He holds Bachelor of Arts in Modern and Medieval History from the Royal Holloway and Bedford New College of the University of London. Education: University of London, BA (History) Compensation/Salary:30,000 Compensation Currency: EUR
Romilda Bollati St. Pierre	Director	Director/Board Member
Marco Vitale	Non-Executive Lead Independent Director	Director/Board Member
Biography Prof. Marco Vitale serves as Non-Executive Lead Independent Director at Recordati Industria Chimica e Farmaceutica SpA. He is also Chairman of the Audit Committee of the Company. He is a business economist. He taught for several years business economics at Pavia University, Bocconi University, Milan, Libero Istituto Universitario Carlo Cattaneo. He has been Chairman of Istud (Foundation for the business culture and management) and has been co-ordinator for management area of ISTAO, post-degree management school. Former partner of Arthur Andersen & Co., he is founding partner and president of Vitale–Novello & Co. Srl. In this context he is consultant and member of the board of directors for many companies. He is President from March 2010 of Fondo Italiano di Investimenti SGR SpA, constituted by the Treasure Ministry, Confindustria, ABI, Banca Intesa, Unicredit, Monte Paschi, Crediop and some popular banks. He has been President from 1984 till 2003 of A.I.F.I. (Italian Venture Capital and Private Equity Association) and promoter and first president of Arca Group, the mutual fund company of popular banks. He has been Vice President, Member of the Board and of the Executive Committee of Banca Popolare of Milan from 2001 till 2009 and was Chairman of Bipiemme Gestioni SGR, the Asset Management Company of the BPM Group. He is President of the Rino Snaidero Scientific Foundation. He is President of the Scientific Committee of AIdAF, Director of Olivetti Foundation and of FAI Foundation. He has been appointed to several public tasks. He contributes to newspapers and business magazines. He published several books. He is also Director of ETICA SGR SpA, SAME DEUTZ FAHR SpA, ERMENEGILDO ZEGNA HOLDITALIA SpA, Snaidero SpA, LUVE, SMEG, Banca Passadore and serves as Chairman at SAME DEUTZ FAHR ITALIA SpA, VINCENZO ZUCCHI SpA and the Fondo Italiano d’Investimento. He graduated in Law form Ludwig-Mzimilians-Universitaet, Muenchen. Age: 76 Education: Ludwig-Maximilians-Universitaet, Muenchen (Law) Compensation/Salary:30,000 Compensation Currency: EUR
Walter Wenninger	Non-Executive Independent Director	Director/Board Member
Biography Dr. Walter Wenninger has served as Non-Executive Independent Director of Recordati Industria Chimica e Farmaceutica SpA since April 11, 2008. He is Chairman of the Remuneration Committee of the Company. He has worked for more than 30 years in the pharmaceuticals industry in Germany, Europe and the United States. He has been a Member of the Management Board of Bayer AG with responsibility for health care and life science and also Chairman of the Board of Directors of Bayer Corp. Pittsburg, the United States. He has been a Member of the Board of Trustees of the German Cancer Research Centre of Heidelberg and of the German Cardiac Research Foundation of Frankfurt. He currently occupies various positions on the Boards of Directors of European biopharmaceutical firms and he is a Member of the Executive Committee of the Robert-Koch-Foundation in Germany. He holds positions in the following companies: Chairman of the Board of Directors of Paion AG, Aachen, Germany; Chairman of the Board of Directors of Noxxon Pharma AG, Berlin, Germany; Deputy Chairman of Santaris Pharma, Horsholm, Denmark; Deputy Chairman of Evotec AG, Hamburg, Germany and Member of the Novo A/S Advisory Group Hellerup, Denmark (since September 2010). He holds Doctorate in Philosophy degree in Veterinary Medicine and Masters of Business Administration (Dipl.-Kfm.) both from the Ludwig-Maximilians-Universtaet, Muenchen. Age: 74 Education: Ludwig-Maximilians-Universitaet, Muenchen, PHD (Veterinary Medicine) Ludwig-Maximilians-Universitaet, Muenchen, M (Business Administration)

Executives

Name	Title	Function
Giovanni Recordati	Chairman of the Board, Chief Executive Officer, General Manager	Chief Executive Officer
Biography Eng. Giovanni Recordati serves as Chairman of the Board, Chief Executive Officer and General Manager of Recordati Industria Chimica e Farmaceutica SpA. He joined the Company in 1974 as a Researcher. In 1980, he was appointed as Central Production Manager and, in 1984, as Deputy General Manager for Operations and Research. In 1990, he was appointed Chief Executive Officer with responsibility for managing the operational activities of the Group's Italian and foreign companies. He has been a Member of the Board of Directors since 1977. He holds a degree in Chemical Engineering from the Politecnico di Milano and a Masters degree in Management Science from the Imperial College, University of London. Education: University of London, M (Management Science) Politecnico di Milano (Chemical Engineering) Compensation/Salary:130,000 Compensation Currency: EUR
Luciano Bonacorsi	Vice President and Director Group Human Resources	Division Head Executive
Biography Dr. Luciano Bonacorsi has served as Vice President and Director Group Human Resources of Recordati SpA since 1997. He began his career at S.I.P, currently Telecom Italia, where he was hired as assistant to the district human resources director in 1982. From 1987 to 1989, he was Assistant to the Labor Relations Director at Federchimica. In 1989 he moved to Esselunga as Human Resources Manager, first regionally and then at headquarters. He joined the Company in 1994, where he was put in charge of Labor Relations and Plant Human Resources. Later he served as Director of Personnel and General Affairs at Valeas Industria Farmaceutica. He obtained Law degree from the Universita degli Studi di Milano in 1981. Education: Universita degli Studi di Milano (Law)
Celestino Di Rollo	General Manager Pharmaceuticals Italy	Division Head Executive
Biography Mr. Celestino Di Rollo has served as General Manager Pharmaceuticals Italy of Recordati Industria Chimica e Farmaceutica SpA since April 2009. Prior to his appointment he served as Director of Pharmaceutical Operations of Italy of the Company. He holds Business Science degree with a Major in Marketing from Politecnico di Studi Aziendali di Lugano. He began his career in 1987 as medical representative in Simes, a Zambon Group company. From 1999 to 2002, he hold positions with increasing responsibilities becoming Sales Manager in pharmaceutical companies. He joined the Recordati Group in 2002 as Sales Manager of the French subsidiary Laboratoires Bouchara Recordati. In 2007 he was appointed as Director of Marketing and Sales Ethical Products in Italy and subsequently became Director of Pharmaceutical Operations Italy. Education: Politecnico di Studi Aziendali di Lugano (Marketing)
Duccio Favara	Group Licensing Director	Division Head Executive
Biography Mr. Duccio Favara has served Group Licensing Director of Recordati Industria Chimica e Farmaceutica SpA since 2008. In 1970 he joined as a medicinal chemist Gruppo Lepetit where he pursued a career in Research and Development (R&D), including a one-year stage at the New England Laboratories of the Dow Chemical Company in the United States. In 1982, he moved to Pierrel, an Italian pharmaceutical company, initially as a team leader, from 1986 as R&D Director for synthesis, analysis and pharmaceutical technology and from 1989 as Licensing Manager. He joined Recordati as Senior Licensing Manager in 1993 and during 1997-2004 his activity was carried out at the Swiss affiliate of Recordati. He graduated in Industrial Chemistry at Universita degli Studi di Milano. Education: Universita degli Studi di Milano (Industrial Hygiene/Chemistry)
Marco Liguori	Vice President and Director Special Care and Orphan Drugs, General Manager Orphan Europe	Division Head Executive
Biography Mr. Marco Liguori has served as Vice President and Director Special Care and Orphan Drugs, General Manager Orphan Europe of Recordati Industria Chimica e Farmaceutica SpA since March 211. Mr. Liguori after acquiring an MBA from INSEAD, spent fourteen years working in various positions and in a number of European countries for the Amgen group. In 1997, he began working in Amgen Europe’s Swiss offices as Financial Planning Manager. The year after, he was transferred to Amgen France, where he worked in a number of positions of increasing importance, first in Marketing and Business Development, then in Finance and, lastly, as Nephrology Sales Director. In 2006, he became Amgen Belgium’s General Manager for Belgium and Luxemburg. In 2009, he took over Amgen’s Nordic and Baltic Region and held this position until he joined the Company in March 2011. Education: INSEAD, MBA
Giovanni Mariani	General Manager Group Logistics and Manufacturing	Division Head Executive
Biography Mr. Giovanni Mariani has served as General Manager Group Logistics and Manufacturing of Recordati Industria Chimica e Farmaceutica SpA since February 2011. He earned a degree in Business Administration in 1987 from Luiss Guido Carli Libera Universita Internazionale degli Studi Sociali in Rome where he worked as an independent Accountant for the following two years. He joined Recordati in 1989 where he held different positions within the Group, both in Italy and abroad. Education: Luiss Guido Carli Libera Universita Internazionale degli Studi Sociali (Business Administration)
Giorgio Oberrauch	Direttore Generale-Chimica Farmaceutica	Division Head Executive
Education: Milan University, agronomy
Andrea Recordati	Executive Director, General Manager Pharmaceutical International	Division Head Executive
Biography Dr. Andrea Recordati has serves as Executive Director and General Manager of the International Pharmaceutical Division of Recordati Industria Chimica e Farmaceutica SpA since February 2011. Between September 1995 and March 1998, he took part in the United Kingdom SmithKline Beecham Management Access Program, starting off as Assistant Product Manager in Consumer Healthcare and then, for one year, occupying the role of medical representative in Essex before becoming Project Manager responsible for the development and implementation of an innovative SmithKline Beecham marketing initiative. He joined Recordati in 1998 as Project Leader for a project aimed at improving Sales Force productivity and better use of marketing investments. In April 1998, he joined the Board of Directors of the Company. In 1999, he was given responsibility for Pharmaceutical Business Development. In March 2002, the Lercanidipine Business Unit was set up and he was appointed Head of that unit. Since November 2002, he has been responsible for setting up the subsidiary Recordati Ireland and its industrial plant and, subsequently, for setting up the United Kingdom subsidiary. In September 2006, he was appointed Sole Director of the German subsidiary Merckle Recordati GmbH. In August 2007, the Northern and Central Europe Branches Division was set up and he was appointed Head of that division. That division was enlarged in 2010 to include western European subsdiaries. He holds Bachelor of Arts in Modern and Medieval History from the Royal Holloway and Bedford New College of the University of London. Education: University of London, BA (History) Compensation/Salary:30,000 Compensation Currency: EUR
Fritz Squindo	Chief Financial Officer, General Manager for the Coordination of Group Operations	Division Head Executive
Biography Dr. Fritz Squindo has serves as Chief Financial Officer, Financial Reporting Officer and General Manager for the Coordination of Group Operations of Recordati Industria Chimica e Farmaceutica SpA. He was appointed General Manager for the Coordination of Group Operations of the Company in 2008. He began his career at Telettra, a telecommunications company in the Fiat Group, where he worked in treasury management. He then gained experience at the Italian branch of the French pharmaceutical group Sanofi, where he was First Head of Finance and later Head of the Management Accounting Department. He joined the Company with that title in 1992, and in 1995 was appointed Chief Financial Officer. He graduated in Business Administration from Universita Commerciale Luigi Bocconi in Milan. Education: Universita Commerciale Luigi Bocconi (Business Administration)
Marco Nava	Statutory Auditor	Accounting Executive
Marco Rigotti	Statutory Auditor	Accounting Executive
Achille Severgnini	Statutory Auditor	Accounting Executive
Giovanni Minora	Head of Group Auditing, Internal Control Officer	Controller
Safuan Gritli	Director International Medical and Marketing	Marketing Executive
Biography Dr. Safuan Gritli has served as Director International Medical and Marketing of Recordati Industria Chimica e Farmaceutica SpA since 2008. Prior to this he was appointed Vice President Corporate Pharmaceutical Operations of Recordati SpA as from 2008. He joined Chiesi Farmaceutici in 1988 where he held various sales and marketing positions, contributed to the international growth of the group, participated in a number of acquisition and international licensing activities, and conducted the start up of new subsidiaries and the development of the business in emerging markets. In 2001 he was appointed Director of International Market Development and held this position until he joined the Company in 2008. He holds a Medicine degree and began his international career exporting medical devices, followed by an experience in the chemical sector and shortly after became involved in the pharmaceutical business.
Marianne Tatschke	Investor Relations Manager	Investor Relations Executive
Giuseppe Lauria	EDP manager	Information Executive
Amedeo Leonardi	Director Drug Discovery	Research & Development Executive
Biography Mr. Amedeo Leonardi serves as Director Drug Discovery of Recordati Industria Chimica e Farmaceutica SpA. He joined the Company in 1968 as a chemist assigned to the laboratory of pharmaceutical chemical synthesis. He subsequently obtained a degree in Pharmacy from the Universita degli Studi di Milano and became Head of Chemical Research for the group in 1983. In 1991 he became Head of Pharmaceutical Research which comprised the chemical and pharmacological teams. In 2008 he was appointed Director of Drug Discovery, following a reorganization of the R&D function, and assumed further scientific responsibility. He had an active role in a number of NCE research projects resulting in molecules active for various pharmaceutical indications currently marketed by the group (fenticonazole and lercanidipine), as well as in those which did not reach the market. He is author or co-author of 105 scientific papers, 80 posters or oral presentations, and around 50 patents. Education: Universita degli Studi di Milano (Pharmacy)
Abraham Sartani	Direttore-Ricerca e Sviluppo	Research & Development Executive
Education: Sackler School of Medicine , University of Tel Aviv , Israel, MD
Walter Bevilacqua	Vice President and Director Corporate Development	Business Development Executive
Biography Mr. Walter Bevilacqua serves as Vice President and Director Corporate Development of Recordati Industria e Chimica Farmaceutica SpA. After a short academic experience he pursued a career in management in the chemical and pharmaceutical industry holding financial and marketing positions, including heading the pharmaceuticals division of Recordati in 1981. In 1986, he joined Olivetti, heading the United States subsidiary and later a group of software and information services companies. He rejoined Recordati again in 1996. He holds a degree in Engineering from the Politecnico di Milano and Masters of Business Administration degree from the Harvard Business School. Education: Harvard Business School, MBA Politecnico di Milano (Engineering)
Diego Provvedini	Director Drug Development	Business Development Executive
Biography Mr. Diego Provvedini has served as Director Drug Development of Recordati Industria Chimica e Farmaceutica SpA since 2008. He obtained the Medical degree in 1978 from the Universita degli Studi di Parma, Italy, where he initiated his career as Clinical Research Assistant in the Dept. of Gerontology & Geriatrics. In order to pursue his scientific work on the endocrine control of bone metabolism, in 1982 he joined the Dept. of Medicine of the University of California in San Diego, where he held university positions in the research track. After having obtained several support grants from the U.S. National Institutes of Health (NIH), in 1987 he continued his scientific career as Senior Researcher in the Dept. of Immunology of the Scripps Research Institute, in La Jolla. After moving to France in 1994, he joined the pharmaceutical industry, first as International Project Coordinator at the Institut de Recherches Internationales Servier, then in 1999 as International Project Leader at Negma Laboratoires, and in 2003 as Head of Development Strategy at Steba Biotech-France. Education: Universita degli Studi di Parma (Medicine)
Franco Tomasini	Purchasing manager	Purchasing Executive
Education: Bocconi University, management Ottawa University, MBA
Paolo Romagnoli	Director of Pharmaceutical Chemicals	Medical Specialist
Biography Mr. Paolo Romagnoli has served as Director of Pharmaceutical Chemicals of Recordati Industria Chimica e Farmaceutica SpA since May 2008. He joined the Recordati Group in 1974, where he held positions of increasing responsibility within the pharmaceutical chemicals division beginning with the development of processes of organic syntheses and achieving the position of Head of Pharmaceutical Chemicals Marketing. In 1988 he began his activity as Consultant specialized in pharmaceutical chemicals. He dealt with many European and North American companies accruing a profound management experience : from strategic planning to business development, from market research to research and development. He joined the Angelini Group in 2003 as Manager of the fine chemicals business unit and production facilities. In 2006, he returned to International consulting offering support to many companies in the fine chemicals sector and in particular as related to active pharmaceutical ingredients. He graduated in Chemistry from Universita degli Studi di Milano. Education: Universita degli Studi di Milano (Chemistry)
Marco Tullio Casari	Executive	Other
Daria Ghidoni	Responsabile-Affari Legali	Other
Arnaldo Restelli	Director Central and Eastern European Subsidiaries	Other
Biography Mr. Arnaldo Restelli serves as Director Central and Eastern European Subsidiaries of Recordati Industria Chimica e Farmaceutica SpA. Prior to his appointed he served as Director of Southern European Subsidiaries of the Company from 2007. After obtaining a degree in medicine, he began his career in the pharmaceutical industry (Simes, Recordati, Lusofarmaco) holding positions with increasing responsibilities. In 2001, he joined Menarini as Medical-Marketing Director of the international division with responsibility for the marketing and medical operations and field force coordination as well as the coordination of the subsidiaries in Switzerland, Greece and Portugal. In addition to the activities of the international department, for about one year, he was General Manager of Menarini France, and afterwards of the Swiss subsidiary.

Significant Developments

Recordati Industria Chimica E Farmaceutica SpA Approves Full FY 2011 Dividend Distribution; Approves Share Repurchase Program Apr 19, 2012

Recordati Industria Chimica E Farmaceutica SpA announced that it has approved the distribution of a full dividend for fiscal year 2011 of EUR 0.30 per share (the Company distributed a dividend of EUR 0.275 per share for previous fiscal year), of which EUR 0.20 per share already paid as interim dividend in November 2011. The Company also announced that it has authorized the buy back and disposal of the Company shares until the Annual Shareholders' Meeting which will approve the fiscal year 2012 financial statements. The Company will be allowed to purchase up to 20,000,000 ordinary (common) shares, which includes those shares held in Treasury stock at any given time, for a maximum cash outlay of EUR 150,000,000 million. The purchase price must be at least equal to the shares' nominal value (EUR 0.125 per share) and must not exceed the average official Stock Exchange price recorded over the five trading days prior to the transaction, plus 5%.

Recordati Industria Chimica E Farmaceutica SpA Reiterates Revenues, Operating Profit and Net Income Guidance for FY 2012 Mar 07, 2012

Recordati Industria Chimica E Farmaceutica SpA announced that it reiterated its fiscal year 2012 revenues, operating profit and net income guidance. The Company expects for fiscal year 2012 to achieve revenues of between EUR 810.00 and EUR 830.00 million, operating profit of between EUR 160.00 and EUR 170.00 million and net income of between EUR 115.00 million and EUR 120.00 million. The Company also announced that on the General Shareholders' Meeting on April 19, 2012, it will propose the distribution of a dividend of EUR 0.30 per share for fiscal year 2011, of which EUR 0.20 per share already paid. The Company distributed for fiscal year 2010, a dividend of EUR 0.275 per share. The dividend if approved will have ex-dividend date on April 23, 2012 and payment date on April 26, 2012.

Recordati Industria Chimica E Farmaceutica SpA And Nymox Pharmaceutical Corp Announces Start Of European Phase III Clinical Trial For NX-1207 Feb 21, 2012

Recordati Industria Chimica E Farmaceutica SpA and Nymox Pharmaceutical Corp announced the start of activities aimed to the preparation of a European Phase III clinical trial for NX-1207, following the completion of a Scientific Advice meeting with the European Medicines Agency (EMA). NX-1207, Nymox's Phase III investigational drug, is currently in clinical development in the U.S. for the treatment of benign prostatic hyperplasia (BPH). The pivotal controlled clinical trial will assess the efficacy and safety of a single TRUS-guided intraprostatic injection of NX-1207 in patients with lower urinary tract symptoms (LUTS) associated with BPH not adequately controlled by medical therapy. A European licensing agreement for the development and commercialization of NX-1207 was signed on December 16, 2010 by Recordati and Nymox Pharmaceutical Corporation. Under the terms of the agreement Recordati received exclusive rights to develop and subsequently market and sell NX-1207 in Europe including Russia and the CIS, the Middle East, South Africa and the Maghreb area of North Africa.

Recordati Industria Chimica E Farmaceutica SpA Raises FY 2012 Revenues, Operating Profit and Net Income Guidance Feb 09, 2012

Recordati Industria Chimica E Farmaceutica SpA announced that it raised its fiscal year 2012 revenues, operating profit and net income guidance. The Company expects for fiscal year 2012 to achieve revenues of between EUR 810.00 and EUR 830.00 million, operating profit of between EUR 160.00 and EUR 170.00 million and net income of between EUR 115.00 million and EUR 120.00 million.

Recordati Industria Chimica E Farmaceutica SpA Approves Distribution of Interim Dividend for FY 2011 Nov 14, 2011

Recordati Industria Chimica E Farmaceutica SpA announced that it has approved the distribution of an interim dividend of EUR 0.20 per share for fiscal year 2011. The interim dividend will have ex-dividend date on November 21, 2011 with detachment of coupon number eight and payment date on November 24, 2011.

Recordati Industria Chimica E Farmaceutica SpA (Recordati) Subsidiaries in Co-Marteking Announce Launch Livazo in Spain and Portugal Oct 25, 2011

Recordati Industria Chimica E Farmaceutica SpA announced that it has started the European roll-out of Livazo (pitavastatin) with its launches in Spain, by Recordati Espana and its co-marketer Esteve, and in Portugal, by Jaba Recordati and its co-marketer Delta. Pitavastatin, 1 mg, 2 mg and 4 mg tablets, is a novel statin indicated for the reduction of elevated total and LDL cholesterol in adult patients with primary hypercholesterolaemia and combined (mixed) dyslipidaemia when response to diet and other non-pharmacological measures is inadequate. This medicinal product promises to be an effective new treatment for dyslipidemia, a condition associated with an increased risk for heart disease and stroke. The launch of Livazo and Alipza in Spain represents the first step in the commercialization in Europe of this new specialty.

Recordati Industria Chimica E Farmaceutica SpA Confirms FY 2011 Guidance; Acquires Procto-Glyvenol from Novarti; Receives Authorization to Extend Use of Carbaglu to Treat Hyperammonaemia Oct 25, 2011

Recordati Industria Chimica E Farmaceutica SpA announced that it has confirmed its guidance for fiscal year 2011. The Company expects to report for fiscal year 2011, revenues above EUR 750 million, operating income above EUR 160 million and net income guidance above EUR 110 million. According to I\B\E\S\ Estimates, Analysts on average are expecting the Company to report for fiscal year 2011, revenues of EUR 768.19 million, Operating Profit of EUR 163.82 million and net income of EUR 113.57 million. The Company also announced that it has acquired the marketing authorizations, the brand and the rights to the product Procto-Glyvenol from Novartis Consumer Health for the following countries: Poland, Russia, Turkey, Romania, Czech Republic, Slovakia, Ukraine, Portugal, the Baltic countries and Cyprus. The Company also announced that it has received the approval to extend the use of Carbaglu (carglumic acid) to treat hyperammonaemia due to one of the three main organic acidaemias (isovaleric acidaemia, methylmalonic acidaemia or propionic acidaemia).

Recordati SpA Finalizes Acquisition of Dr. F. Frik Ilac A.S. in Turkey Sep 14, 2011

Recordati SpA announced the it has concluded the acquisition of 100% of the share capital of Dr. F. Frik Ilac A.S., a Turkish pharmaceutical company with headquarters in Istanbul, disclosed on July 1, 2011, following, among others, clearance from the relevant competition authority in Turkey. The value of the transaction (enterprise value) is of around USD 130 million of which USD 74.5 million were paid at the closing. Of the remaining balance a portion will be paid in tranches on future due dates and a portion comprises the company's debt.

Recordati Industria Chimica E Farmaceutica SpA Acquires the Turkish Company Dr. Frik Ilac Jul 01, 2011

Recordati Industria Chimica E Farmaceutica SpA announced that it has signed the agreements for the acquisition of 100% of the share capital of Dr. Frik Ilac, a Turkish pharmaceutical company with headquarters in Istanbul. The value of the transaction (enterprise value) is of around USD 130 million, and will be funded from existing liquidity. The closing of the transaction, expected to take place in the following months, is subject to certain conditions, including clearance by the relevant competition authorities.

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Total income	321.0	350.1	364.0
Net sales	319.0	355.1	361.7
Other operating income	0.7	1.0	2.3
Raw materials and consumables employed	100.4	99.7	108.4
Other expenses	77.5	77.4	62.5
Total payroll costs	84.5	88.0	89.8
Fixed asset depreciation and amortisation	12.9	11.0	12.5
Other operating costs	1.1	7.2	25.4
Net operating income	44.5	67.0	65.4
Total financial income	74.9	69.0	47.9
Total expenses	12.1	9.0	15.1
Profit before tax	107.3	127.0	98.1
Profit after extraordinary items and before tax	107.3	127.0	98.1
Total taxation	17.4	21.2	20.7
Net profit	89.9	105.8	77.4

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Total stockholders equity	430.8	431.6	379.7
Provision for risks	12.5	16.3	12.4
Provision for pensions	15.6	18.3	17.0
Mortgages and loans	-	1.5	3.5
Other long-term liabilities	129.7	112.9	108.7
Trade creditors	46.5	51.0	47.4
Bank loans and overdrafts	0.6	33.0	120.2
Other current liabilities	187.6	99.3	86.4
Accruals and deferred income	-	-	0.2
Total current liabilities	234.6	183.3	254.1
Total liabilities (including net worth)	823.4	764.0	775.5
Intangibles	25.8	18.8	14.4
Buildings	17.3	16.3	-
Total tangible fixed assets	47.2	49.1	46.3
Long-term investments	438.8	469.3	419.9
Total financial assets	438.9	469.4	420.0
Receivables due after 1 year	9.4	12.3	14.2
Total non-current assets	521.3	549.6	494.9
Finished goods	44.7	46.5	-
Net stocks and work in progress	56.4	62.7	54.2
Trade debtors	35.0	39.0	41.2
Other receivables	68.7	96.5	167.1
Cash and liquid assets	140.4	16.2	17.7
Marketable securities	1.6	-	-
Accruals	-	-	0.4
Total current assets	302.1	214.4	280.5
Total assets	823.4	764.0	775.5

Annual Ratios

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.30	1.20	1.10
Quick ratio	1.00	0.80	0.90
Current liabilities to net worth	0.01%	0.00%	0.01%
Sales per employee	0.27	0.28	0.27
Profit per employee	0.09	0.10	0.07
Average wage per employee	0.07	0.07	0.07
Net worth	430.8	431.6	379.7
Number of employees	897	914	929

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,059.6	964.3	1,039.6	1,008.7	860.1
Revenue	1,059.6	964.3	1,039.6	1,008.7	860.1
Total Revenue	1,059.6	964.3	1,039.6	1,008.7	860.1
Cost of Revenue	361.5	317.9	327.7	325.0	282.4
Cost of Revenue, Total	361.5	317.9	327.7	325.0	282.4
Gross Profit	698.1	646.4	711.9	683.7	577.7
Selling/General/Administrative Expense	385.9	345.0	371.9	371.0	323.0
Total Selling/General/Administrative Expenses	385.9	345.0	371.9	371.0	323.0
Research & Development	77.8	91.2	96.6	86.1	67.2
Other, Net	7.1	5.2	17.8	15.0	7.5
Other Operating Expenses, Total	7.1	5.2	17.8	15.0	7.5
Total Operating Expense	832.3	759.3	814.0	797.0	680.1
Operating Income	227.3	205.0	225.6	211.7	180.0
Interest Expense - Non-Operating	-9.4	-5.5	-5.6	-7.0	-7.3
Interest Expense, Net Non-Operating	-9.4	-5.5	-5.6	-7.0	-7.3
Interest Income - Non-Operating	-	-	-	-	3.4
Investment Income - Non-Operating	3.0	1.2	-5.2	0.0	-0.6
Interest/Investment Income - Non-Operating	3.0	1.2	-5.2	0.0	2.7
Interest Income (Expense) - Net Non-Operating Total	-6.4	-4.3	-10.8	-7.0	-4.6
Other Non-Operating Income (Expense)	1.6	-0.7	-2.5	-2.7	-1.0
Other, Net	1.6	-0.7	-2.5	-2.7	-1.0
Income Before Tax	222.5	200.0	212.3	202.1	174.4
Total Income Tax	60.6	56.2	58.5	55.2	58.3
Income After Tax	161.9	143.8	153.8	146.9	116.2
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	161.9	143.8	153.8	146.9	116.2
Net Income	161.9	143.8	153.8	146.9	116.2
Income Available to Common Excl Extraord Items	161.9	143.8	153.8	146.9	116.2
Income Available to Common Incl Extraord Items	161.9	143.8	153.8	146.9	116.2
Basic/Primary Weighted Average Shares	199.4	198.2	197.2	196.7	198.6
Basic EPS Excl Extraord Items	0.81	0.73	0.78	0.75	0.58
Basic/Primary EPS Incl Extraord Items	0.81	0.73	0.78	0.75	0.58
Diluted Net Income	161.9	143.8	153.8	146.9	116.2
Diluted Weighted Average Shares	199.4	198.2	197.2	196.7	203.5
Diluted EPS Excl Extraord Items	0.81	0.73	0.78	0.75	0.57
Diluted EPS Incl Extraord Items	0.81	0.73	0.78	0.75	0.57
Dividends per Share - Common Stock Primary Issue	0.42	0.36	0.38	0.37	0.29
Gross Dividends - Common Stock	53.5	72.3	75.7	72.1	57.8
Interest Expense, Supplemental	9.4	5.5	5.6	7.0	7.3
Depreciation, Supplemental	14.6	14.1	15.4	16.3	18.0
Normalized Income Before Tax	222.5	200.0	212.3	202.1	174.4
Inc Tax Ex Impact of Sp Items	60.6	56.2	58.5	55.2	58.3
Normalized Income After Tax	161.9	143.8	153.8	146.9	116.2
Normalized Inc. Avail to Com.	161.9	143.8	153.8	146.9	116.2
Basic Normalized EPS	0.81	0.73	0.78	0.75	0.58
Diluted Normalized EPS	0.81	0.73	0.78	0.75	0.57
Amort of Intangibles, Supplemental	-	21.6	33.0	26.8	17.5
Research & Development Exp, Supplemental	77.8	91.2	96.6	86.1	67.2
Normalized EBIT	227.3	205.0	225.6	211.7	180.0
Normalized EBITDA	241.9	240.7	274.0	254.8	215.5

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Short Term Investments	138.8	218.5	134.5	132.0	130.7
Cash and Short Term Investments	138.8	218.5	134.5	132.0	130.7
Accounts Receivable - Trade, Gross	198.7	183.4	201.0	199.5	206.5
Provision for Doubtful Accounts	-15.3	-13.5	-10.8	-9.0	-9.9
Trade Accounts Receivable - Net	183.3	169.8	190.3	190.5	196.6
Other Receivables	27.7	35.9	33.0	31.6	44.3
Total Receivables, Net	211.0	205.7	223.3	222.1	240.9
Inventories - Finished Goods	81.9	63.2	72.3	65.9	63.3
Inventories - Work In Progress	22.8	23.4	21.4	18.4	16.8
Inventories - Raw Materials	35.8	27.7	30.6	31.2	29.2
Total Inventory	140.5	114.3	124.3	115.5	109.3
Prepaid Expenses	-	-	3.7	3.3	4.7
Other Current Assets	4.2	3.8	-	-	-
Other Current Assets, Total	4.2	3.8	-	-	-
Total Current Assets	494.5	542.2	485.8	472.8	485.6
Land/Improvements	59.3	56.4	56.6	57.9	87.0
Machinery/Equipment	217.4	219.9	227.7	209.6	239.9
Construction in Progress	4.9	5.2	7.5	10.7	5.3
Other Property/Plant/Equipment	62.2	57.7	59.5	53.9	53.8
Property/Plant/Equipment - Gross	343.8	339.2	351.3	332.0	386.1
Accumulated Depreciation	-271.8	-268.1	-271.8	-251.4	-286.7
Property/Plant/Equipment - Net	71.9	71.1	79.5	80.6	99.4
Goodwill, Net	474.8	410.2	435.7	402.9	350.8
Intangibles - Gross	384.4	330.0	305.7	-	-
Accumulated Intangible Amortization	-190.2	-177.7	-167.2	-	-
Intangibles, Net	194.3	152.3	138.5	128.8	132.3
LT Investment - Affiliate Companies	2.6	2.6	5.3	10.5	4.6
Long Term Investments	2.6	2.6	5.3	10.5	4.6
Note Receivable - Long Term	1.7	3.3	5.5	7.2	9.7
Deferred Income Tax - Long Term Asset	29.2	27.1	31.3	31.5	31.2
Other Long Term Assets, Total	29.2	27.1	31.3	31.5	31.2
Total Assets	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
Accounts Payable	128.1	124.9	117.3	123.2	117.5
Notes Payable/Short Term Debt	17.6	4.7	41.4	126.3	144.4
Current Portion - Long Term Debt/Capital Leases	15.1	22.3	3.5	3.1	4.3
Income Taxes Payable	15.7	13.0	18.0	14.3	23.0
Other Payables	75.7	71.8	69.5	65.5	61.1
Other Current Liabilities	34.3	35.3	41.3	27.1	26.4
Other Current liabilities, Total	125.7	120.1	128.8	107.0	110.6
Total Current Liabilities	286.5	272.0	290.9	359.4	376.8
Long Term Debt	178.5	129.8	114.8	113.2	112.9
Total Long Term Debt	178.5	129.8	114.8	113.2	112.9
Total Debt	211.2	156.8	159.6	242.5	261.7
Deferred Income Tax - LT Liability	7.9	7.6	8.1	10.3	14.2
Deferred Income Tax	7.9	7.6	8.1	10.3	14.2
Minority Interest	0.1	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	21.7	25.8	28.5	27.3	29.9
Other Long Term Liabilities	2.7	0.8	8.9	4.4	8.7
Other Liabilities, Total	24.3	26.6	37.4	31.7	38.6
Total Liabilities	497.2	436.1	451.3	514.6	542.5
Common Stock	33.9	35.1	37.5	36.2	38.0
Common Stock	33.9	35.1	37.5	36.2	38.0
Additional Paid-In Capital	108.7	112.3	120.1	113.0	115.4
Retained Earnings (Accumulated Deficit)	764.3	702.4	672.1	565.9	509.2
Treasury Stock - Common	-69.1	-70.5	-84.8	-82.2	-86.4
Translation Adjustment	-10.7	-0.8	-8.9	-9.9	-4.9
Other Equity	-50.0	-	-	-	-
Other Comprehensive Income	-5.5	-5.8	-5.8	-3.5	-0.2
Other Equity, Total	-66.2	-6.6	-14.7	-13.4	-5.1
Total Equity	771.7	772.7	730.2	619.6	571.1
Total Liabilities & Shareholders’ Equity	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
Shares Outstanding - Common Stock Primary Issue	199.3	198.9	197.7	197.0	198.6
Total Common Shares Outstanding	199.3	198.9	197.7	197.0	198.6
Treasury Shares - Common Stock Primary Issue	9.8	10.2	11.5	11.5	11.5
Employees	3,207	2,792	2,830	2,685	2,333
Accumulated Intangible Amort, Suppl.	190.2	177.7	167.2	130.0	122.9
Total Long Term Debt, Supplemental	176.2	0.2	121.5	118.3	-
Long Term Debt Maturing within 1 Year	5.3	0.0	3.5	3.1	-
Long Term Debt Maturing in Year 2	5.3	0.0	23.3	2.2	-
Long Term Debt Maturing in Year 3	95.2	0.0	0.5	21.4	-
Long Term Debt Maturing in Year 4	8.9	0.1	0.4	0.4	-
Long Term Debt Maturing in Year 5	8.9	0.0	93.8	0.4	-
Long Term Debt Maturing in 2-3 Years	100.4	0.0	23.8	23.5	-
Long Term Debt Maturing in 4-5 Years	17.7	0.1	94.2	0.8	-
Long Term Debt Matur. in Year 6 & Beyond	52.8	0.0	0.0	90.9	-
Pension Obligation - Domestic	21.7	25.8	28.5	-	-
Funded Status - Domestic	-21.7	-25.8	-28.5	-	-
Total Funded Status	-21.7	-25.8	-28.5	-	-
Accrued Liabilities - Domestic	-21.7	-25.8	-28.5	-	-
Net Assets Recognized on Balance Sheet	-21.7	-25.8	-28.5	-	-
Total Plan Obligations	21.7	25.8	28.5	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	161.9	143.8	153.8	146.9	116.2
Depreciation	14.6	14.1	15.4	16.3	18.0
Depreciation/Depletion	14.6	14.1	15.4	16.3	18.0
Amortization of Intangibles	19.1	21.6	33.0	26.8	17.5
Amortization	19.1	21.6	33.0	26.8	17.5
Deferred Taxes	-3.2	2.1	1.2	-1.9	-1.9
Unusual Items	0.0	0.4	5.3	15.2	3.9
Other Non-Cash Items	-1.4	-18.5	10.7	1.2	-20.8
Non-Cash Items	-1.4	-18.1	16.0	16.4	-16.9
Accounts Receivable	3.4	2.8	7.0	11.7	-14.5
Inventories	-25.3	1.9	-3.1	-11.7	5.3
Other Assets	-	-	-	1.4	-1.3
Accounts Payable	-2.1	21.8	-10.8	18.6	15.1
Accrued Expenses	-	-	-	0.8	-0.1
Taxes Payable	1.9	-3.8	3.1	-9.4	-11.8
Changes in Working Capital	-22.2	22.7	-3.8	11.5	-7.3
Cash from Operating Activities	168.9	186.2	215.6	215.9	125.7
Acquisition of Business	-	-	-	-96.8	0.0
Investment, Net	-87.1	4.5	-25.8	-4.1	-190.3
Intangible, Net	-48.1	-34.9	-28.4	-44.5	-12.1
Other Investing Cash Flow	-13.4	-10.9	-11.1	-19.5	-8.4
Other Investing Cash Flow Items, Total	-148.6	-41.3	-65.3	-164.8	-210.8
Cash from Investing Activities	-148.6	-41.3	-65.3	-164.8	-210.8
Other Financing Cash Flow	0.7	5.8	4.4	25.1	4.5
Financing Cash Flow Items	0.7	5.8	4.4	25.1	4.5
Cash Dividends Paid - Common	-129.5	-72.0	-68.5	-61.8	-50.6
Total Cash Dividends Paid	-129.5	-72.0	-68.5	-61.8	-50.6
Sale/Issuance of Common	-	0.0	0.1	0.1	0.2
Common Stock, Net	-0.6	8.3	0.1	0.1	-38.8
Issuance (Retirement) of Stock, Net	-0.6	8.3	0.1	0.1	-38.8
Short Term Debt Issued	-15.2	0.1	2.3	9.4	6.4
Short Term Debt, Net	-15.2	0.1	2.3	9.4	6.4
Long Term Debt Issued	62.2	39.7	-	0.0	0.0
Long Term Debt Reduction	-30.5	-3.3	-4.1	-4.3	-27.9
Long Term Debt, Net	31.7	36.4	-4.1	-4.3	-27.8
Issuance (Retirement) of Debt, Net	16.6	36.5	-1.7	5.1	-21.4
Cash from Financing Activities	-112.8	-21.4	-65.7	-31.4	-106.3
Net Change in Cash	-92.6	123.5	84.6	19.8	-191.4
Net Cash - Beginning Balance	219.9	86.0	5.7	-13.8	178.5
Net Cash - Ending Balance	127.4	209.5	90.3	6.0	-12.9

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,059.6	964.3	1,039.6	1,008.7	860.1
Total Revenue	1,059.6	964.3	1,039.6	1,008.7	860.1
Cost of Sales	361.5	317.9	327.7	325.0	282.4
Selling Expenses	322.8	286.7	311.1	313.4	276.5
Research/Development	77.8	91.2	96.6	86.1	67.2
General and Admin.	63.1	58.3	60.8	57.6	46.4
Other Income/Expenses	7.1	5.2	17.8	15.0	7.5
Total Operating Expense	832.3	759.3	814.0	797.0	680.1
Exchange Gain/Loss	3.0	1.2	-	-	-0.5
Interest Exp./Loans	-9.4	-5.5	-5.6	-7.0	-7.3
Interest Income	-	-	-	-	3.4
Net Gains/Securities	-	-	-	-	-0.1
IAS Adjustment Costs	-0.7	-0.8	-	-	-1.0
Income from Other Investments	-	0.0	-5.2	0.0	-
Non-Op. Income Net	2.3	0.0	-2.5	-2.7	-
Net Income Before Taxes	222.5	200.0	212.3	202.1	174.4
Provision for Income Taxes	60.6	56.2	58.5	55.2	58.3
Net Income After Taxes	161.9	143.8	153.8	146.9	116.2
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	161.9	143.8	153.8	146.9	116.2
Net Income	161.9	143.8	153.8	146.9	116.2
Income Available to Com Excl ExtraOrd	161.9	143.8	153.8	146.9	116.2
Income Available to Com Incl ExtraOrd	161.9	143.8	153.8	146.9	116.2
Basic Weighted Average Shares	199.4	198.2	197.2	196.7	198.6
Basic EPS Excluding ExtraOrdinary Items	0.81	0.73	0.78	0.75	0.58
Basic EPS Including ExtraOrdinary Item	0.81	0.73	0.78	0.75	0.58
Diluted Net Income	161.9	143.8	153.8	146.9	116.2
Diluted Weighted Average Shares	199.4	198.2	197.2	196.7	203.5
Diluted EPS Excluding ExtraOrd Items	0.81	0.73	0.78	0.75	0.57
Diluted EPS Including ExtraOrd Items	0.81	0.73	0.78	0.75	0.57
DPS-Common Stock	0.42	0.36	0.38	0.37	0.29
Gross Dividends - Common Stock	53.5	72.3	75.7	72.1	57.8
Normalized Income Before Taxes	222.5	200.0	212.3	202.1	174.4
Inc Tax Ex Impact of Sp Items	60.6	56.2	58.5	55.2	58.3
Normalized Income After Taxes	161.9	143.8	153.8	146.9	116.2
Normalized Inc. Avail to Com.	161.9	143.8	153.8	146.9	116.2
Basic Normalized EPS	0.81	0.73	0.78	0.75	0.58
Diluted Normalized EPS	0.81	0.73	0.78	0.75	0.57
Research & Development Exp	77.8	91.2	96.6	86.1	67.2
Interest Expense	9.4	5.5	5.6	7.0	7.3
Amort of Intangibles	-	21.6	33.0	26.8	17.5
Depreciation	14.6	14.1	15.4	16.3	18.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	35.8	27.7	30.6	31.2	29.2
Intermediates	22.8	23.4	21.4	18.4	16.8
Finished Goods	81.9	63.2	72.3	65.9	63.3
Trade Receivables Gross	198.7	183.4	201.0	199.5	206.5
Doubtful A/C's	-15.3	-13.5	-10.8	-9.0	-9.9
Other Receivables	27.7	35.9	33.0	31.6	44.3
Accrued Income	-	-	3.7	3.3	4.7
Hedging Derivatives	2.3	1.6	-	-	-
Short Term Financial Investments	136.5	216.9	134.5	132.0	130.7
Other Assets	4.2	3.8	-	-	-
Total Current Assets	494.5	542.2	485.8	472.8	485.6
Equity Investments	2.6	2.6	5.3	10.5	4.6
Other Receivable	1.7	3.3	5.5	7.2	9.7
Deferred Tax	29.2	27.1	31.3	31.5	31.2
Land & Buildings	59.3	56.4	56.6	57.9	87.0
Machinery/Equipment	217.4	219.9	227.7	209.6	239.9
Other Fixed	62.2	57.7	59.5	53.9	53.8
Construction	4.9	5.2	7.5	10.7	5.3
Depreciation	-271.8	-268.1	-271.8	-251.4	-286.7
Goodwill	474.8	410.2	435.7	402.9	350.8
Attività immateriali	-	-	-	128.8	132.3
Intangibles, Gross	384.4	330.0	305.7	-	-
Amortization	-190.2	-177.7	-167.2	-	-
Total Assets	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
Financial Debt	17.6	4.7	41.4	126.3	144.4
Current Portion of Medium/LT Debt	15.1	22.3	3.5	3.1	4.3
Trade Payable	128.1	124.9	117.3	123.2	117.5
Other Payables	75.7	71.8	69.5	65.5	61.1
Tax Payable	15.7	13.0	18.0	14.3	23.0
Other Liabilities	0.5	0.8	0.7	0.5	0.5
Other Provisions	28.3	28.7	31.5	21.0	14.7
Cash Flow Hedge	5.5	5.8	5.8	3.5	0.2
Fair Value Hedge	-	0.0	3.2	2.1	11.0
Total Current Liabilities	286.5	272.0	290.9	359.4	376.8
Loans	178.5	129.8	114.8	113.2	112.9
Total Long Term Debt	178.5	129.8	114.8	113.2	112.9
Fondo trattamento di fine rapporto e alt	21.7	25.8	28.5	27.3	29.9
Deferred Tax	7.9	7.6	8.1	10.3	14.2
Other Liability	2.7	0.8	8.9	4.4	8.7
Minority Int.	0.1	0.0	0.0	0.0	0.0
Total Liabilities	497.2	436.1	451.3	514.6	542.5
Capital Stock	33.9	35.1	37.5	36.2	38.0
Share Premium	108.7	112.3	120.1	113.0	115.4
Treasury Stock	-69.1	-70.5	-84.8	-82.2	-86.4
Hedging Reserve	-5.5	-5.8	-5.8	-3.5	-0.2
Other Reserves	34.5	34.5	35.9	35.8	37.3
Retained Earnings	578.6	522.2	477.5	390.5	347.8
Translation Adjustment	-10.7	-0.8	-8.9	-9.9	-4.9
Dividend Advances	-50.0	-	-	-	-
Net Income	151.1	145.7	158.6	139.6	124.1
Total Equity	771.7	772.7	730.2	619.6	571.1
Total Liabilities & Shareholders' Equity	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
S/O-Common Stock	199.3	198.9	197.7	197.0	198.6
Total Common Shares Outstanding	199.3	198.9	197.7	197.0	198.6
T/S-Common Stock	9.8	10.2	11.5	11.5	11.5
Accumulated Intangibles Amortization	190.2	177.7	167.2	130.0	122.9
Full-Time Employees	3,207	2,792	2,830	2,685	2,333
LT Debt Maturing within 1 Years	-	0.0	3.5	3.1	-
LT Debt Maturing within 2 Years	10.5	0.0	23.3	2.2	-
LT Debt Maturing within 3 Years	95.2	0.0	0.5	21.4	-
LT Debt Maturing within 4 Years	8.9	0.1	0.4	0.4	-
LT Debt Maturing within 5 Years	8.9	0.0	93.8	0.4	-
LT Debt Maturing after 5 Years	52.8	0.0	-	90.9	-
Total Long Term Debt, Supplemental	176.2	0.2	121.5	118.3	-
Pension Obligation - Domestic	21.7	25.8	28.5	-	-
Funded Status - Domestic	-21.7	-25.8	-28.5	-	-
Total Funded Status	-21.7	-25.8	-28.5	-	-
Accrued Liabilities - Domestic	-21.7	-25.8	-28.5	-	-
Net Assets Recognized on Balance Sheet	-21.7	-25.8	-28.5	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income Before Minority Interest	161.9	143.8	153.8	146.9	116.2
Depreciation	14.6	14.1	15.4	16.3	18.0
Amort. of Intangibles/Goodwill	19.1	21.6	33.0	26.8	17.5
Write-Down Fixed	0.0	0.4	5.3	15.2	3.9
Deferred Tax	-3.2	2.1	1.2	-1.9	-1.9
Employee Provs.	-	-	-	-	1.5
Employee Payment	-3.6	-0.8	0.4	-1.6	-5.0
Other Provisions	2.5	-7.3	0.7	-4.6	-8.3
Accounts Receivable	-9.5	8.0	7.3	11.7	-14.5
Trade Payable	-5.4	15.0	-12.4	-	-
Other Receivables and Other Assets	12.9	-5.2	-0.3	-	-
Inventories	-25.3	1.9	-3.1	-11.7	5.3
Other Current Assets	-	-	-	1.4	-1.3
Trade Payable and Other	3.3	6.9	1.6	18.6	15.1
Tax Payable	1.9	-3.8	3.1	-9.4	-11.8
Accrued Expenses	-	-	-	0.8	-0.1
Risk Provision	-0.3	-10.3	9.6	7.3	-9.1
Cash from Operating Activities	168.9	186.2	215.6	215.9	125.7
Fixed Asset Net	-13.4	-10.9	-11.1	-19.5	-8.4
Intangible Assets	-48.1	-34.9	-28.4	-44.5	-12.1
Other Investments	0.0	2.4	0.1	-6.5	-3.3
Equity Investments	-88.8	0.4	-27.9	0.0	-1.7
Equity Investments / Orphan Europe	-	-	-	0.0	-185.6
Equity Investments / FIC & FIC Medical	-	-	-	-22.8	0.0
Equity Investments / Yeni Ilac	-	-	-	-74.0	0.0
Financial Assets	1.7	1.7	1.9	2.4	0.3
Cash from Investing Activities	-148.6	-41.3	-65.3	-164.8	-210.8
New Loans	62.2	39.7	-	0.0	0.0
ST Debt Issued	-15.2	0.1	2.3	9.4	6.4
Stock Capital Incr.	-	0.0	0.1	0.1	0.2
Share Premium	-	0.0	3.3	3.5	7.9
Shareholder Equity Variation/IFRS	4.4	1.6	0.1	0.9	1.7
Shareholder Equity Var./Treasury Shares	-0.6	8.3	-	0.0	-39.1
Other Changes in Equity	0.0	0.0	0.0	0.0	0.0
Debt to Liabilities	-30.5	-3.3	-4.1	-4.3	-27.9
Dividends Distrib.	-129.5	-72.0	-68.5	-61.8	-50.6
Disposal of Investment	-	-	0.0	26.2	0.0
Translation Adjust.	-3.7	4.2	1.0	-5.4	-5.1
Cash from Financing Activities	-112.8	-21.4	-65.7	-31.4	-106.3
Net Change in Cash	-92.6	123.5	84.6	19.8	-191.4
Net Cash - Beginning Balance	219.9	86.0	5.7	-13.8	178.5
Net Cash - Ending Balance	127.4	209.5	90.3	6.0	-12.9

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	287.8	10.98%	1,059.6	4.66%	3.38%	5.75%
Research & Development1	20.6	0.64%	77.8	-18.72%	-1.67%	4.27%
Operating Income1	62.4	7.49%	227.3	5.62%	4.14%	6.32%
Income Available to Common Excl Extraord Items1	44.3	7.48%	161.9	7.24%	5.05%	9.48%
Basic EPS Excl Extraord Items1	0.22	7.15%	0.81	6.59%	4.58%	9.55%
Cash from Operating Activities2	10.6	-75.40%	168.9	-13.60%	-6.29%	4.69%
Free Cash Flow	10.8	-	157.7	-	-	-
Total Assets3	1,365.3	4.16%	1,268.9	8.48%	6.21%	7.82%
Total Liabilities3	529.0	2.55%	497.2	17.82%	1.14%	4.73%
Total Long Term Debt3	182.2	-1.30%	178.5	42.11%	19.10%	10.44%
Employees3	-	-	3207	14.86%	6.10%	10.69%
Total Common Shares Outstanding3	199.3	0.71%	199.3	0.21%	0.39%	-0.04%
1-ExchangeRate: EUR to USD Average for Period	0.762971	Â	0.719190	Â	Â	Â
2-ExchangeRate: EUR to USD Average for Period	0.762971	Â	0.719190	Â	Â	Â
3-ExchangeRate: EUR to USD Period End Date	0.753463	Â	0.770327	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	65.88%	67.03%	68.48%	67.78%	67.16%
Operating Margin	21.45%	21.26%	21.70%	20.99%	20.92%
Pretax Margin	21.00%	20.74%	20.42%	20.03%	20.28%
Net Profit Margin	15.28%	14.91%	14.79%	14.56%	13.50%
Financial Strength
Current Ratio	1.73	1.99	1.67	1.32	1.29
Long Term Debt/Equity	0.23	0.17	0.16	0.18	0.20
Total Debt/Equity	0.27	0.20	0.22	0.39	0.46
Management Effectiveness
Return on Assets	12.40%	12.59%	13.49%	12.73%	11.85%
Return on Equity	19.90%	20.01%	23.16%	24.02%	22.41%
Efficiency
Receivables Turnover	4.83	4.71	4.74	4.25	4.20
Inventory Turnover	2.69	2.79	2.78	2.82	2.76
Asset Turnover	0.81	0.84	0.91	0.87	0.88

Market Valuation USD (mil)
P/E (TTM)	8.59	.	Enterprise Value2	1,492.9
Price/Sales (TTM)	1.37	.	Enterprise Value/Revenue (TTM)	1.44
Price/Book (MRQ)	1.62	.	Enterprise Value/EBITDA (TTM)	5.99
Market Cap as of 18-May-20121		.
1-ExchangeRate: EUR to USD on 18-May-2012	Â
2-ExchangeRate: EUR to USD on 31-Mar-2012	0.753463

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	1.73	1.99	1.67	1.32	1.29
Quick/Acid Test Ratio	1.22	1.56	1.23	0.99	0.99
Working Capital1	208.1	270.2	194.9	113.4	108.8
Long Term Debt/Equity	0.23	0.17	0.16	0.18	0.20
Total Debt/Equity	0.27	0.20	0.22	0.39	0.46
Long Term Debt/Total Capital	0.18	0.14	0.13	0.13	0.14
Total Debt/Total Capital	0.21	0.17	0.18	0.28	0.31
Payout Ratio	51.37%	50.19%	49.05%	48.96%	50.30%
Effective Tax Rate	27.23%	28.09%	27.57%	27.30%	33.40%
Total Capital1	982.9	929.5	889.9	862.1	832.8
Efficiency
Asset Turnover	0.81	0.84	0.91	0.87	0.88
Inventory Turnover	2.69	2.79	2.78	2.82	2.76
Days In Inventory	135.79	130.62	131.45	129.63	132.14
Receivables Turnover	4.83	4.71	4.74	4.25	4.20
Days Receivables Outstanding	75.64	77.43	76.99	85.87	86.88
Revenue/Employee2	308,462	349,867	378,979	357,030	393,829
Operating Income/Employee2	66,173	74,373	82,234	74,928	82,406
EBITDA/Employee2	70,435	87,323	99,884	90,171	98,681
Profitability
Gross Margin	65.88%	67.03%	68.48%	67.78%	67.16%
Operating Margin	21.45%	21.26%	21.70%	20.99%	20.92%
EBITDA Margin	22.83%	24.96%	26.36%	25.26%	25.06%
EBIT Margin	21.45%	21.26%	21.70%	20.99%	20.92%
Pretax Margin	21.00%	20.74%	20.42%	20.03%	20.28%
Net Profit Margin	15.28%	14.91%	14.79%	14.56%	13.50%
R&D Expense/Revenue	7.34%	9.45%	9.29%	8.54%	7.82%
COGS/Revenue	34.12%	32.97%	31.52%	32.22%	32.84%
SG&A Expense/Revenue	36.42%	35.78%	35.78%	36.78%	37.55%
Management Effectiveness
Return on Assets	12.40%	12.59%	13.49%	12.73%	11.85%
Return on Equity	19.90%	20.01%	23.16%	24.02%	22.41%
Valuation
Free Cash Flow/Share2	0.79	0.95	1.13	1.04	0.68
Operating Cash Flow/Share 2	0.79	0.95	1.13	1.04	0.68
1-ExchangeRate: EUR to USD Period End Date	0.770327	0.745406	0.696986	0.719399	0.683971
2-ExchangeRate: EUR to USD Average for Period	0.770327	0.745406	0.696986	0.719399	0.683971

Current Market Multiples
Market Cap/Earnings (TTM)	9.01
Market Cap/Equity (MRQ)	1.70
Market Cap/Revenue (TTM)	1.37
Market Cap/EBIT (TTM)	6.42
Market Cap/EBITDA (TTM)	5.70
Enterprise Value/Earnings (TTM)	9.46
Enterprise Value/Equity (MRQ)	1.79
Enterprise Value/Revenue (TTM)	1.44
Enterprise Value/EBIT (TTM)	6.74
Enterprise Value/EBITDA (TTM)	5.99

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,059.6	964.3	1,039.6	1,008.7	860.1
Revenue	1,059.6	964.3	1,039.6	1,008.7	860.1
Total Revenue	1,059.6	964.3	1,039.6	1,008.7	860.1
Cost of Revenue	361.5	317.9	327.7	325.0	282.4
Cost of Revenue, Total	361.5	317.9	327.7	325.0	282.4
Gross Profit	698.1	646.4	711.9	683.7	577.7
Selling/General/Administrative Expense	385.9	345.0	371.9	371.0	323.0
Total Selling/General/Administrative Expenses	385.9	345.0	371.9	371.0	323.0
Research & Development	77.8	91.2	96.6	86.1	67.2
Other, Net	7.1	5.2	17.8	15.0	7.5
Other Operating Expenses, Total	7.1	5.2	17.8	15.0	7.5
Total Operating Expense	832.3	759.3	814.0	797.0	680.1
Operating Income	227.3	205.0	225.6	211.7	180.0
Interest Expense - Non-Operating	-9.4	-5.5	-5.6	-7.0	-7.3
Interest Expense, Net Non-Operating	-9.4	-5.5	-5.6	-7.0	-7.3
Interest Income - Non-Operating	-	-	-	-	3.4
Investment Income - Non-Operating	3.0	1.2	-5.2	0.0	-0.6
Interest/Investment Income - Non-Operating	3.0	1.2	-5.2	0.0	2.7
Interest Income (Expense) - Net Non-Operating Total	-6.4	-4.3	-10.8	-7.0	-4.6
Other Non-Operating Income (Expense)	1.6	-0.7	-2.5	-2.7	-1.0
Other, Net	1.6	-0.7	-2.5	-2.7	-1.0
Income Before Tax	222.5	200.0	212.3	202.1	174.4
Total Income Tax	60.6	56.2	58.5	55.2	58.3
Income After Tax	161.9	143.8	153.8	146.9	116.2
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	161.9	143.8	153.8	146.9	116.2
Net Income	161.9	143.8	153.8	146.9	116.2
Income Available to Common Excl Extraord Items	161.9	143.8	153.8	146.9	116.2
Income Available to Common Incl Extraord Items	161.9	143.8	153.8	146.9	116.2
Basic/Primary Weighted Average Shares	199.4	198.2	197.2	196.7	198.6
Basic EPS Excl Extraord Items	0.81	0.73	0.78	0.75	0.58
Basic/Primary EPS Incl Extraord Items	0.81	0.73	0.78	0.75	0.58
Diluted Net Income	161.9	143.8	153.8	146.9	116.2
Diluted Weighted Average Shares	199.4	198.2	197.2	196.7	203.5
Diluted EPS Excl Extraord Items	0.81	0.73	0.78	0.75	0.57
Diluted EPS Incl Extraord Items	0.81	0.73	0.78	0.75	0.57
Dividends per Share - Common Stock Primary Issue	0.42	0.36	0.38	0.37	0.29
Gross Dividends - Common Stock	53.5	72.3	75.7	72.1	57.8
Interest Expense, Supplemental	9.4	5.5	5.6	7.0	7.3
Depreciation, Supplemental	14.6	14.1	15.4	16.3	18.0
Normalized Income Before Tax	222.5	200.0	212.3	202.1	174.4
Inc Tax Ex Impact of Sp Items	60.6	56.2	58.5	55.2	58.3
Normalized Income After Tax	161.9	143.8	153.8	146.9	116.2
Normalized Inc. Avail to Com.	161.9	143.8	153.8	146.9	116.2
Basic Normalized EPS	0.81	0.73	0.78	0.75	0.58
Diluted Normalized EPS	0.81	0.73	0.78	0.75	0.57
Amort of Intangibles, Supplemental	-	21.6	33.0	26.8	17.5
Research & Development Exp, Supplemental	77.8	91.2	96.6	86.1	67.2
Normalized EBIT	227.3	205.0	225.6	211.7	180.0
Normalized EBITDA	241.9	240.7	274.0	254.8	215.5

Interim Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.741961	0.707825	0.695476	0.731463
Net Sales	287.8	244.5	253.8	292.1	270.5
Revenue	287.8	244.5	253.8	292.1	270.5
Total Revenue	287.8	244.5	253.8	292.1	270.5
Cost of Revenue	102.2	85.1	89.4	95.8	91.5
Cost of Revenue, Total	102.2	85.1	89.4	95.8	91.5
Gross Profit	185.5	159.4	164.3	196.3	179.0
Selling/General/Administrative Expense	101.3	93.4	85.4	110.5	97.0
Total Selling/General/Administrative Expenses	101.3	93.4	85.4	110.5	97.0
Research & Development	20.6	16.2	18.4	22.0	21.4
Other, Net	1.2	3.2	3.0	0.8	0.1
Other Operating Expenses, Total	1.2	3.2	3.0	0.8	0.1
Total Operating Expense	225.3	197.9	196.2	229.1	209.9
Operating Income	62.4	46.6	57.6	63.0	60.6
Interest Expense - Non-Operating	-2.8	-3.4	-2.0	-2.3	-1.6
Interest Expense, Net Non-Operating	-2.8	-3.4	-2.0	-2.3	-1.6
Interest Income (Expense) - Net Non-Operating Total	-2.8	-3.4	-2.0	-2.3	-1.6
Other Non-Operating Income (Expense)	1.1	2.6	1.3	0.5	0.2
Other, Net	1.1	2.6	1.3	0.5	0.2
Income Before Tax	60.8	45.7	56.8	61.2	59.2
Total Income Tax	16.5	12.8	14.8	16.7	16.3
Income After Tax	44.3	32.9	41.9	44.5	43.0
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extraord Items	44.3	32.9	41.9	44.5	43.0
Net Income	44.3	32.9	41.9	44.5	43.0
Income Available to Common Excl Extraord Items	44.3	32.9	41.9	44.5	43.0
Income Available to Common Incl Extraord Items	44.3	32.9	41.9	44.5	43.0
Basic/Primary Weighted Average Shares	199.3	199.4	199.3	198.8	198.8
Basic EPS Excl Extraord Items	0.22	0.16	0.21	0.22	0.22
Basic/Primary EPS Incl Extraord Items	0.22	0.16	0.21	0.22	0.22
Diluted Net Income	44.3	32.9	41.9	44.5	43.0
Diluted Weighted Average Shares	199.3	199.4	199.3	198.8	198.8
Diluted EPS Excl Extraord Items	0.22	0.16	0.21	0.22	0.22
Diluted EPS Incl Extraord Items	0.22	0.16	0.21	0.22	0.22
Dividends per Share - Common Stock Primary Issue	0.00	0.40	0.00	0.29	0.00
Dividends per Share - Common Stock Issue 2	0.00	-	0.00	-	-
Gross Dividends - Common Stock	0.0	51.9	0.0	-	0.0
Interest Expense, Supplemental	2.8	3.4	2.0	2.3	1.6
Depreciation, Supplemental	3.5	3.6	1.5	5.9	3.7
Normalized Income Before Tax	60.8	45.7	56.8	61.2	59.2
Inc Tax Ex Impact of Sp Items	16.5	12.8	14.8	16.7	16.3
Normalized Income After Tax	44.3	32.9	41.9	44.5	43.0
Normalized Inc. Avail to Com.	44.3	32.9	41.9	44.5	43.0
Basic Normalized EPS	0.22	0.16	0.21	0.22	0.22
Diluted Normalized EPS	0.22	0.16	0.21	0.22	0.22
Amort of Intangibles, Supplemental	4.9	-	6.8	2.9	4.6
Research & Development Exp, Supplemental	20.6	16.2	18.4	22.0	21.4
Normalized EBIT	62.4	46.6	57.6	63.0	60.6
Normalized EBITDA	70.8	50.2	65.9	71.8	69.0

Annual Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Short Term Investments	138.8	218.5	134.5	132.0	130.7
Cash and Short Term Investments	138.8	218.5	134.5	132.0	130.7
Accounts Receivable - Trade, Gross	198.7	183.4	201.0	199.5	206.5
Provision for Doubtful Accounts	-15.3	-13.5	-10.8	-9.0	-9.9
Trade Accounts Receivable - Net	183.3	169.8	190.3	190.5	196.6
Other Receivables	27.7	35.9	33.0	31.6	44.3
Total Receivables, Net	211.0	205.7	223.3	222.1	240.9
Inventories - Finished Goods	81.9	63.2	72.3	65.9	63.3
Inventories - Work In Progress	22.8	23.4	21.4	18.4	16.8
Inventories - Raw Materials	35.8	27.7	30.6	31.2	29.2
Total Inventory	140.5	114.3	124.3	115.5	109.3
Prepaid Expenses	-	-	3.7	3.3	4.7
Other Current Assets	4.2	3.8	-	-	-
Other Current Assets, Total	4.2	3.8	-	-	-
Total Current Assets	494.5	542.2	485.8	472.8	485.6
Land/Improvements	59.3	56.4	56.6	57.9	87.0
Machinery/Equipment	217.4	219.9	227.7	209.6	239.9
Construction in Progress	4.9	5.2	7.5	10.7	5.3
Other Property/Plant/Equipment	62.2	57.7	59.5	53.9	53.8
Property/Plant/Equipment - Gross	343.8	339.2	351.3	332.0	386.1
Accumulated Depreciation	-271.8	-268.1	-271.8	-251.4	-286.7
Property/Plant/Equipment - Net	71.9	71.1	79.5	80.6	99.4
Goodwill, Net	474.8	410.2	435.7	402.9	350.8
Intangibles - Gross	384.4	330.0	305.7	-	-
Accumulated Intangible Amortization	-190.2	-177.7	-167.2	-	-
Intangibles, Net	194.3	152.3	138.5	128.8	132.3
LT Investment - Affiliate Companies	2.6	2.6	5.3	10.5	4.6
Long Term Investments	2.6	2.6	5.3	10.5	4.6
Note Receivable - Long Term	1.7	3.3	5.5	7.2	9.7
Deferred Income Tax - Long Term Asset	29.2	27.1	31.3	31.5	31.2
Other Long Term Assets, Total	29.2	27.1	31.3	31.5	31.2
Total Assets	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
Accounts Payable	128.1	124.9	117.3	123.2	117.5
Notes Payable/Short Term Debt	17.6	4.7	41.4	126.3	144.4
Current Portion - Long Term Debt/Capital Leases	15.1	22.3	3.5	3.1	4.3
Income Taxes Payable	15.7	13.0	18.0	14.3	23.0
Other Payables	75.7	71.8	69.5	65.5	61.1
Other Current Liabilities	34.3	35.3	41.3	27.1	26.4
Other Current liabilities, Total	125.7	120.1	128.8	107.0	110.6
Total Current Liabilities	286.5	272.0	290.9	359.4	376.8
Long Term Debt	178.5	129.8	114.8	113.2	112.9
Total Long Term Debt	178.5	129.8	114.8	113.2	112.9
Total Debt	211.2	156.8	159.6	242.5	261.7
Deferred Income Tax - LT Liability	7.9	7.6	8.1	10.3	14.2
Deferred Income Tax	7.9	7.6	8.1	10.3	14.2
Minority Interest	0.1	0.0	0.0	0.0	0.0
Pension Benefits - Underfunded	21.7	25.8	28.5	27.3	29.9
Other Long Term Liabilities	2.7	0.8	8.9	4.4	8.7
Other Liabilities, Total	24.3	26.6	37.4	31.7	38.6
Total Liabilities	497.2	436.1	451.3	514.6	542.5
Common Stock	33.9	35.1	37.5	36.2	38.0
Common Stock	33.9	35.1	37.5	36.2	38.0
Additional Paid-In Capital	108.7	112.3	120.1	113.0	115.4
Retained Earnings (Accumulated Deficit)	764.3	702.4	672.1	565.9	509.2
Treasury Stock - Common	-69.1	-70.5	-84.8	-82.2	-86.4
Translation Adjustment	-10.7	-0.8	-8.9	-9.9	-4.9
Other Equity	-50.0	-	-	-	-
Other Comprehensive Income	-5.5	-5.8	-5.8	-3.5	-0.2
Other Equity, Total	-66.2	-6.6	-14.7	-13.4	-5.1
Total Equity	771.7	772.7	730.2	619.6	571.1
Total Liabilities & Shareholders’ Equity	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
Shares Outstanding - Common Stock Primary Issue	199.3	198.9	197.7	197.0	198.6
Total Common Shares Outstanding	199.3	198.9	197.7	197.0	198.6
Treasury Shares - Common Stock Primary Issue	9.8	10.2	11.5	11.5	11.5
Employees	3,207	2,792	2,830	2,685	2,333
Accumulated Intangible Amort, Suppl.	190.2	177.7	167.2	130.0	122.9
Total Long Term Debt, Supplemental	176.2	0.2	121.5	118.3	-
Long Term Debt Maturing within 1 Year	5.3	0.0	3.5	3.1	-
Long Term Debt Maturing in Year 2	5.3	0.0	23.3	2.2	-
Long Term Debt Maturing in Year 3	95.2	0.0	0.5	21.4	-
Long Term Debt Maturing in Year 4	8.9	0.1	0.4	0.4	-
Long Term Debt Maturing in Year 5	8.9	0.0	93.8	0.4	-
Long Term Debt Maturing in 2-3 Years	100.4	0.0	23.8	23.5	-
Long Term Debt Maturing in 4-5 Years	17.7	0.1	94.2	0.8	-
Long Term Debt Matur. in Year 6 & Beyond	52.8	0.0	0.0	90.9	-
Pension Obligation - Domestic	21.7	25.8	28.5	-	-
Funded Status - Domestic	-21.7	-25.8	-28.5	-	-
Total Funded Status	-21.7	-25.8	-28.5	-	-
Accrued Liabilities - Domestic	-21.7	-25.8	-28.5	-	-
Net Assets Recognized on Balance Sheet	-21.7	-25.8	-28.5	-	-
Total Plan Obligations	21.7	25.8	28.5	-	-

Interim Balance Sheet

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.753463	0.770327	0.745323	0.689727	0.704672
Short Term Investments	152.3	138.8	220.4	270.9	283.9
Cash and Short Term Investments	152.3	138.8	220.4	270.9	283.9
Accounts Receivable - Trade, Gross	252.1	198.7	217.9	231.3	-
Provision for Doubtful Accounts	-16.3	-15.3	-16.5	-15.7	-
Trade Accounts Receivable - Net	235.8	183.3	201.4	215.6	211.6
Other Receivables	30.2	27.7	26.3	25.3	30.6
Total Receivables, Net	266.0	211.0	227.7	240.9	242.1
Total Inventory	146.4	140.5	132.8	136.7	127.0
Other Current Assets	5.8	4.2	6.0	7.2	6.9
Other Current Assets, Total	5.8	4.2	6.0	7.2	6.9
Total Current Assets	570.5	494.5	586.9	655.8	660.0
Land/Improvements	60.9	-	60.5	61.3	59.7
Machinery/Equipment	222.9	-	222.8	239.8	232.8
Construction in Progress	6.7	-	7.5	6.4	5.6
Other Property/Plant/Equipment	65.0	-	61.3	63.2	61.5
Property/Plant/Equipment - Gross	355.5	-	352.1	370.7	359.6
Accumulated Depreciation	-281.2	-	-277.7	-296.0	-286.7
Property/Plant/Equipment - Net	74.3	71.9	74.4	74.7	72.9
Goodwill, Net	489.9	474.8	499.2	436.7	431.0
Intangibles - Gross	395.2	384.4	378.6	405.3	395.9
Accumulated Intangible Amortization	-199.5	-190.2	-191.8	-201.5	-192.5
Intangibles, Net	195.7	194.3	186.9	203.8	203.4
LT Investment - Affiliate Companies	2.6	2.6	2.6	2.8	2.7
Long Term Investments	2.6	2.6	2.6	2.8	2.7
Note Receivable - Long Term	2.3	1.7	1.7	3.9	3.4
Deferred Income Tax - Long Term Asset	29.9	29.2	33.7	29.2	28.2
Other Long Term Assets, Total	29.9	29.2	33.7	29.2	28.2
Total Assets	1,365.3	1,268.9	1,385.3	1,406.9	1,401.6
Accounts Payable	131.5	128.1	138.1	156.5	146.7
Notes Payable/Short Term Debt	28.6	17.6	31.1	3.7	8.3
Current Portion - Long Term Debt/Capital Leases	13.3	15.1	36.0	28.0	23.2
Income Taxes Payable	27.2	15.7	26.5	22.1	20.1
Other Payables	79.6	75.7	73.5	77.4	82.4
Other Current Liabilities	34.2	34.3	34.9	38.9	37.3
Other Current liabilities, Total	141.0	125.7	134.9	138.4	139.7
Total Current Liabilities	314.4	286.5	340.1	326.6	318.0
Long Term Debt	182.2	178.5	192.7	195.8	197.4
Total Long Term Debt	182.2	178.5	192.7	195.8	197.4
Total Debt	224.1	211.2	259.7	227.6	228.9
Deferred Income Tax - LT Liability	8.1	7.9	7.9	8.6	8.1
Deferred Income Tax	8.1	7.9	7.9	8.6	8.1
Minority Interest	0.1	0.1	0.0	0.0	0.0
Pension Benefits - Underfunded	21.3	21.7	25.2	27.4	27.1
Other Long Term Liabilities	2.8	2.7	5.9	0.9	0.9
Other Liabilities, Total	24.1	24.3	31.1	28.3	27.9
Total Liabilities	529.0	497.2	571.8	559.3	551.5
Common Stock	34.7	33.9	35.1	37.9	37.1
Common Stock	34.7	33.9	35.1	37.9	37.1
Additional Paid-In Capital	111.1	108.7	112.3	121.4	118.8
Retained Earnings (Accumulated Deficit)	826.8	764.3	754.8	772.2	789.0
Treasury Stock - Common	-70.6	-69.1	-67.8	-69.4	-85.0
Translation Adjustment	-6.9	-10.7	-14.8	-9.9	-5.1
Other Equity	-52.9	-50.0	-	-	-
Other Comprehensive Income	-5.9	-5.5	-6.2	-4.7	-4.8
Other Equity, Total	-65.7	-66.2	-20.9	-14.6	-9.9
Total Equity	836.3	771.7	813.5	847.6	850.1
Total Liabilities & Shareholders’ Equity	1,365.3	1,268.9	1,385.3	1,406.9	1,401.6
Shares Outstanding - Common Stock Primary Issue	199.3	199.3	199.8	200.2	197.9
Total Common Shares Outstanding	199.3	199.3	199.8	200.2	197.9
Treasury Shares - Common Stock Primary Issue	9.8	9.8	9.3	8.9	11.2
Employees	-	3,207	-	-	-
Accumulated Intangible Amort, Suppl.	199.5	190.2	191.8	201.5	192.5
Pension Obligation - Domestic	21.3	21.7	25.2	27.4	27.1
Funded Status - Domestic	-21.3	-21.7	-25.2	-27.4	-27.1
Total Funded Status	-21.3	-21.7	-25.2	-27.4	-27.1
Accrued Liabilities - Domestic	-21.3	-21.7	-25.2	-27.4	-27.1
Net Assets Recognized on Balance Sheet	-21.3	-21.7	-25.2	-27.4	-27.1
Total Plan Obligations	21.3	21.7	25.2	27.4	27.1

Annual Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	161.9	143.8	153.8	146.9	116.2
Depreciation	14.6	14.1	15.4	16.3	18.0
Depreciation/Depletion	14.6	14.1	15.4	16.3	18.0
Amortization of Intangibles	19.1	21.6	33.0	26.8	17.5
Amortization	19.1	21.6	33.0	26.8	17.5
Deferred Taxes	-3.2	2.1	1.2	-1.9	-1.9
Unusual Items	0.0	0.4	5.3	15.2	3.9
Other Non-Cash Items	-1.4	-18.5	10.7	1.2	-20.8
Non-Cash Items	-1.4	-18.1	16.0	16.4	-16.9
Accounts Receivable	3.4	2.8	7.0	11.7	-14.5
Inventories	-25.3	1.9	-3.1	-11.7	5.3
Other Assets	-	-	-	1.4	-1.3
Accounts Payable	-2.1	21.8	-10.8	18.6	15.1
Accrued Expenses	-	-	-	0.8	-0.1
Taxes Payable	1.9	-3.8	3.1	-9.4	-11.8
Changes in Working Capital	-22.2	22.7	-3.8	11.5	-7.3
Cash from Operating Activities	168.9	186.2	215.6	215.9	125.7
Acquisition of Business	-	-	-	-96.8	0.0
Investment, Net	-87.1	4.5	-25.8	-4.1	-190.3
Intangible, Net	-48.1	-34.9	-28.4	-44.5	-12.1
Other Investing Cash Flow	-13.4	-10.9	-11.1	-19.5	-8.4
Other Investing Cash Flow Items, Total	-148.6	-41.3	-65.3	-164.8	-210.8
Cash from Investing Activities	-148.6	-41.3	-65.3	-164.8	-210.8
Other Financing Cash Flow	0.7	5.8	4.4	25.1	4.5
Financing Cash Flow Items	0.7	5.8	4.4	25.1	4.5
Cash Dividends Paid - Common	-129.5	-72.0	-68.5	-61.8	-50.6
Total Cash Dividends Paid	-129.5	-72.0	-68.5	-61.8	-50.6
Sale/Issuance of Common	-	0.0	0.1	0.1	0.2
Common Stock, Net	-0.6	8.3	0.1	0.1	-38.8
Issuance (Retirement) of Stock, Net	-0.6	8.3	0.1	0.1	-38.8
Short Term Debt Issued	-15.2	0.1	2.3	9.4	6.4
Short Term Debt, Net	-15.2	0.1	2.3	9.4	6.4
Long Term Debt Issued	62.2	39.7	-	0.0	0.0
Long Term Debt Reduction	-30.5	-3.3	-4.1	-4.3	-27.9
Long Term Debt, Net	31.7	36.4	-4.1	-4.3	-27.8
Issuance (Retirement) of Debt, Net	16.6	36.5	-1.7	5.1	-21.4
Cash from Financing Activities	-112.8	-21.4	-65.7	-31.4	-106.3
Net Change in Cash	-92.6	123.5	84.6	19.8	-191.4
Net Cash - Beginning Balance	219.9	86.0	5.7	-13.8	178.5
Net Cash - Ending Balance	127.4	209.5	90.3	6.0	-12.9

Interim Cash Flows

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.71919	0.711706	0.713558	0.731463
Net Income/Starting Line	44.3	161.9	129.3	87.4	43.0
Depreciation	3.5	14.6	11.0	7.6	3.7
Depreciation/Depletion	3.5	14.6	11.0	7.6	3.7
Amortization of Intangibles	4.9	19.1	14.4	9.6	4.6
Amortization	4.9	19.1	14.4	9.6	4.6
Deferred Taxes	-0.1	-3.2	-1.1	0.1	0.5
Unusual Items	-	0.0	-	-	-
Other Non-Cash Items	-2.2	-1.4	2.2	-1.0	-0.7
Non-Cash Items	-2.2	-1.4	2.2	-1.0	-0.7
Accounts Receivable	-51.2	3.4	-10.4	-21.1	-26.5
Inventories	-2.7	-25.3	-11.7	-12.7	-5.9
Accounts Payable	3.1	-2.1	1.5	20.6	20.3
Taxes Payable	11.0	1.9	12.8	7.8	6.1
Changes in Working Capital	-39.7	-22.2	-7.7	-5.5	-6.0
Cash from Operating Activities	10.6	168.9	148.1	98.2	45.1
Acquisition of Business	0.0	-	-	-	-
Investment, Net	-0.6	1.7	1.8	-0.3	0.1
Purchase of Investments	-	-88.8	-89.0	0.0	0.0
Intangible, Net	-2.0	-48.1	-47.7	-47.4	-45.4
Other Investing Cash Flow	-4.3	-13.4	-9.8	-5.5	-1.5
Other Investing Cash Flow Items, Total	-6.9	-148.6	-144.8	-53.2	-46.8
Cash from Investing Activities	-6.9	-148.6	-144.8	-53.2	-46.8
Other Financing Cash Flow	0.1	0.7	-2.8	-1.1	-0.6
Financing Cash Flow Items	0.1	0.7	-2.8	-1.1	-0.6
Cash Dividends Paid - Common	-1.8	-129.5	-76.7	-76.5	-
Total Cash Dividends Paid	-1.8	-129.5	-76.7	-76.5	-
Common Stock, Net	0.0	-0.6	3.2	7.2	-9.2
Issuance (Retirement) of Stock, Net	0.0	-0.6	3.2	7.2	-9.2
Long Term Debt Issued	0.0	62.2	62.9	62.7	61.2
Long Term Debt Reduction	-2.0	-30.5	-	-0.6	-0.3
Long Term Debt, Net	-2.0	16.6	46.4	62.1	60.9
Issuance (Retirement) of Debt, Net	-2.0	16.6	46.4	62.1	60.9
Cash from Financing Activities	-3.6	-112.8	-29.8	-8.3	51.0
Net Change in Cash	0.2	-92.6	-26.6	36.6	49.3
Net Cash - Beginning Balance	120.1	219.9	222.2	221.7	216.2
Net Cash - Ending Balance	120.2	127.4	195.6	258.3	265.5

Annual Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	1,059.6	964.3	1,039.6	1,008.7	860.1
Total Revenue	1,059.6	964.3	1,039.6	1,008.7	860.1
Cost of Sales	361.5	317.9	327.7	325.0	282.4
Selling Expenses	322.8	286.7	311.1	313.4	276.5
Research/Development	77.8	91.2	96.6	86.1	67.2
General and Admin.	63.1	58.3	60.8	57.6	46.4
Other Income/Expenses	7.1	5.2	17.8	15.0	7.5
Total Operating Expense	832.3	759.3	814.0	797.0	680.1
Exchange Gain/Loss	3.0	1.2	-	-	-0.5
Interest Exp./Loans	-9.4	-5.5	-5.6	-7.0	-7.3
Interest Income	-	-	-	-	3.4
Net Gains/Securities	-	-	-	-	-0.1
IAS Adjustment Costs	-0.7	-0.8	-	-	-1.0
Income from Other Investments	-	0.0	-5.2	0.0	-
Non-Op. Income Net	2.3	0.0	-2.5	-2.7	-
Net Income Before Taxes	222.5	200.0	212.3	202.1	174.4
Provision for Income Taxes	60.6	56.2	58.5	55.2	58.3
Net Income After Taxes	161.9	143.8	153.8	146.9	116.2
Minority Interest	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	161.9	143.8	153.8	146.9	116.2
Net Income	161.9	143.8	153.8	146.9	116.2
Income Available to Com Excl ExtraOrd	161.9	143.8	153.8	146.9	116.2
Income Available to Com Incl ExtraOrd	161.9	143.8	153.8	146.9	116.2
Basic Weighted Average Shares	199.4	198.2	197.2	196.7	198.6
Basic EPS Excluding ExtraOrdinary Items	0.81	0.73	0.78	0.75	0.58
Basic EPS Including ExtraOrdinary Item	0.81	0.73	0.78	0.75	0.58
Diluted Net Income	161.9	143.8	153.8	146.9	116.2
Diluted Weighted Average Shares	199.4	198.2	197.2	196.7	203.5
Diluted EPS Excluding ExtraOrd Items	0.81	0.73	0.78	0.75	0.57
Diluted EPS Including ExtraOrd Items	0.81	0.73	0.78	0.75	0.57
DPS-Common Stock	0.42	0.36	0.38	0.37	0.29
Gross Dividends - Common Stock	53.5	72.3	75.7	72.1	57.8
Normalized Income Before Taxes	222.5	200.0	212.3	202.1	174.4
Inc Tax Ex Impact of Sp Items	60.6	56.2	58.5	55.2	58.3
Normalized Income After Taxes	161.9	143.8	153.8	146.9	116.2
Normalized Inc. Avail to Com.	161.9	143.8	153.8	146.9	116.2
Basic Normalized EPS	0.81	0.73	0.78	0.75	0.58
Diluted Normalized EPS	0.81	0.73	0.78	0.75	0.57
Research & Development Exp	77.8	91.2	96.6	86.1	67.2
Interest Expense	9.4	5.5	5.6	7.0	7.3
Amort of Intangibles	-	21.6	33.0	26.8	17.5
Depreciation	14.6	14.1	15.4	16.3	18.0

Interim Income Statement

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.741961	0.707825	0.695476	0.731463
Revenue	287.8	244.5	253.8	292.1	270.5
Total Revenue	287.8	244.5	253.8	292.1	270.5
Cost of Sales	102.2	85.1	89.4	95.8	91.5
Selling Expenses	85.8	74.9	71.9	94.4	82.1
Research and Development	20.6	16.2	18.4	22.0	21.4
General/Admin.	15.4	18.6	13.5	16.0	14.9
Other Operating Expenses/Income	1.2	3.2	3.0	0.8	0.1
Total Operating Expense	225.3	197.9	196.2	229.1	209.9
Interest Expenses	-2.8	-3.4	-2.0	-2.3	-1.6
Other Financial Income/Expense Net	1.1	2.6	1.3	0.5	0.2
Net Income Before Taxes	60.8	45.7	56.8	61.2	59.2
Provision for Income Taxes	16.5	12.8	14.8	16.7	16.3
Net Income After Taxes	44.3	32.9	41.9	44.5	43.0
Minority interests	0.0	0.0	0.0	0.0	0.0
Net Income Before Extra. Items	44.3	32.9	41.9	44.5	43.0
Net Income	44.3	32.9	41.9	44.5	43.0
Income Available to Com Excl ExtraOrd	44.3	32.9	41.9	44.5	43.0
Income Available to Com Incl ExtraOrd	44.3	32.9	41.9	44.5	43.0
Basic Weighted Average Shares	199.3	199.4	199.3	198.8	198.8
Basic EPS Excluding ExtraOrdinary Items	0.22	0.16	0.21	0.22	0.22
Basic EPS Including ExtraOrdinary Item	0.22	0.16	0.21	0.22	0.22
Diluted Net Income	44.3	32.9	41.9	44.5	43.0
Diluted Weighted Average Shares	199.3	199.4	199.3	198.8	198.8
Diluted EPS Excluding ExtraOrd Items	0.22	0.16	0.21	0.22	0.22
Diluted EPS Including ExtraOrd Items	0.22	0.16	0.21	0.22	0.22
DPS-Common Stock	0.00	0.40	0.00	0.29	0.00
DPS-Non Conv Savings Shares	0.00	-	0.00	-	-
Gross Dividends - Common Stock	0.0	51.9	0.0	-	0.0
Normalized Income Before Taxes	60.8	45.7	56.8	61.2	59.2
Inc Tax Ex Impact of Sp Items	16.5	12.8	14.8	16.7	16.3
Normalized Income After Taxes	44.3	32.9	41.9	44.5	43.0
Normalized Inc. Avail to Com.	44.3	32.9	41.9	44.5	43.0
Basic Normalized EPS	0.22	0.16	0.21	0.22	0.22
Diluted Normalized EPS	0.22	0.16	0.21	0.22	0.22
Research & Development Exp	20.6	16.2	18.4	22.0	21.4
Amort. of Intangible	4.9	-	6.8	2.9	4.6
Depreciation	3.5	3.6	1.5	5.9	3.7
Interest Expenses	2.8	3.4	2.0	2.3	1.6

Annual Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Restated Normal 31-Dec-2008
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.770327	0.745406	0.696986	0.719399	0.683971
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Raw Materials	35.8	27.7	30.6	31.2	29.2
Intermediates	22.8	23.4	21.4	18.4	16.8
Finished Goods	81.9	63.2	72.3	65.9	63.3
Trade Receivables Gross	198.7	183.4	201.0	199.5	206.5
Doubtful A/C's	-15.3	-13.5	-10.8	-9.0	-9.9
Other Receivables	27.7	35.9	33.0	31.6	44.3
Accrued Income	-	-	3.7	3.3	4.7
Hedging Derivatives	2.3	1.6	-	-	-
Short Term Financial Investments	136.5	216.9	134.5	132.0	130.7
Other Assets	4.2	3.8	-	-	-
Total Current Assets	494.5	542.2	485.8	472.8	485.6
Equity Investments	2.6	2.6	5.3	10.5	4.6
Other Receivable	1.7	3.3	5.5	7.2	9.7
Deferred Tax	29.2	27.1	31.3	31.5	31.2
Land & Buildings	59.3	56.4	56.6	57.9	87.0
Machinery/Equipment	217.4	219.9	227.7	209.6	239.9
Other Fixed	62.2	57.7	59.5	53.9	53.8
Construction	4.9	5.2	7.5	10.7	5.3
Depreciation	-271.8	-268.1	-271.8	-251.4	-286.7
Goodwill	474.8	410.2	435.7	402.9	350.8
Attività immateriali	-	-	-	128.8	132.3
Intangibles, Gross	384.4	330.0	305.7	-	-
Amortization	-190.2	-177.7	-167.2	-	-
Total Assets	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
Financial Debt	17.6	4.7	41.4	126.3	144.4
Current Portion of Medium/LT Debt	15.1	22.3	3.5	3.1	4.3
Trade Payable	128.1	124.9	117.3	123.2	117.5
Other Payables	75.7	71.8	69.5	65.5	61.1
Tax Payable	15.7	13.0	18.0	14.3	23.0
Other Liabilities	0.5	0.8	0.7	0.5	0.5
Other Provisions	28.3	28.7	31.5	21.0	14.7
Cash Flow Hedge	5.5	5.8	5.8	3.5	0.2
Fair Value Hedge	-	0.0	3.2	2.1	11.0
Total Current Liabilities	286.5	272.0	290.9	359.4	376.8
Loans	178.5	129.8	114.8	113.2	112.9
Total Long Term Debt	178.5	129.8	114.8	113.2	112.9
Fondo trattamento di fine rapporto e alt	21.7	25.8	28.5	27.3	29.9
Deferred Tax	7.9	7.6	8.1	10.3	14.2
Other Liability	2.7	0.8	8.9	4.4	8.7
Minority Int.	0.1	0.0	0.0	0.0	0.0
Total Liabilities	497.2	436.1	451.3	514.6	542.5
Capital Stock	33.9	35.1	37.5	36.2	38.0
Share Premium	108.7	112.3	120.1	113.0	115.4
Treasury Stock	-69.1	-70.5	-84.8	-82.2	-86.4
Hedging Reserve	-5.5	-5.8	-5.8	-3.5	-0.2
Other Reserves	34.5	34.5	35.9	35.8	37.3
Retained Earnings	578.6	522.2	477.5	390.5	347.8
Translation Adjustment	-10.7	-0.8	-8.9	-9.9	-4.9
Dividend Advances	-50.0	-	-	-	-
Net Income	151.1	145.7	158.6	139.6	124.1
Total Equity	771.7	772.7	730.2	619.6	571.1
Total Liabilities & Shareholders' Equity	1,268.9	1,208.8	1,181.5	1,134.2	1,113.5
S/O-Common Stock	199.3	198.9	197.7	197.0	198.6
Total Common Shares Outstanding	199.3	198.9	197.7	197.0	198.6
T/S-Common Stock	9.8	10.2	11.5	11.5	11.5
Accumulated Intangibles Amortization	190.2	177.7	167.2	130.0	122.9
Full-Time Employees	3,207	2,792	2,830	2,685	2,333
LT Debt Maturing within 1 Years	-	0.0	3.5	3.1	-
LT Debt Maturing within 2 Years	10.5	0.0	23.3	2.2	-
LT Debt Maturing within 3 Years	95.2	0.0	0.5	21.4	-
LT Debt Maturing within 4 Years	8.9	0.1	0.4	0.4	-
LT Debt Maturing within 5 Years	8.9	0.0	93.8	0.4	-
LT Debt Maturing after 5 Years	52.8	0.0	-	90.9	-
Total Long Term Debt, Supplemental	176.2	0.2	121.5	118.3	-
Pension Obligation - Domestic	21.7	25.8	28.5	-	-
Funded Status - Domestic	-21.7	-25.8	-28.5	-	-
Total Funded Status	-21.7	-25.8	-28.5	-	-
Accrued Liabilities - Domestic	-21.7	-25.8	-28.5	-	-
Net Assets Recognized on Balance Sheet	-21.7	-25.8	-28.5	-	-

Interim Balance Sheet

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate	0.753463	0.770327	0.745323	0.689727	0.704672
Trade Receivables	-	-	-	-	211.6
Inventories	146.4	140.5	132.8	136.7	127.0
Other Receivables	30.2	27.7	26.3	25.3	30.6
Accounts Receivable	252.1	198.7	217.9	231.3	-
Provision for Doubtful Accounts	-16.3	-15.3	-16.5	-15.7	-
Other Assets	5.8	4.2	6.0	7.2	6.9
Short Term Derivatives	2.0	2.3	2.4	0.0	0.0
Short Term Financial Investments	150.3	136.5	218.0	270.9	283.9
Total Current Assets	570.5	494.5	586.9	655.8	660.0
Property, Plant and Equipment, Net	-	71.9	-	-	-
Land and Buildings	60.9	-	60.5	61.3	59.7
Plant and Machinery	222.9	-	222.8	239.8	232.8
Other Tangibles	65.0	-	61.3	63.2	61.5
Tangibles in Progress	6.7	-	7.5	6.4	5.6
Depreciation	-281.2	-	-277.7	-296.0	-286.7
Intangibles Assets, Gross	395.2	384.4	378.6	405.3	395.9
Acc. Intangibles Amortisation	-199.5	-190.2	-191.8	-201.5	-192.5
Goodwill	489.9	474.8	499.2	436.7	431.0
Other Holdings	2.6	2.6	2.6	2.8	2.7
Receivables	2.3	1.7	1.7	3.9	3.4
Deferred Tax	29.9	29.2	33.7	29.2	28.2
Total Assets	1,365.3	1,268.9	1,385.3	1,406.9	1,401.6
Due to Banks & Similar	28.6	17.6	31.1	3.7	8.3
Current Portion of Medium/Long-term Debt	13.3	15.1	36.0	28.0	23.2
Trade Payable	131.5	128.1	138.1	156.5	146.7
Other Payables	79.6	75.7	73.5	77.4	82.4
Tax Payables	27.2	15.7	26.5	22.1	20.1
Short Term Provisions	27.4	28.3	27.0	30.3	29.8
Other Liabilities	0.9	0.5	1.8	0.9	0.8
Fair Value of Hedging Derivatives	5.9	5.5	6.2	4.7	4.8
Fair Value of Hedging Derivatives	-	-	-	3.1	1.8
Total Current Liabilities	314.4	286.5	340.1	326.6	318.0
Loans	182.2	178.5	192.7	195.8	197.4
Total Long Term Debt	182.2	178.5	192.7	195.8	197.4
Fondo trattamento di fine rapporto e alt	21.3	21.7	25.2	27.4	27.1
Deferred Tax	8.1	7.9	7.9	8.6	8.1
Other Liabilities	2.8	2.7	5.9	0.9	0.9
Minority Interest	0.1	0.1	0.0	0.0	0.0
Total Liabilities	529.0	497.2	571.8	559.3	551.5
Share Capital	34.7	33.9	35.1	37.9	37.1
Share Premium	111.1	108.7	112.3	121.4	118.8
Own Shares	-70.6	-69.1	-67.8	-69.4	-85.0
Hedging Reserve	-5.9	-5.5	-6.2	-4.7	-4.8
Foreign Currency Adjustments	-6.9	-10.7	-14.8	-9.9	-5.1
Other Reserves	35.9	34.5	33.3	35.4	36.7
Retained Earnings	746.1	578.6	598.1	646.4	707.7
Dividend advances	-52.9	-50.0	-	-	-
Net Result	44.8	151.1	123.5	90.4	44.6
Total Equity	836.3	771.7	813.5	847.6	850.1
Total Liabilities & Shareholders' Equity	1,365.3	1,268.9	1,385.3	1,406.9	1,401.6
S/O-Common Stock	199.3	199.3	199.8	200.2	197.9
Total Common Shares Outstanding	199.3	199.3	199.8	200.2	197.9
T/S-Common Stock	9.8	9.8	9.3	8.9	11.2
Accum. Intangible Amort.	199.5	190.2	191.8	201.5	192.5
Full-Time Employees	-	3,207	-	-	-
Pension Obligation	21.3	21.7	25.2	27.4	27.1
Funded Status	-21.3	-21.7	-25.2	-27.4	-27.1
Total Funded Status	-21.3	-21.7	-25.2	-27.4	-27.1
Accrued Liabilities	-21.3	-21.7	-25.2	-27.4	-27.1
Net Assets Recognized on Balance Sheet	-21.3	-21.7	-25.2	-27.4	-27.1

Annual Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.71919	0.755078	0.719047	0.683679	0.730637
Auditor	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income Before Minority Interest	161.9	143.8	153.8	146.9	116.2
Depreciation	14.6	14.1	15.4	16.3	18.0
Amort. of Intangibles/Goodwill	19.1	21.6	33.0	26.8	17.5
Write-Down Fixed	0.0	0.4	5.3	15.2	3.9
Deferred Tax	-3.2	2.1	1.2	-1.9	-1.9
Employee Provs.	-	-	-	-	1.5
Employee Payment	-3.6	-0.8	0.4	-1.6	-5.0
Other Provisions	2.5	-7.3	0.7	-4.6	-8.3
Accounts Receivable	-9.5	8.0	7.3	11.7	-14.5
Trade Payable	-5.4	15.0	-12.4	-	-
Other Receivables and Other Assets	12.9	-5.2	-0.3	-	-
Inventories	-25.3	1.9	-3.1	-11.7	5.3
Other Current Assets	-	-	-	1.4	-1.3
Trade Payable and Other	3.3	6.9	1.6	18.6	15.1
Tax Payable	1.9	-3.8	3.1	-9.4	-11.8
Accrued Expenses	-	-	-	0.8	-0.1
Risk Provision	-0.3	-10.3	9.6	7.3	-9.1
Cash from Operating Activities	168.9	186.2	215.6	215.9	125.7
Fixed Asset Net	-13.4	-10.9	-11.1	-19.5	-8.4
Intangible Assets	-48.1	-34.9	-28.4	-44.5	-12.1
Other Investments	0.0	2.4	0.1	-6.5	-3.3
Equity Investments	-88.8	0.4	-27.9	0.0	-1.7
Equity Investments / Orphan Europe	-	-	-	0.0	-185.6
Equity Investments / FIC & FIC Medical	-	-	-	-22.8	0.0
Equity Investments / Yeni Ilac	-	-	-	-74.0	0.0
Financial Assets	1.7	1.7	1.9	2.4	0.3
Cash from Investing Activities	-148.6	-41.3	-65.3	-164.8	-210.8
New Loans	62.2	39.7	-	0.0	0.0
ST Debt Issued	-15.2	0.1	2.3	9.4	6.4
Stock Capital Incr.	-	0.0	0.1	0.1	0.2
Share Premium	-	0.0	3.3	3.5	7.9
Shareholder Equity Variation/IFRS	4.4	1.6	0.1	0.9	1.7
Shareholder Equity Var./Treasury Shares	-0.6	8.3	-	0.0	-39.1
Other Changes in Equity	0.0	0.0	0.0	0.0	0.0
Debt to Liabilities	-30.5	-3.3	-4.1	-4.3	-27.9
Dividends Distrib.	-129.5	-72.0	-68.5	-61.8	-50.6
Disposal of Investment	-	-	0.0	26.2	0.0
Translation Adjust.	-3.7	4.2	1.0	-5.4	-5.1
Cash from Financing Activities	-112.8	-21.4	-65.7	-31.4	-106.3
Net Change in Cash	-92.6	123.5	84.6	19.8	-191.4
Net Cash - Beginning Balance	219.9	86.0	5.7	-13.8	178.5
Net Cash - Ending Balance	127.4	209.5	90.3	6.0	-12.9

Interim Cash Flows

As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	EUR	EUR	EUR	EUR	EUR
Exchange Rate (Period Average)	0.762971	0.71919	0.711706	0.713558	0.731463
Net Income Before Minority Interest	44.3	161.9	129.3	87.4	43.0
Depreciation	3.5	14.6	11.0	7.6	3.7
Amort. of Intangible/Goodwill	4.9	19.1	14.4	9.6	4.6
Deferred Tax	-0.1	-3.2	-1.1	0.1	0.5
Employee Provs.	-0.8	-	-0.7	-0.5	-0.2
Employee Payment	-	-3.6	-	-	-
Other Provisions	0.1	2.5	5.6	0.3	0.1
Accounts Receivable	-47.8	-9.5	-22.1	-31.0	-30.8
Inventories	-2.7	-25.3	-11.7	-12.7	-5.9
Other Receivables and Current Assets	-3.4	12.9	11.7	10.0	4.3
Trade Payable and Other	0.5	-5.4	0.5	20.8	14.1
Tax Payable	11.0	1.9	12.8	7.8	6.1
Other Payables and Current Liabilities	2.6	3.3	1.1	-0.2	6.1
Risks and Charges	-1.5	-0.3	-2.7	-0.7	-0.6
Write-Down Fixed	-	0.0	-	-	-
Cash from Operating Activities	10.6	168.9	148.1	98.2	45.1
Fixed Asset Invmnt., Net	-4.3	-13.4	-9.8	-5.5	-1.5
Intangible Assets	-2.0	-48.1	-47.7	-47.4	-45.4
Acquisition of FIC Medical	0.0	-	-	-	-
Acquisitions of Investments	-	-88.8	-89.0	0.0	0.0
Other Investments	0.0	0.0	0.0	0.0	0.0
Financial Assets	-0.6	1.7	1.8	-0.3	0.1
Cash from Investing Activities	-6.9	-148.6	-144.8	-53.2	-46.8
Changes in Debt	-	-15.2	-15.5	0.0	-
Shareholder Equity Var./Treasury Shares	0.0	-0.6	3.2	7.2	-9.2
Medium/Long Term Loans Granted	0.0	62.2	62.9	62.7	61.2
Shareholder Equity Variation/IFRS	0.5	4.4	1.9	1.3	0.6
Other Equity Variation	0.0	0.0	-	-	-
Debt to Liabilities	-2.0	-30.5	-	-0.6	-0.3
Changes in Debt	-	-	-1.0	-	-
Dividends Distrib.	-1.8	-129.5	-76.7	-76.5	-
Translation Adjust.	-0.5	-3.7	-4.7	-2.3	-1.2
Cash from Financing Activities	-3.6	-112.8	-29.8	-8.3	51.0
Net Change in Cash	0.2	-92.6	-26.6	36.6	49.3
Net Cash - Beginning Balance	120.1	219.9	222.2	221.7	216.2
Net Cash - Ending Balance	120.2	127.4	195.6	258.3	265.5

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Italy	302.6	29.7 %	264.3	27.4 %	295.8	28.5 %	301.1	29.8 %	278.7	32.4 %
Europe	-	-	593.1	61.5 %	647.3	62.3 %	609.1	60.4 %	488.0	56.7 %
Australia	-	-	55.4	5.7 %	47.4	4.6 %	46.7	4.6 %	41.3	4.8 %
Americas	-	-	24.4	2.5 %	22.3	2.1 %	25.1	2.5 %	27.1	3.1 %
Africa	-	-	27.2	2.8 %	26.8	2.6 %	26.7	2.6 %	25.0	2.9 %
France	178.9	17.5 %	-	-	-	-	-	-	-	-
Germany	92.1	9 %	-	-	-	-	-	-	-	-
Portugal	47.8	4.7 %	-	-	-	-	-	-	-	-
Spain	44.2	4.3 %	-	-	-	-	-	-	-	-
United Kingdom	10.6	1 %	-	-	-	-	-	-	-	-
CEE Countries	118.9	11.7 %	-	-	-	-	-	-	-	-
Other European Countries	27.0	2.6 %	-	-	-	-	-	-	-	-
Other Areas	197.9	19.4 %	-	-	-	-	-	-	-	-
Segment Total	1,020.1	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Consolidated Total	1,020.1	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637
Total Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Italy	302.6	29.7 %	264.3	27.4 %	295.8	28.5 %	301.1	29.8 %	278.7	32.4 %
Europe	-	-	593.1	61.5 %	647.3	62.3 %	609.1	60.4 %	488.0	56.7 %
Australia	-	-	55.4	5.7 %	47.4	4.6 %	46.7	4.6 %	41.3	4.8 %
Americas	-	-	24.4	2.5 %	22.3	2.1 %	25.1	2.5 %	27.1	3.1 %
Africa	-	-	27.2	2.8 %	26.8	2.6 %	26.7	2.6 %	25.0	2.9 %
France	178.9	17.5 %	-	-	-	-	-	-	-	-
Germany	92.1	9 %	-	-	-	-	-	-	-	-
Portugal	47.8	4.7 %	-	-	-	-	-	-	-	-
Spain	44.2	4.3 %	-	-	-	-	-	-	-	-
United Kingdom	10.6	1 %	-	-	-	-	-	-	-	-
CEE Countries	118.9	11.7 %	-	-	-	-	-	-	-	-
Other European Countries	27.0	2.6 %	-	-	-	-	-	-	-	-
Other Areas	197.9	19.4 %	-	-	-	-	-	-	-	-
Segment Total	1,020.1	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Consolidated Total	1,020.1	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Italy	82.1	29.5 %	66.2	28.1 %	66.0	26 %	87.9	30.1 %	82.9	30.7 %
France	42.1	15.2 %	43.0	18.2 %	43.2	17 %	48.2	16.5 %	44.6	16.5 %
Germany	21.2	7.6 %	22.6	9.6 %	23.5	9.2 %	24.2	8.3 %	21.9	8.1 %
Portugal	11.3	4.1 %	11.5	4.9 %	12.2	4.8 %	11.7	4 %	12.4	4.6 %
Spain	11.6	4.2 %	11.5	4.9 %	9.8	3.9 %	11.6	4 %	11.4	4.2 %
United Kingdom	2.1	0.8 %	2.4	1 %	2.2	0.9 %	3.1	1.1 %	2.8	1.1 %
Other European Countries	6.4	2.3 %	6.6	2.8 %	6.9	2.7 %	6.7	2.3 %	6.8	2.5 %
Turkey	20.5	7.4 %	-	-	-	-	-	-	-	-
Russia/Turkey/Other CEE	-	-	32.5	13.8 %	24.3	9.6 %	33.2	11.4 %	28.8	10.6 %
Russia/Czech Rep./Other CEE	23.6	8.5 %	-	-	-	-	-	-	-	-
Other Foreign	57.1	20.6 %	39.4	16.7 %	56.4	22.2 %	55.0	18.8 %	47.7	17.6 %
Unallocated	-	-	-	-	9.2	3.6 %	10.5	3.6 %	11.3	4.2 %
Segment Total	278.1	100 %	235.9	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Consolidated Total	278.1	100 %	235.9	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Exchange Rate: EUR to USD	0.762971		0.741961		0.707825		0.695476		0.731463
Total Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Italy	82.1	29.5 %	66.2	28.1 %	66.0	26 %	87.9	30.1 %	82.9	30.7 %
France	42.1	15.2 %	43.0	18.2 %	43.2	17 %	48.2	16.5 %	44.6	16.5 %
Germany	21.2	7.6 %	22.6	9.6 %	23.5	9.2 %	24.2	8.3 %	21.9	8.1 %
Portugal	11.3	4.1 %	11.5	4.9 %	12.2	4.8 %	11.7	4 %	12.4	4.6 %
Spain	11.6	4.2 %	11.5	4.9 %	9.8	3.9 %	11.6	4 %	11.4	4.2 %
United Kingdom	2.1	0.8 %	2.4	1 %	2.2	0.9 %	3.1	1.1 %	2.8	1.1 %
Other European Countries	6.4	2.3 %	6.6	2.8 %	6.9	2.7 %	6.7	2.3 %	6.8	2.5 %
Turkey	20.5	7.4 %	-	-	-	-	-	-	-	-
Russia/Turkey/Other CEE	-	-	32.5	13.8 %	24.3	9.6 %	33.2	11.4 %	28.8	10.6 %
Russia/Czech Rep./Other CEE	23.6	8.5 %	-	-	-	-	-	-	-	-
Other Foreign	57.1	20.6 %	39.4	16.7 %	56.4	22.2 %	55.0	18.8 %	47.7	17.6 %
Unallocated	-	-	-	-	9.2	3.6 %	10.5	3.6 %	11.3	4.2 %
Segment Total	278.1	100 %	235.9	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Consolidated Total	278.1	100 %	235.9	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Exchange Rate: EUR to USD	0.762971		0.741961		0.707825		0.695476		0.731463

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Pharmaceuticals	963.2	90.9 %	886.5	91.9 %	971.6	93.5 %	944.5	93.6 %	813.6	94.6 %
Pharmaceutical Chemicals	96.4	9.1 %	77.8	8.1 %	68.0	6.5 %	64.2	6.4 %	46.5	5.4 %
Segment Total	1,059.6	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Consolidated Total	1,059.6	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637
Total Revenue USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08		31-Dec-07
Pharmaceuticals	963.2	90.9 %	886.5	91.9 %	971.6	93.5 %	944.5	93.6 %	813.6	94.6 %
Pharmaceutical Chemicals	96.4	9.1 %	77.8	8.1 %	68.0	6.5 %	64.2	6.4 %	46.5	5.4 %
Segment Total	1,059.6	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Consolidated Total	1,059.6	100 %	964.3	100 %	1,039.6	100 %	1,008.7	100 %	860.1	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679		0.730637

Total Operating Expense USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08
Pharmaceuticals	764.8	91.9 %	700.9	92.3 %	758.6	93.2 %	746.0	93.6 %
Pharmaceutical Chemicals	67.5	8.1 %	58.4	7.7 %	55.4	6.8 %	51.1	6.4 %
Segment Total	832.3	100 %	759.3	100 %	814.0	100 %	797.0	100 %
Consolidated Total	832.3	100 %	759.3	100 %	814.0	100 %	797.0	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679
Operating Income/Loss USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08
Pharmaceuticals	198.4	87.3 %	185.6	90.5 %	213.0	94.4 %	198.6	93.8 %
Pharmaceutical Chemicals	28.9	12.7 %	19.4	9.5 %	12.6	5.6 %	13.1	6.2 %
Segment Total	227.3	100 %	205.0	100 %	225.6	100 %	211.7	100 %
Consolidated Total	227.3	100 %	205.0	100 %	225.6	100 %	211.7	100 %
Exchange Rate: EUR to USD	0.719190		0.755078		0.719047		0.683679

Operating Margin (%)
		31-Dec-11		31-Dec-10		31-Dec-09				31-Dec-08
Pharmaceuticals		20.6	-	20.9	-	21.9		-		21.0		-
Pharmaceutical Chemicals		30.0	-	25.0	-	18.5		-		20.4		-
Segment Total		21.5	-	21.3	-	21.7		-		21.0		-
Consolidated Total		21.5	-	21.3	-	21.7		-		21.0		-
Long Lived Assets USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09				31-Dec-08
Pharmaceuticals	619.4	80 %	506.1	75.9 %	518.8		74.6 %		481.8		72.8 %
Pharmaceutical Chemicals	152.4	19.7 %	158.0	23.7 %	171.5		24.7 %		169.1		25.6 %
Other	2.6	0.3 %	2.6	0.4 %	5.3		0.8 %		10.5		1.6 %
Segment Total	774.4	100 %	666.6	100 %	695.7		100 %		661.4		100 %
Consolidated Total	774.4	100 %	666.6	100 %	695.7		100 %		661.4		100 %
Exchange Rate: EUR to USD	0.770327		0.745406		0.696986				0.719399

Total Assets USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09				31-Dec-08
Pharmaceuticals	937.2	73.9 %	796.9	65.9 %	833.5		70.5 %		796.2	70.2 %
Pharmaceutical Chemicals	190.3	15 %	190.9	15.8 %	208.2		17.6 %		195.6	17.2 %
Other	141.4	11.1 %	221.1	18.3 %	139.9		11.8 %		142.5	12.6 %
Segment Total	1,268.9	100 %	1,208.8	100 %	1,181.5		100 %		1,134.2	100 %
Consolidated Total	1,268.9	100 %	1,208.8	100 %	1,181.5		100 %		1,134.2	100 %
Exchange Rate: EUR to USD	0.770327		0.745406		0.696986				0.719399
Operating Return on Assets (%)
		31-Dec-11		31-Dec-10		31-Dec-09			31-Dec-08
Pharmaceuticals		19.8	-	23.6	-	26.4		-	23.7	-
Pharmaceutical Chemicals		14.2	-	10.3	-	6.2		-	6.4	-
Segment Total		16.7	-	17.2	-	19.7		-	17.7	-
Consolidated Total		16.7	-	17.2	-	19.7		-	17.7	-

Total Liabilities USD (mil)
	31-Dec-11		31-Dec-10		31-Dec-09		31-Dec-08
Pharmaceuticals	259.8	52.3 %	246.5	56.5 %	264.0	58.5 %	243.9	47.4 %
Pharmaceutical Chemicals	20.6	4.2 %	27.1	6.2 %	18.6	4.1 %	22.6	4.4 %
Other	216.7	43.6 %	162.6	37.3 %	168.7	37.4 %	248.1	48.2 %
Segment Total	497.2	100 %	436.1	100 %	451.2	100 %	514.6	100 %
Consolidated Total	497.2	100 %	436.1	100 %	451.2	100 %	514.6	100 %
Exchange Rate: EUR to USD	0.770327		0.745406		0.696986		0.719399

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Pharmaceuticals	261.2	90.8 %	222.8	91.1 %	228.2	89.9 %	267.6	91.6 %	245.7	90.8 %
Orphan Pharmaceuticals	26.5	9.2 %	21.7	8.9 %	25.5	10.1 %	24.6	8.4 %	24.8	9.2 %
Segment Total	287.8	100 %	244.5	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Consolidated Total	287.8	100 %	244.5	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Exchange Rate: EUR to USD	0.762971		0.741961		0.707825		0.695476		0.731463
Total Revenue USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Pharmaceuticals	261.2	90.8 %	222.8	91.1 %	228.2	89.9 %	267.6	91.6 %	245.7	90.8 %
Orphan Pharmaceuticals	26.5	9.2 %	21.7	8.9 %	25.5	10.1 %	24.6	8.4 %	24.8	9.2 %
Segment Total	287.8	100 %	244.5	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Consolidated Total	287.8	100 %	244.5	100 %	253.8	100 %	292.1	100 %	270.5	100 %
Exchange Rate: EUR to USD	0.762971		0.741961		0.707825		0.695476		0.731463

Total Operating Expense USD (mil)
	31-Mar-12			31-Dec-11				30-Sep-11				30-Jun-11			31-Mar-11
Pharmaceuticals	207.7	92.2 %		182.0		91.9 %		178.9		91.2 %		213.1		93 %	191.6	91.3 %
Orphan Pharmaceuticals	17.6	7.8 %		15.9		8.1 %		17.3		8.8 %		16.0		7 %	18.3	8.7 %
Segment Total	225.3	100 %		197.9		100 %		196.2		100 %		229.1		100 %	209.9	100 %
Consolidated Total	225.3	100 %		197.9		100 %		196.2		100 %		229.1		100 %	209.9	100 %
Exchange Rate: EUR to USD	0.762971			0.741961				0.707825				0.695476			0.731463
Earn. bef. Int. & Tax USD (mil)
	31-Mar-12		31-Dec-11				30-Sep-11				30-Jun-11				31-Mar-11
Pharmaceuticals	53.6	85.8 %	40.9		87.7 %		49.3		85.7 %		54.5		86.4 %		54.1	89.3 %
Orphan Pharmaceuticals	8.9	14.2 %	5.7		12.3 %		8.2		14.3 %		8.6		13.6 %		6.5	10.7 %
Segment Total	62.4	100 %	46.6		100 %		57.6		100 %		63.0		100 %		60.6	100 %
Consolidated Total	62.4	100 %	46.6		100 %		57.6		100 %		63.0		100 %		60.6	100 %
Exchange Rate: EUR to USD	0.762971		0.741961				0.707825				0.695476				0.731463

EBIT Margin (%)
			31-Mar-12			31-Dec-11			30-Sep-11		30-Jun-11				31-Mar-11
Pharmaceuticals			20.5		-	18.3		-	21.6	-	20.4		-		22.0		-
Orphan Pharmaceuticals			33.5		-	26.4		-	32.3	-	34.9		-		26.1		-
Segment Total			21.7		-	19.1		-	22.7	-	21.6		-		22.4		-
Consolidated Total			21.7		-	19.1		-	22.7	-	21.6		-		22.4		-
Long Lived Assets USD (mil)
	31-Mar-12			31-Dec-11			30-Sep-11			30-Jun-11				31-Mar-11
Pharmaceuticals	636.5	80.1 %		619.4	80 %		638.9		80 %	576.6		76.8 %		570.7		77 %
Orphan Pharmaceuticals	155.6	19.6 %		152.4	19.7 %		156.9		19.6 %	171.7		22.9 %		168.2		22.7 %
Unallocated	2.6	0.3 %		2.6	0.3 %		2.6		0.3 %	2.8		0.4 %		2.7		0.4 %
Segment Total	794.8	100 %		774.4	100 %		798.4		100 %	751.1		100 %		741.6		100 %
Consolidated Total	794.8	100 %		774.4	100 %		798.4		100 %	751.1		100 %		741.6		100 %
Exchange Rate: EUR to USD	0.753463			0.770327			0.745323			0.689727				0.704672

Total Assets USD (mil)
	31-Mar-12			31-Dec-11			30-Sep-11		30-Jun-11			31-Mar-11
Pharmaceuticals	1,013.2	74.2 %		937.2		73.9 %	967.6	69.8 %	922.2	65.6 %		911.9		65.1 %
Orphan Pharmaceuticals	197.1	14.4 %		190.3		15 %	194.7	14.1 %	210.9	15 %		203.0		14.5 %
Unallocated	155.0	11.4 %		141.4		11.1 %	223.0	16.1 %	273.7	19.5 %		286.7		20.5 %
Segment Total	1,365.3	100 %		1,268.9		100 %	1,385.3	100 %	1,406.9	100 %		1,401.6		100 %
Consolidated Total	1,365.3	100 %		1,268.9		100 %	1,385.3	100 %	1,406.9	100 %		1,401.6		100 %
Exchange Rate: EUR to USD	0.753463			0.770327			0.745323		0.689727			0.704672
Operating Return on Assets (%)
			31-Mar-12			31-Dec-11		30-Sep-11		30-Jun-11			31-Mar-11
Pharmaceuticals			5.4		-	4.2	-	4.8	-	6.0	-		6.2	-
Orphan Pharmaceuticals			4.6		-	2.9	-	4.0	-	4.1	-		3.3	-
Segment Total			4.6		-	3.5	-	3.9	-	4.5	-		4.5	-
Consolidated Total			4.6		-	3.5	-	3.9	-	4.5	-		4.5	-

Total Liabilities USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Pharmaceuticals	280.4	53 %	259.8	52.3 %	285.5	49.9 %	296.5	53 %	285.9	51.8 %
Orphan Pharmaceuticals	18.5	3.5 %	20.6	4.2 %	20.3	3.5 %	27.4	4.9 %	30.1	5.5 %
Unallocated	230.0	43.5 %	216.7	43.6 %	265.9	46.5 %	235.3	42.1 %	235.5	42.7 %
Segment Total	528.9	100 %	497.2	100 %	571.7	100 %	559.2	100 %	551.5	100 %
Consolidated Total	528.9	100 %	497.2	100 %	571.7	100 %	559.2	100 %	551.5	100 %
Exchange Rate: EUR to USD	0.753463		0.770327		0.745323		0.689727		0.704672

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

INFORMATION DETAILS

Report Prepared by :

MNL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.