摘要:罗氏财务报告09内容表罗氏集团2财务简报2财务-财务回顾4罗氏集团合并财务报表30说明罗氏集团合并财务报表36罗氏管理报告财务报告内部控制125法定审计师报告对合并财务报表126独立核数师报告财务报告内部控制128多年的概述和补充资料130罗氏证券136罗氏制药有限公司,
tes issued in early 2009 to finance the Genentech transaction,
6.9 billion Swiss francs already repaid in the second half of 2009.
Financial condition
• Strong financial condition with free cash flow of 8.9 billion Swiss francs, up 79% from 2008.
• Swing of 40.6 billion Swiss francs from a net cash position of 16.7 billion Swiss francs at 31 December 2008
to a net debt position of 23.9 billion Swiss francs at 31 December 2009 to finance the Genentech transaction.
• Following the Genentech transaction Moody’s lowered Roche’s rating to A2 from Aa1 and Standard & Poor’s
lowered Roche’s rating to AA– from AA+.
Net income and Core EPS
• Net income decreased by 22% to 8.5 billion Swiss francs, primarily driven by the exceptional items relatingto the Genentech transaction and the restructuring of the Pharmaceuticals manufacturing operations. DilutedEPS decreased by 12%, less than the decrease in net income due to the positive impact of 100% ownershipof Genentech.
• The Genentech transaction was accretive with net income attributable to Roche shareholders (before
exceptional items) increasing 9% to 9.8 billion Swiss francs.
• Core EPS was 20% higher at constant exchange rates and 10% higher in Swiss francs.
Shareholder return
• Increase in Total Shareholder Return (TSR), i. e. share price growth plus dividends, of +12% combined
performance of share and non-voting equity security.
• Increase in proposed dividend of 20% to 6.00 Swiss francs, representing the 23rd consecutive year
of dividend growth.
• If approved by shareholders, this will result in an increased payout ratio of 53% and a higher dividend yield
on Roche shares of 3.3% and on non-voting equity securities of 3.4%, based on year-end prices.
4 Roche Finance Report 2009 Roche Group — Financial Review
Roche Group
Financial Review
Group operating results
In 2009 the Group continued its strong operating performance from previous years with a significant positive
contribution from increased Tamiflu sales. The Group maintained the planned investments in research anddevelopment and completed the transaction to take full ownership at Genentech while making significant
progress on the related integration and restructuring activities. Total sales grew by 10% in local currencies(8% in Swiss francs; 7% in US dollars) to 49.1 billion Swiss francs, with the Pharmaceuticals Division
representing 80% of Group sales and the Diagnostics Division contributing 20%. Demand for medicinesfrom the Group’s oncology franchise remained strong with Avastin, Herceptin, MabThera/Rituxan, Tarcevaand Xeloda all contributing to an overall 8% growth. Additional major growth drivers in the Pharmaceuticals
Division were Tamiflu in virology and Lucentis in ophthalmology. Mircera showed steady sales developmentin Western Europe and Actemra/RoActemra continued with strong growth in Japan and was launched in
several countries in Western Europe and in other markets. These positive factors offset the reduction in sales
following expiry of the US patent for CellCept. In the Diagnostics Division the main growth areas were
Professional Diagnostics and Diabetes Care. Tissue Diagnostics continued to show strong sales increases.
Sales growth in both divisions exceeded market growth.
The Group’s operating profit before exceptional items increased by 14% in local currencies (8% in
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